Promotion of any company is impossible without a well-built marketing strategy. The strategy is needed primarily to match the company to the market. Without a strategy, it is impossible to predict the further development of the company.
Therefore, it is important for companies to take care of building a strategy first, and then about technical issues and implementation. Let's take a look at the examples of well-known brands, what it means to build an effective marketing strategy.
Before you deal with the creation of a strategy, you need to understand what a marketing strategy is and how to use it to move the company more effectively.
The word “strategy” comes from ancient Greek and means “the art of the commander”, that is, a plan of military action that is clearly thought out and designed for a long time. In marketing, strategy is the development of a long-term action plan that aims to achieve the company's global goals.
In simple terms, a marketing strategy is a tool used to describe campaigns and marketing models. These are small steps towards achieving a big goal.
Consider four points for creating a quality marketing strategy:
- Analyze your target audience and figure out who buys from you.
- Understand what to do in order to motivate your target audience to buy or how to get them to continue buying your products.
- Analyze competitors and their marketing strategies.
- Determine what KPIs to set for marketing campaigns and how to measure them.
Spotify is a service that provides music streaming. It is used by most people around the world. Therefore, let's see what marketing strategy helped the service achieve such success.
At the heart of Spotify's marketing strategy is a focus on how Spotify differs from similar platforms. In particular, the service allows the user to easily open new tracks, filter compositions depending on mood and genre.
Spotify's artificial intelligence creates individually selected playlists for each user. The algorithms are so well trained that they often hit right on target. The service gives users a completely new experience when listening to music or podcasts. Therefore, the feature of Spotify is the alternative user interface.
IKEA's marketing strategy is to position itself as a brand that aims to improve life through everyday little things. IKEA products are highly functional and at the same time affordable for everyone, as the prices there are low.
Therefore, the company's goal is not only to sell its products, but also to improve the quality of life of consumers. At the heart of IKEA's marketing strategy is the identification of the needs of the target audience.
This company has been able to achieve significant success through user-generated content. GoPro has focused its marketing strategy on user-generated content, and it didn't fail. The company helps to create fast and situational content, so this marketing strategy suits them perfectly.
GoPro draws inspiration and resources from its consumers' Instagram content without the expense or effort of creating content. Another nice bonus is that user images that GoPro posts to their account encourage more people to share content.
Each of us has heard the famous phrase of the brand - "Just Do It". But it is unlikely that you have thought about what is behind this phrase and how it affects the perception of the brand by consumers.
Initially, Nike positioned itself as a brand offering sportswear and footwear. However, the company changed its marketing strategy and relied on promotion through values and the formation of a community of people. The bottom line is that consumers felt engaged and connected. The most famous are the "Just Do It" and "If You Have a Body, You're an Athlete" campaigns, which have contributed to Nike's significant success.
The company works not only on the quality of the product, but also on the overall impression of the brand. Starbucks has developed a logo that is known all over the world. In addition, the company makes each visitor feel special, trying to create a feeling of home.
In their marketing strategy, Starbucks emphasized making the coffee shop a so-called “third place” outside of home and work. The goal is for people to want to spend their free time at Starbucks. That is why coffee houses have everything you need: Wi-Fi, many sockets, comfortable seats, pleasant music.
One of the important points of the Starbucks marketing strategy is the desire to serve customers 24/7. For example, if a person is traveling, shopping or coming home from work, then he should be able and willing to look into a coffee shop. This allows you to make the product an integral part of life.
Loyalty programs are a fairly well-worn marketing strategy that almost every brand has tried. But there are some brands that have been able to perfectly beat this tool and use it effectively. One such brand is Sephora.
This brand uses a tiered approach to loyalty program as well as valuable rewards. This approach encourages a person to buy and further increases the word of mouth effect. The most famous program is “Beauty Insider”.
The Loyalty Program divides Sephora customers into three categories, based on the amount they spend in a year. There are categories such as: Beauty Insider - no minimum cost; VIB - the minimum costs are from $ 350; VIB Rouge - the minimum costs are from $ 1,000.
VIB and VIB Rouge categories allow you to get the highest discounts and service when compared to Beauty Insider and non-members. Therefore, those who have started using the brand have an incentive to buy more in order to further benefit from purchases.