Best Business Marketing Strategy to Grow

Crafting a robust business marketing strategy is essential in young and high-potential markets. Define objectives, allocate resources, and address internal and external factors to meet customer needs and boost retention. A solid strategy paves the way for a measurable action plan and success evaluation.

How to Define Your Business Marketing Strategy?

Upstream, all the work lies in market research and analysis of your strengths and weaknesses. This research will allow you to establish a diagram summarizing the situation of your company in the target market, this is called S.W.O.T. or the French equivalent of the FFOM (Forces, Weaknesses, Opportunities, Threats).

From these elements, you can decide to establish your marketing strategy based on the following elements:

The segmentation of the market is the division of all consumers into distinct groups based on age, geographical location, CSP, consumption habits…

The targeting of product-market pairs is based on 5 market hedging strategies which are concentration on a product/market pair, product specialization, specialization by market, selective specialization, or overall market coverage.

Positioning, i.e. the perception that your company wants to send to consumers to differentiate themselves from their competitors.

Once you have defined which market or segment configuration your company is located in, different marketing strategies are possible depending on the market trend.

Marketing strategies in a young, growing market with high potential

In a young, growing market with high potential, having a risk management approach is crucial. It helps mitigate uncertainties, identify potential pitfalls, and make informed decisions. Stay ahead of the competition by balancing innovation with risk management.

The business marketing strategy of extensive development of the activity or strategies of the movement called “pull” regroups the actions aiming at bringing the consumers towards the products, to “pull” them. It is a question of creating a need that will make them buy the product of their own free will.

Marketing pull is mainly reflected in mass media advertising and promotional campaigns. It is a question of attracting the eye of the consumer by owning, for example, a site showcase with a clean design but rich in information, being present on a blog and on social networks.

In most cases, these strategies are reserved for large groups or at least companies that already have a certain reputation.

Marketing strategies in an emerging and new market

On the other hand, push strategies are “pushing” the product to the consumer. The actions implemented can be directly aimed at consumers or through distributors with, for example, participation in the fair and trade show, sample distribution, promotional campaigns in distribution with product highlighting, deployment of forces field sales, etc.

Brands using this process often have no or little budget for communication and rely mainly on their sales force by getting closer to their target.

To be effective, this business marketing strategy requires upstream particularly intensive segmentation to offer an offer adapted to the targeted target.

Marketing strategies in a mature or stagnant and saturated market

These strategies are based on the fact that the company can only defeat its competitors by increasing its market share. For this, several possible competitive strategies:

• Increasing primary demand: The Company is looking for new users, new ways of using a product, or trying to increase sales volumes.
• Specialization: the company focuses on a narrow and highly specialized market, known as the niche market.
• Differentiation: from above, the company offers products and services of better quality than the competition or conversely, from below, the company offers a product or service that is cheaper than that of the competition.
• Diversification: the company offers new products or services more or less close to the initial products by capitalizing on a brand image and a strong reputation.
• Innovation: the company anticipates new needs and becomes a leader in the market.

Marketing strategies in a mature or stagnant but unsaturated market

In this case, we speak of a penetration strategy. This strategy can be used by a company to establish itself in a market by practicing a pricing policy with low prices to gain market share with its competitors. Several objectives to this:

• Quickly enter a market by selling large quantities and thus setting a standard
• A reduction in unit costs thanks to mass production and economies of scale
• The discouragement of competition, especially from private labels

However, this strategy requires substantial production resources and a large-scale distribution network.

Once your strategy has been defined, it is now time to define the relevant and inherent objectives of this strategy. And then, to answer it, you will have to draw up a plan of action, called a marketing plan which will help you to formalize your project in the field.

Types of Marketing Strategies

Do you want to develop your business? My personal ambition is because an opportunity arises or simply to increase your turnover. Whatever your motivation, there are different ways to change business.

These are clearly presented in the Ansoff model, a strategic tool used in setting up a growth strategy. It is a good basis for thinking about the strategic development of your company.

Ansoff’s growth matrix has two axes:

Products :

What products are you supplying right now and what new products do you want to offer in the future?

The market :

What markets are you serving at the moment and what markets do you want to serve in the future?

On this basis, four types of growth strategies are proposed. The four major growth strategies are:

Market Penetration

The objective of this strategy is to increase the commercialization of existing products or services in existing markets and to increase your market share. To do this, you can attract the customers of your competitors and/or ensure that your own customers buy your existing products or services more often.

Market extension

In this case, you will increase the commercialization of existing products or services in still unexplored markets. The market extension involves an analysis of how an existing supply of a business can be sold in new markets or how to expand the existing market.

Product development

The goal is to launch new products or services in existing markets. Product development can be considered to expand the offering offered to existing customers in order to increase their business volume.

Diversification

In this case, you are launching new products or services in still unexplored markets.

Diversification is the riskiest strategy. It involves the company’s commercialization of completely new products and services in a totally unknown market.

Diversification can be further subdivided into different categories:

– Horizontal diversification

It involves the purchase or development of new products by the company in order to sell them to its existing customer groups, although these new products do not present a priori any technological link with the existing product lines.

– Vertical diversification

The company enters the sector of its suppliers or its customers.

– Concentric diversification

Concentric diversification involves the development of a new line of products or services with technological and/or commercial synergies with a range of existing products, although these products are intended for new customer groups.

– Conglomerate diversification

This diversification does not imply a technological synergy, or a commercial synergy, but requires the attraction of new groups of customers. It is sometimes used by large companies seeking ways to balance their cyclical and non-cyclical portfolios.

Depending on the strategies put in place and its ambitions, a company will choose one of these four strategies. This choice depends in particular on the orientation of the product/market of a company and the taste of the risk of the latter.

Final Thoughts

In conclusion, incorporating content analysis into your business marketing strategy is a powerful tool to drive growth. By understanding your audience’s preferences, crafting relevant messaging, and making data-driven decisions, you can create impactful campaigns that resonate with your customers.

Embrace content analysis as a cornerstone of your marketing efforts, and watch your business thrive in the dynamic and competitive landscape. Let data guide your way to success!