Marketing strategies:
Portfolio Strategy
Not all products of our portfolio have the same return, or the same potential. That is why, we need to make strategic decisions about our portfolio of products, thus we prioritize investment of resources depending on the importance of achieving these have on marketing goals we have set.
To make strategic decisions about product portfolio is a right way and start working our marketing strategies, we can use the matrix McKinsey-General Electric also called attractive-competitiveness matrix. First and depending on the amount of products that we have in our portfolio, we must decide whether we will work for products on an individual basis, grouped by product line or our portfolio is so broad that we must work dividing by business units.
The McKinsey matrix is formed by two axes. On the X axis are the "competitive position" while the Y axis is located the "market appeal". In the axis of "competitive position" we must assess the ability of our product to compete against other options available in the market and classify it in one of its three quadrants: weak, medium or strong.
Moreover, in the axis of "market attractiveness" as the name suggests, analyze the attractiveness of the market in which the product operates, later also sort the result in one of its three quadrants: low, medium or high.
Marketing Strategies Mckinsey
As can be seen in the image of the matrix there are three areas that correspond to three marketing strategies portfolio:
Investing / Grow: This area of the matrix has absolute priority when allocating our resources. When making our investment we will get rapid growth therefore will allocate as many of our investment.
Select / Benefits: This area can be reversed, but with special care and depending on the analysis of each case. If you have finally decided to invest, there are two strategies: 1- invest only to maintain the current situation in which it is located or 2- invest a greater amount of our budget item since we observe that there is growth potential.
Reaping / Divest: this area are advised to observe short-term disinvestment, take profits and try to sell to remove the stock.
Segmentation Marketing Strategies
In the XXI century consider the market as a unit and go to him with the same offer is a mistake. Perhaps it works in the 20s when the economy of scale was the winning horse of companies. In those years there were very few options for consumers and had to choose from. The following quote from Henry Ford is an example of the old paradigm: "the customer can choose the color car you want, as long as it's black". Can you imagine, now a car manufacturer that only manufactured in black color?
Today there is a completely different scenario, we might even say that we are completely at the other end. We have gone from tight supply and options saturation. In addition the market is composed of different customers with different needs. So if we want to optimize our marketing budgets it is necessary to divide the market into groups that have similar characteristics and needs. In this way we can offer a different value proposition and that suits each target group. The segmentation strategy is one of the main marketing strategies.
There are four variables to segment the market: Geographic: countries, cities, postal codes. Psychographic: personality, social class, lifestyle. Population: income, education, gender, age, profession, nationality. Behavioral: loyalty level, pursuit of profit, frequency of use.
In the blog I have already spoken on other occasions on market segmentation, if you want you can get more information by clicking here.
Here you can see the different segmentation strategies you can follow:
Undifferentiated strategy: despite having identified different segments with different needs, the company chooses to address them with the same offer, to try to get the maximum number of potential customers.
Differentiated strategy: we went to different market segments we have identified, but with a different one for each offer. Although this strategy has a higher cost, will enable us to meet the specific needs of each selected segment.
Concentrated strategy: we will go only with one offer to those segments that demand such offer, avoid distributing our efforts in other segments.
Marketing Strategies for Positioning
The brand positioning is the space that the product occupies in the minds of consumers over its competitors. To properly establish our positioning strategy must take into account certain aspects such as knowing the attributes that bring value to consumers, our current positioning and our competitors or positioning we aspire and viability.
The main marketing strategies for brand positioning are:
Benefit: this strategy is to position the product for the benefits it offers.
Quality / Price: offer the highest possible quality at a competitive position or by high prices or low price.
Attributes: it is positioning the product attributes offered. If you try to position multiple attributes will be more complicated, since they lose effectiveness.
Use / Application: Another option is to position based on the use or application that can be given to the product.
Categories: position yourself as a leader in a product category.
Competitor: compare our attributes with those of other competitors is a classic in products such as detergents, toothpaste, etc.
Functional strategy
The functional strategy is made up of marketing mix strategies, also called the 4Ps of marketing, are the essential variables that comprise a company to achieve its business objectives. These four variables (product, price, distribution and communication) must be fully consistent with each other and should complement each other.
Take for example the elitist brand Rolex watches, as a guard observe a strict coherence between 4 variables. Rolex watches are products that have the highest quality standards, guarantee maximum safety and durability. Also take care of every detail, from its packanging all materials used in their watches (steel, gold and estrategias_de_marketing_Rolexpreciosas stones). Rolex has an elitist brand image, becoming an aspirational brand (grants who has a status, social class and exclusivity). As for the variable price, the brand uses its high prices as reinforcement positioning, to remember their quality and prestige. How could it be otherwise, follows a selective distribution is distributed only in high watchmakers and unique selling points. Finally its communication strategy contributes once again to the consistency that follows the brand, a billing only in media aimed at high social classes and sponsoring sporting events that require precision and of course that give social prestige (tennis, golf, Formula 1, ski , boating, etc).
The marketing mix consists of the following variables:
Product: packaging, brand, image, warranty, after-sales service ...
Price: price change, scales of discounts, payment terms, etc.
Distribution: packaging, storage, order management, inventory control, location of outlets and transportation.
Communication: advertising, public relations (PR) and direct marketing and sales promotion.
As you have been able to observe marketing strategies are one of the most important aspects for business competitiveness. Unfortunately, it is one of the unfinished business of many companies. Focus only on operational marketing perform actions without your strategies defined above, it is a big mistake. To be effective in the short / medium term before we have established a correct strategic vision in the organization. If you have questions about how to define marketing strategies of your company or how to develop your marketing plan, do not hesitate to contact me. I hope you have been helpful article.
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