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What marketing strategy should you adopt for your business?

Launching a new product, a new service or simply establishing yourself in a market requires a lot of work upstream. A marketing strategy will support you in maximising your chances of success and development. It indicates the way in which the company will achieve its marketing objectives. It is first built in a long-term objective (5 to 10 years), then in a medium-term objective (3 years) and finally in the short term (1 year).

What is a marketing strategy?

A marketing strategy defines all the methods and actions to be implemented so that a company can achieve its sales objectives by matching the supply and demand of your target. This marketing strategy must be based on solid foundations, namely a clear, precise and complete analysis of the market. It is closely linked to the company's strategy and organisation.

A marketing strategy integrates numerous indicators such as: price, quality, market needs, competition, etc. The objective is to convince your target group with a differentiating product, since it is this strategy that will make it possible to precisely define the specific features of a product or service.

What is the purpose of developing a marketing strategy?

A marketing strategy must respond to the demands of the market, since every company is in an environment that evolves more or less rapidly. Developing one therefore allows you to :

- Ensure the visibility of a product or service: the strategy will enable you to implement different means of getting to know it

- Convince and retain customers: a good strategy will help you to identify the customer's expectations and thus help them to make a decision

- To improve the company's image: the marketing strategy is a long-term one and follows a guideline for developing the brand image

- Distinguish yourself from the competition: this marketing approach will enable you to develop competitive advantages over your competitors

The different marketing strategies

There are different marketing strategies that can be distinguished according to your objectives.

Firstly, the concentration strategy, also known as the focus or specialisation strategy, is used by a company that targets only one customer segment. This approach requires a competitive advantage, either in terms of cost or in terms of the specificities of its product/service. This strategy is most often used by a luxury brand or a company launching a product in a rather narrow range. Good knowledge of the product, the market and the clientele is a real advantage for the company as it always stays one step ahead. However, the structure is very dependent on the evolution of the market.

Secondly, the differentiation strategy allows the company to address several market segments while seeking to differentiate itself from its competitors. In this marketing vision, the company relies on the quality of the products and services offered. This competitive advantage must be preserved in order to make it more difficult for new players to enter the market.

There are two forms of differentiation strategies:

- The strategy of differentiation from above: the company has a more complete and very qualitative offer compared to its competitors, the prices can therefore be a little higher

- The bottom-up differentiation strategy: the company has a less extensive offer but at a lower price which should attract more customers.

Thirdly, the creaming strategy allows the company to position itself on the market with a high price policy in order to reach a customer segment with relatively high purchasing power. To do this, the structure must have a certain advantage such as quality and reputation over its competitors. This strategy is generally used once the company has a good reputation in its market and this allows it to maximise its profits by selling products at higher prices than an average customer would be prepared to pay. The price will then gradually fall over months or even years.

Fourthly, the penetration strategy is opposed to the skimming strategy because it offers a product that meets the expectations of the greatest number of people. This vision is therefore based on gaining market share over the competition quickly. The price policy is low at launch despite all the investments. Indeed, the long-term objective is to re-evaluate the prices, why not upwards.

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