Introduction

Marketing strategy is central to formulating the prospects and framework of a business. The crux of the startups lie in scheming and effecting a marketing strategy. Markets revolve around answering certain questions, to know its mood and behavior. It is the same old principle that our school teachers had asked us to follow- asking questions is the first step towards change. It’s true what Thomas Berger said, “the art and science of asking questions is the source of all knowledge.” Ask the right question to your business, considering it a separate entity, and try to perfect the solution and I say, you’re half there.Marketing strategy is central to formulating the prospects and framework of a business. The crux of the startups lie in scheming and effecting a marketing strategy. Markets revolve around answering certain questions, to know its mood and behavior. It is the same old principle that our school teachers had asked us to follow- asking questions is the first step towards change. It’s true what Thomas Berger said, “the art and science of asking questions is the source of all knowledge.” Ask the right question to your business, considering it a separate entity, and try to perfect the solution and I say, you’re half there.

Let’s brush it up before we get to the QandA session. Marketing strategy is the outline and the details of how a company should present and position itself catering to the audience, continue to promote its products or services and check the boxes of marketing goals to be achieved. Marketing strategy is the atlas and the GPS navigation that drives sales, growth, innovation and customer connectivity. Of all the questions, you need to answer three very comprehensively to map your road ahead, at every juncture you turn.

Three Questions to Ask

We shall delve into three questions in particular. Scroll down asap!
  1. What delineates our target demographic, and what constitutes the core of our unique value proposition (UVP)?
    2. Simply put, what is that one factor that sets your product apart from the rest? What does the audience want and that only your services can give? The product differentiation is one of the key elements that truly sets you apart from your competitors.

    For Example: online thrift stores in India were a revolutionary modernisation of the 3Rs strategy. They not only romanticized fashion aesthetics but also encouraged zero-waste lifestyles. The target population was broke youngsters craving iconic identities. The businesses were spared from the cost of designing and producing a clothing line but were able to brand their products with their services and marketing methods.
  2. How will we ascertain the efficacy of our endeavors, and which conduits shall we employ to realize our objectives?The second solution is going about channelising the materialization of the first. There are a few mandates to be considered. Performance analysis, budget allocation, resource management, multi-channel strategy and advanced methodologies. There are chances that at this point there is a gap between marketing knowledge and marketing strategy. Clear conceptualization and allocation of efficiency in each field must be initiated. SWOT analysis of the enterprise as well as of the viable marketing means should be considered.

    For Example: The Tata group’s subsidiary company Tata Consumer Products has identified their limitations in not selling snacks and foods in the FMCG category. They had approached Haldiram’s to make a deal to buy 51% stake of around $10 million. However reports suggested that both the parties were not comfortable with each other’s stakes. This instance shows the evaluation and analytics both the companies are making, despite their size. It is the right marketing strategy that guides growth and not mindless expansion.
  3. What mechanisms shall we institute for continual adaptation and optimization, ensuring our strategy remains dynamic and harmonized with the evolving contours of our overarching corporate vision? There is a need to focus on flexibility, carry forward improvement and align marketing tactics with the strategic trajectory of the business. The contingency measures, data and feedback based strategy adaptation plan and methods to review redressal should be ready in your pockets. Customer acquisition should be followed with customer retention strategies. Investments in social media handles and content strategies have to be revisited and budgetary allocations should be renewed to monitor product expansion and invite technological advancements. Reputation management and sustaining the built trust by committing to your startup’s mission and message requires sincere efforts.

    For Example: The names of many companies including Infosys Ltd., Wipro Ltd., and others were tainted due to many charges of violence against its employees. Often within the work culture, the toxic environment can reduce the impact of a company’s goodwill. This should be curtained and amicably solved and further measures and precautions against future crimes.

The Four Pillars of Marketing Strategy

Before you start your business, go through these 4 strategies to have a defined plan and startup outline:

Takeaways

  • 1. There are no stupid questions.
  • 2. Remember, your startup sprouted from a question that you dared to think and mustered the courage to find answers to.
  • 3. The quest for exploration and change is what will keep your business going and growing.
  • 4. Your business must be rooted in preparedness, challenge-tackling mechanisms and openness to feedback.
  • 5. Marketing strategies are developed on the basis of how much you recognise the marketing possibilities, consumer behavior and survival capacity.
  • 6. Once you decide to choose a strategy understanding these patterns, find backup strategies to stick to it.
And keep this mantra as a pat on your back after each step- ‘I question and I find answers, so that no one else questions the ways of my startup.’