Industry Breakdown: Marketing Strategy
Marketing strategy can be kind of an anomaly, but we’ve got the breakdown: Marketing strategy is sorting out who your audience actually is, and finding what sort of products or messages have meaning for them. It’s a careful game of figuring out what they care about, and how it relates to what you have to offer. When used optimally, Marketing strategy answers the question, “Why do I care?”
You may be wondering how this is different from any other part of Marketing/Advertising/PR, and it boils down to one word: tactics. Put simply, strategy is research and tactics are how that research will be implemented into a campaign. A tactical and strategic approach helps you reach the target effectively and for less money- which is what everyone seeks when starting a new project or campaign.
Other than saving money, having a solid marketing strategy helps out in a few other ways:
1. Give the People What They Want: Streamlining product development (determining the benefit to the consumers and clients) let’s you discover what your target is willing to pay and how you can differentiate yourself amongst the clutter.
2. Reach Out: Assisting with marketing communications allows you to get a hold of your market research and aids in deciding what media outlet is best for promotion.
3. Well-Oiled Machine: Working hand-in-hand with the entire organization (regardless of departmental separation) is always a great idea. When an organization is working on the same plan, they will naturally work better (and more efficiently) together.
There are many campaigns out there that have great strategies, but there is one that comes to our mind as one of the greats: Old Spice’s “The Man Your Man Could Smell Like.” After years of declining sales, Old Spice paired with Weiden+Kennedy to create something memorable and unique. To combat declining sales and audience base, Old Spice took a chance and introduced their product to Millennials (18-35) instead of just targeting their previous audience of Baby Boomers. Because they were targeting a younger demographic, they injected humor, intrigue and sex appeal into the campaign along with short, frequent and highly share-worthy viral clips. This brand revitalization had some pretty spectacular results: + 40 million hits on YouTube and a staggering 107% increase of product sales within the first 30 days of the campaign’s launch. Old Spice, we bow down to you.
