The Difference Between Winning and Losing: Marketing Strategy

Competition has always been the driving force of the American economy. And now, with the emerging global market, business has become more competitive than ever. No longer do you have to worry about competing with the store down the street or in the next city. It goes beyond competing on a regional level or even a national level. Today multiple competitors within your industry can exist on the other side of the planet. Conducting business has become more sophisticated, as have the consumers that purchase products and services. In today’s extreme dynamic environment, one factor that can make the difference between winning and losing is a marketing strategy.

Normally, a marketing strategy is a component of the overall business plan. It defines short-term and long-term goals, lists objectives to obtain the defined goals and provides tactics to accomplish the objectives. It sounds simple enough, but it is surprising how often businesses do not think in strategic terms. In the 20th century, a mass-market strategy was commonly employed to create brand awareness and motivate consumers through the purchasing cycle. The 21st century demands more targeted and personalized marketing. Consumers are much more sophisticated today, and they demand that companies market to what they want, not to what the masses want. It is not a matter of “we,” the consumer market; it is a matter of “I,” the individual consumer.

A winning strategy that is proving itself in the marketplace is an integrated approach to marketing. That means combining traditional media with new media to deliver your marketing messages to your target markets. For example, a strategy might encompass the tactical elements of radio, print and search marketing for creating awareness and possible customer acquisition. A complimentary online component may include a microsite, and email. Ultimately, the tactics should enable the marketer to achieve customer acquisition and retention objectives. Of course metrics need to be defined in order to measure the success of the overall strategy.

Planning a marketing strategy takes time, but the results can be extremely rewarding. Even if you do not achieve all your goals, through proper planning and execution of a strategy, you can learn what works and what does not work for your organization. This lends itself to constant improvement in your organizational effectiveness. Don’t put off until tomorrow what you can do today–start formulating your strategy now!

To learn how Rhythm Interactive can help your business develop a winning marketing strategy for 2007, contact us at 949.215.1250.