The marketing mix strategy of any organisation can have one major function, that is, strategic communication of the organisation with its customers (Proctor, 2000). The marketing mix is a set of controllable tools that the organisation blends in order to produce the response it wants in the target market.
There are 5 KEY ELEMENTS of a strong Marketing strategy:
- It targets ‘real’ segments. To do a successful segmentation you need to chose the variable that is the most predictive of profitable behaviour by your audience to your brand(s). This should deliver 'real' segments that are based on customer needs and motivational drivers.
- It tailors the offer to defined segments. Your marketing strategy should make a particular offer to defined segments based on the known customer needs of that segment. This should result in the delivery of an adapted marketing mix to each defined customer segment. In practice you may not be able to afford total customization, but the greater you manage to match your offer to the needs of the individual customer, the more successful you are likely to be.
- It makes a unique offer to your customers. How different is your offer in comparison to that of your competitors? Uniqueness works because it effectively side-steps your competition, rather than going head-to-head with it.
- It anticipates the future. Markets are constantly changing. Customer needs change, distribution channels change, the competitions’ offer changes. Think through the needs that currently drive your customers’ behaviour and how these are changing. Then address those needs. The strongest marketing strategies anticipate change and target and design the offer accordingly.
- It is SWOT aligned. Here your strategy should aim to makes good use of what your business is better at than its competition (its strengths) - whilst avoiding/negating the effects of any relative weaknesses that you have. By doing this the business targets segments where it is especially well placed to compete.
The 10Ps of Marketing strategy (and not 4Ps or 7Ps).
Examine the 10Ps of your particular marketing mix from the position of your prospect, customer or segment.
- Product/service development - offline and online.
- Pricing strategy - offline and online.
- Promotion/Publicity/your integrated communications strategy - offline and online.
- Place/your distribution/channel strategy - offline and online.
- Physical factors These three were added to reflect the needs of the service sector
- Positioning Added as companies become more competitive and segment-conscious.
- Packaging Very relevant for some products (e.g. perfume and chocolates) and some markets (e.g. China)
In future posts I will focus on each one of the above 10Ps.
Dr. Antony Michail
Anacalypsis Strategy & Marketing Consultant