A good marketing strategy is a must, particularly for a small business with a limited number of followers. In fact, in brand loyalty, you need to reach out to your customers to stay loyal to your company. To achieve clarity in promoting brand awareness, to satisfy existing customers, and attract new ones, one needs to have balance. in other words, one needs to use the 3C’s marketing model. In this model, the focus is on three main factors, each of which makes up a marketing strategy and should be a priority.
WHAT IS A MARKETING STRATEGY?
A marketing strategy is a complete plan, which is created by a company or the marketers to reach their goal, which is ideal for the customers to reach their business goals with the power of persuasion in order to get his product or service.
An effective strategy is built, keeping in mind the 3C-model of marketing, namely, the Company, its Customers, and its Competitors.
The 3C model was designed by Kenichi Omae. When these factors are balanced, they create a strategic triangle. This triangle will lead the business to achieve a sustainable competitive advantage and to succeed. The goal is to communicate the company’s offering so that it will appeal to the target audience and convince them to make a purchase decision.
WHAT ARE THE 3 C’S OF MARKETING STRATEGY?
The following 3C’s are the three components of marketing strategies.
Marketing is all about branding. Starting by defining the company’s mission is creating a brand that accurately represents who you are. In this way, people will know who you are, and what they expect from you, and you’re going to feel very confident in your marketing messages.
Your customers are the core of your business and are the driving force behind everything you do. It is important that you communicate with them in person, and not just buy advertising space or promote your products and services.
Regardless of the business you have, you’ll always have competition, and it’s a good thing. You are doing something right if you have any direct competitors, but you’ll want to understand how they sell their products and services, as well as all the extra value that they provide and you don’t.
WHAT ARE THE 4 EFFECTIVE MARKETING STRATEGIES?
In a Harvard Business Review article, Ansoff (1957) found that there are four business strategies. These four approaches identify the four major types of plans. They also identify the type of investments and activities associated with each and every one of them.
The four strategies are –
MARKET PENETRATION STRATEGY
When the company focuses on selling its existing products to the existing customer base, it is implementing a market penetration strategy. The activities that govern the marketing plan here are the concentration to increase the loyalty of existing customers. Also to attract new customers and to increase the rate of sale of products. Making the audience aware through marketing is the main practice of this type of plan.
MARKET DEVELOPMENT STRATEGY
The practice of increasing sales by selling existing products to new markets comes into the market development strategy. Such action may include entering into new geographic markets, such as the international one. On top of marketing, the aim is to increase the recognition and development of sales channels. A brand may need to consider making some changes to its product or services in order to better meet the needs of the local market.
PRODUCT DEVELOPMENT STRATEGY
To create a new product and make it available for sale to the existing customers, comes under this strategy. Product development strategy is the best strategy to improve the relationship between a brand and its existing customer. Research and development play a dominant role in this strategy. The amount of time that is required for the development and testing of new products maybe longer, but it is done creating awareness and interest in the customers will be quick, as they are already associated with the brand.
This is the riskiest of the strategy and the strategy that is most likely going to require more patience to wait for a return on investment (ROI). It involves producing and introducing new products or services in a new market. This is, like creating a brand-new brand.
This strategy will not be effective for small businesses and can only work well for the brands that are already in position.
Understanding the components is the key to any strategy. Like the 7 P’s of the marketing, we have The 3C model of marketing. This model provides a layout of the three important factors. These are the factors that marketers should keep in mind while working on the given four marketing strategies.