Definition: Marketing Strategy
Looking for a simple definition of marketing strategy?
This is my favorite marketing strategy definition:
A marketing strategy is a process or model to allow a company or organization to focus limited resources on the best opportunities to increase sales and thereby achieve a sustainable competitive advantage.
Bottom line: think of the definition of marketing strategy as the high-level rules that direct your marketing activities. For example, if there’s a single influencer who touches all your customers and has a significant impact on the way those customers try to solve their problem... one of your strategies may be to focus on building a strong relationship with that influential individual or company.
Your marketing strategy is the way you make sure you’re getting the maximum impact from your limited marketing budget and time.
The picture on the right is the simplest way to think about it, starting at the bottom:
Your first step in developing a marketing strategy that drives significant business results is to make sure you fully understand your market by doing some research: market size and growth, competitors, complementors, and customers.
To get started, take a look at
this article on how to easily complete your marketing research plan.