What are the Various Components of a Marketing Strategy? – Full Breakdown, FAQs & More   

To develop an effective marketing strategy, you need to be aware of all the important components that need to be present in it. 

You don’t want to develop a marketing strategy that has a key component missing since that can cause major problems for your brand down the road. 

What is a Marketing Strategy?

A marketing strategy is a guideline or a plan that defines how a brand plans to achieve specific business goals. It defines the methods and practices that will be utilized to effectively achieve those objectives. 

The great thing about marketing strategies is that they break the wider objectives of the company down into smaller goals. This helps put things into perspective on how those goals can be efficiently achieved. 

A successful marketing strategy is typically one that takes both internal and external factors into account. 

Examples of internal factors are your budget, the expertise of your team, other resources, etc. Examples of external factors are your competitors, the socio-economic climate, audience sentiment, and more. 

While you can certainly coast by, by having a rough idea of how a marketing strategy works, it’s important to acquaint yourself with all its components if you want to stand out. 

What are the Various Components of a Marketing Strategy?

In this section, we’ll discuss the different components you need to address in order to come up with an effective marketing strategy. 

Let’s get into it.

Target Audience 

The very first and arguably the most important element of a marketing strategy is the target audience. This is the market segment of individuals that are most likely to be intrigued by what your brand has to offer. 

You can definitely group your target audience into different groups based on different characteristics and traits. This is important because certain platforms allow you to display targeted ads to people from specific demographics. 

Once you define what demographic your target market lies in, you can easily use these paid advertisements to display your content to them. 

It goes without saying that this will result in a much better conversion rate than if you were to broadcast your brand content on a wide scale. 

Furthermore, you must understand who your target customers are because that will define the tone of your content as well. After all, you want the content to be something that aligns with their core beliefs and values. 

Hence, it’s very important that you conduct thorough market research and clearly define who your target market is as part of your marketing strategy. 

Find out what the target marketing strategy is, HERE.

Competitor Research 

Another component you must consider is competitor research. Competitor research is extremely important because it helps you with your positioning within your industry. 

You can gauge how much competition you have and what type of resources will be needed for you to stand out from the crowd. 

Not only that but you can also get some great insight when you study your competitors such as which platforms to use, what type of content to make, etc. 

Since your competitors are in the same niche, there’s a high chance they may be selling similar products as your brand. Hence, their target audience and your target audience may overlap quite a bit. 

Hence, you can pick up on some of the techniques that they are using and apply them to your own marketing strategy as well. 

Additionally, you can also pick up on the flaws with the marketing of your competitors. If you can identify these flaws, you can exploit them and fix them when it comes to your own marketing campaign(s). 

This can help you capture a market segment of your target audience that your competitors might not have been able to capture up until that point. 

Measurable Marketing Goals and Objectives 

Remember that a marketing strategy is a specific and focused plan that serves to achieve certain key goals for a brand. These goals need to be clearly defined and measurable so that you can measure your progress when the campaigns start. 

You can identify certain benchmarks and key performance indicators (KPIs) to keep track of your brand’s progress. This will help you determine whether your marketing strategy is working or failing. 

The great thing about digital marketing strategies is that their implementation can be changed on the fly while they are being executed. 

Hence, if you see that your strategy is not working according to how you expected, you can easily make changes to achieve better results.

Certain key performance indicators you can have for your market strategy include: 

• Conversion rate 
• Number of clicks 
• Number of followers
• Number of impressions 

And more. 

Content 

Last but not least, your marketing strategy outlines the type of content that you will include as part of your marketing efforts. 

There are a number of factors that determine the type of content you will create to promote your products and services. 

Firstly, the distribution channel of your choice will determine the content type. For example, if your distribution channel is Youtube, then the primary content type would be long-form video content. 

If it were Instagram, the primary content type would be photos, etc. 

You also have to study your target markets thoroughly in order to create content that resonates with them and intrigues them. You want to know your target audience inside out so that you can create content that really catches their eye. 

Another thing you must be careful of is that your content is concise and easily scannable. People on the internet won’t linger too long on your content if they feel it’s difficult to parse through. This is especially true if they know it’s an ad. 

Hence, ensure that your content is snappy. We recommend that if you post on social media, your brand messaging should be as concise as possible. You can also include a link to your brand website where people can get more information about your products. 

Entice them with the brand messaging on social media and then fill in the blanks with the information on your brand website. 

If you face any issues with your social media not being concise, you can use a link shortener to shorten the overall post. 

To shorten your link through Pixelfy, register and log in.

Step 1: On the dashboard page, you can see the fast shortener box at the top. You can use this to shorten any link you want.

Step 2: Copy and paste the URL to your brand website into the fast shortener box. Once you do so, you should be redirected to the next page.

Step 3: On the next page, you can copy the shortened URL and use it wherever you want for your brand’s messaging.

Find out the ways you can write the best marketing plan for your business, HERE.

Wrapping Things Up… 

Those are the key elements of a marketing strategy. 

All of them come together to develop a marketing strategy that is effective and that can help you stand out from your competition as a trustworthy brand. 

If you have any queries, please ask us in the comments section below. 

Find out how you can sky rocket your business through marketing and branding techniques on our blog.