23 Types of Marketing Strategy
Marketing is BIG.
It includes things like innovation, product development, promotion, pricing, locations, customer relationships, branding, advertising and sales.
Firms develop different types of marketing strategies to handle these aspects of marketing. They may also adopt strategies to handle different types of market position and competitive challenges.
The primary types of marketing strategy are:
1. Marketing Warfare Strategies
Strategies that are focused on competitive battles with specific competitors. These battles may draw from military strategies, which include tactfully taking down (our out-doing) each aspect of your competitors strategy.
2. Leader Strategies
Strategies designed to defend and grow a leading brand. To stay in your lane, to not get distracted by the competitors biting at your ankles!
3. Challenger Strategies
Strategies that are used to challenge the leader for market dominance. Dissect, position, de-position and execute.
4. Follower Strategies
A brand that's far out of the running for market dominance. Followers may do little more than play catch up with the market leaders to capture some market share.
5. Niche Strategies
Strategies designed to avoid competition with much larger competitors by focusing on smaller niche markets (or segments).
6. Innovation Strategies
Strategies to develop innovative new products. Innovation is on the fence whether it is considered marketing or not, but at the end of the day, you are looking to create something new, which you can market to your audience with its' USP, and innovative differentiator.
7. Market Introduction Strategies
Launching a new product or service. There are so many sub-categories and strategies inside this 1 strategy.
8. Market Penetration
Gaining market share for existing brands in your existing markets. Also known as intensification strategy.
Diversification strategies are used to enter new markets. There are two types of diversification: horizontal integration and vertical integration.
10. Horizontal Integration
Expanding your brand reach into new markets at the same level of the value chain. For example, if you manufacture activewear develop a line of streetwear aligned with your brand.
11. Vertical Integration
Expanding your brand reach into new markets at a different level of the value chain. For example, if you manufacture activewear develop fitness equipment or coaching program.
12. Market Maturity Strategies
Defending a market position in a market that's no longer growing.
13. Market Decline Strategies
Defending a cash cow product line in the face of inevitable decline (e.g. the market is shrinking).
14. Product Differentiation
Focus on your products USP (unique selling proposition). How do your products stand out against the competition? WHat does your product have or do that nothing else does? Or what does it do better?
15. Promotion Strategy
Promotional strategies such as advertising, events and content marketing. This again has many sub-categories which we will dive into soon!
16. Advertising Strategy
A strategy for advertising. In some cases, advertising spend is a businesses largest single cost. I know in my experience, it has definitely been so, especially in the early stages of high-growth trying to take market share.
17. Sales Strategy
It's common for sales to be a completely separate department from marketing. Sales strategy focuses on managing customer relationships and driving sales teams to results. But when I think of Sales in terms of eCommerce, they go hand in hand. Sales is essentially the website, customer journey, and complete user experience which needs to be a direct reflection of your marketing efforts.
Sure, Sales may not stop here if you are taking orders over the phone, or via email, but everything needs to be aligned with the marketing strategy,
18. Pricing Strategy
Pricing is a highly flexible element of strategy that tends to be a competitive focus. I try to steer clear of entering a price war and becoming a commodity, because it doesn't benefit anyone. It makes it difficult to give the best service and experience to your customer if you are trying to cut costs everywhere just so you can break even or make profit.
19. Location Strategy
A strategy for physical locations (e.g. hotels), of if you are selling from specific brick and mortar businesses and outlets.
20. Brand Strategy
A strategy for a single brand. Large organizations may own hundreds of brands.
21. Product Strategy
A strategy for a product line under a brand. Each product may well have its' own marketing strategy to ensure differentiation and understanding from the consumer.
22. Customer Experience Strategy
A end-to-end strategy that includes everything from products to customer service.
23. Segment Strategy
Large firms break target markets into small niche-like markets they call segments.
How do you handle your Marketing Strategies?
Do you successfully document and implement your strategies?
What is holding you back from execution?