When it comes to launching a business, you need to think about infrastructure, profitability, and the development of the product. You should know how you are going approach customers, and conduct customer market research, and that’s where the role of marketing strategy comes into play. Today, we’ll discuss the advantages and disadvantages of marketing strategy.
Advantages of Marketing Strategy
Some of the pros and advantages of marketing strategy are as follows;
Marketing strategy offers you a clear roadmap and plan and keeps your mind focused on solving the problems and entering the new market. It helps you to focus on various elements and factors that would impact your entire marketing strategy. However, it is significant to segment your market strategy into small daily actionable plans and activities that are easy to conduct and enter.
Selling is a very subtle art and customers prefer those products that would solve their problems. Marketing strategy allows you to perceive things from the customer’s point of view, and highlight the unique selling point (USP) of your business that would give you a competitive edge. However, no one knows the key features of your product better than you. All you need is to think about things from a different angle and change your perspective.
The goal and objective of every business are to satisfy the needs and requirements of customers. Companies do so by meeting the list of requirements that customers are demanding. However, marketing strategy offers you a layout to best approach your audience and their needs and wants.
According to an estimate, 75% of businesses and companies implement social media and Google ads. It allows them to precisely target their audience based on their needs and interests. However, the market strategic campaign allows you to run it on various social media platforms like Facebook, Instagram, Twitter, LinkedIn, YouTube, Google, and others.
Demands of Customers
The most important element of a market strategic campaign is to recognize the needs and wants of target customers. It gives you an idea of what type of product or service you should develop. Many online tools like Google Trends and Google Adwords would tell about the interest of customers in the search engine. SEO and content marketing would allow you to approach customers and rank up in the searches.
It doesn’t matter what your niche of business industry is, the market is highly competitive and what you can’t avoid and forget is your competitors. Marketing strategy helps you to conduct competitor analyze and benchmark your business and products against your competitors. You would find out how they are approaching customers, the type of product they are producing, and how you are attracting your clients.
The market strategy reduces your risk factor by telling you the type of product or service you should produce and the market to enter. It amplifies the probability of sales, growth, and success of your business in the long term. However, when you are entering into new markets, then you would need a consistent flow of resources and per capita, and it can be highly risky without it.
Finding Growing Areas
One of the most important benefits of market strategy is that it helps you to recognize the weak areas of your business that has a potential for growth. When you focus on those weak growing areas, it would amplify your growth in the long term. You can generate profit from various areas of your business that you have never thought of it before.
Spreading Brand Awareness
The market strategic campaign allows you to promote your business and spread your brand awareness. Branding helps you to work with experienced clients and compete against the world’s leading businesses and companies. During this process, you would attract the attention of a lot of customers.
Disadvantages of Marketing Strategy
Some of the cons and advantages of marketing strategy are as follows;
Developing an effective and actionable market strategy requires significant customer market research, data, competitor analysis, KPIs, metrics, and various indicators to understand the customers and market. The whole process would take a minimum of 3 months. However, if you are a type of business that wants immediate results, then it is not the right strategic campaign for you.
Along with being time-consuming, market strategy is highly expensive. You would need a team of experts and professionals to conduct market research, gather data, and implement your campaign. For a small business, it is difficult to have the access to the plethora of resources and capital investment to hire expert professionals.
Social media and digital marketing campaigns allow you to precisely target your customer market. If your market strategy involves social media marketing, then it is easy. Otherwise, it would be very difficult to precisely target and narrow down your target customer market.
Finding Demands is Difficult
It may catchy and interesting to discuss knowing the needs and wishes of customers. But in reality, it is highly difficult and time-consuming. For this purpose, you need to conduct interviews, case studies, focus groups, and field research. Along with being time-consuming, it requires a huge investment.
Hard to Find Right Channel
Selecting the right media platform to launch your campaign is the key to the success of your campaign. There are various social media platforms and you can’t afford to run your campaign on all media channels. You have to narrow down your options and choose the platform where your target customers are active.
Adjustment Issues in Different Cultures
You can’t run the same advertisement campaign across the world due to cultural differences. For instance, one thing is acceptable in one part of the world and unacceptable in the other. You need to adjust your campaign for different cultures, and it is not easy sometimes. For instance, you can’t market pork and pig meat in Muslim countries.
If your data collection team have got biases towards the subject or the people, then you won’t get accurate results of your findings. When you have got biased data from your research, then you can’t make the right decisions. All of your investment and time consumption would go to waste due to one factor.
Focusing On One Problem
The market strategy allows you to focus on one problem at a time, but it is possible that your campaign is facing challenges in various areas. If you are facing problems in various areas, then market strategy won’t help you to deal with them effectively.
Conclusion: Advantages and Disadvantages of Marketing Strategy
After an in-depth study of the advantages and disadvantages of marketing strategy; we have realized that market strategy is highly beneficial for your business. If you are developing a strategy campaign, then you should keep in mind its pros and cons.
Ahsan Ali Shaw is an accomplished Business Writer, Analyst, and Public Speaker. Other than that, he’s a fun loving person.