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A corporate marketing strategy is a broad marketing plan that creates guidelines to be used throughout the company. Part of this strategy can include company branding and logos. Such a marketing plan is typically designed at the senior management level. The strategy filters down and is followed by all employees who market the company's brand, products, and services. Products and services that follow such a marketing strategy are usually easily identified by consumers as coming from that company.
For example, if a product's packaging includes gold arches, the majority of consumers would know which fast food company created that product. The arches logo is part of that company's corporate marketing strategy. The logo is also part of the business' image or branding — another strategy component. Other elements of branding can include the company name, slogans, words, and symbols. Anything that helps consumers quickly identify and remember a particular company contributes to that company's brand identity.
The corporate marketing strategy can also indicate the amount of resources to be allocated for each item in the marketing mix. This can include different media, such as television, radio, and print advertising, as well as online marketing. Internet marketing strategies can include paid advertisements, social media marketing, and viral ads.
Such a strategy may also include directives on how to market a product. If a company wants to be socially responsible or environmentally friendly, those ideas must fit into the overall marketing plan. Philanthropy can also be part of a corporate marketing strategy. Companies that pledge to give a certain percentage of profits to charity will usually include that directive in their marketing plan. Developers and marketers must take these corporate guidelines into consideration when launching a new product or service.
Plans can change quickly or gradually, depending on the business environment and company status. A company doing well will most likely make small strategy changes over a period of time. Successful companies also have the luxury of testing strategy changes in smaller markets. Companies that need to increase profits quickly may overhaul the entire marketing strategy as quickly as possible.
The acceptance or rejection of a marketing strategy usually depends on the end user or consumer. Even successful businesses risk failure when a corporate marketing strategy is changed abruptly to encourage growth. If such a plan fails, the company's sales will most likely fall. In the 1980s a popular soda-maker decided to change its formula. Consumers rejected this strategy. The old product was quickly put back on the market and the company recovered from this marketing misstep.
What Are Some Corporate Marketing Strategy Examples?
One example of a corporate marketing strategy is to identify your customers’ pain points, then alleviate that pain. If your company sells cleaning supplies, you might formulate a new cleanser for hardwood floors that's guaranteed not to streak or leave a film behind, necessitating even more scrubbing to get the floor clean. The customer’s pain point is that they have to scrub hard to get their hardwood floors clean.
Another example is to focus on your customers. Create an ideal client avatar and focus your marketing strategy on satisfying that one client. You have to figure out what that client avatar wants and needs and how your product or service can fulfill those wants and needs. If you’re in the restaurant business, you need to figure out what meals would be most satisfying to your ideal client, then put those items on your menu.
Know your brand inside and out. Having a strong brand identity is a great example of a corporate marketing strategy. Everybody recognizes the dominoes outside a pizza place, the swoosh on a pair of shoes, and the apple with a bite taken out of it on a computer. Use distinct symbols, logos, colors and taglines to make your brand just as memorable to your customers.
Define your brand’s voice. Use the same language across all your content, from television ads to social media posts. Make it clear enough that even without looking up, potential customers know it’s you.
Be unique. Look at your competitors, analyze what they’re doing in the market, and find the gaps they aren’t serving. Fill those needs to stand out from the crowd. For example, if you sell plus size women’s clothing, you may notice that there’s not a lot of formalwear available for those customers. Launching a line of plus size evening gowns and cocktail dresses would fill that gap in the market.
A marketing strategy that’s often overlooked is providing exceptional customer service. Without your customers, you have no business, and, consequently, no job. For example, if you sell tires, offer customers a comfortable waiting area with soft chairs, a coffee and tea station, a selection of magazines and a television to watch while they wait. Be fast and efficient. Offer specials for repeat customers, such as a “buy three tires and the fourth is free,” or “free spare tire with purchase of four tires.”
Have an online presence, even if you’re a brick-and-mortar establishment. Online research is where many customers start looking for your products and services. For example, if your business is a grocery store with a heavy emphasis on organic, non-GMO foods, you need a website with a blog that talks to customers about the benefits of your food over traditional grocery stores.
How Do You Create a Corporate Marketing Strategy?
A good corporate marketing strategy addresses many factors of the business. The first step to take is to define your company’s goals. If you don’t know where you’re trying to get to, you won’t be able to get there. Make sure your goals follow the SMART method — that they’re specific, measurable, achievable, relevant, and time-bound. Business goals might include improving corporate awareness by 25% in the next three months or increasing sales by 50% in the next year.
Next, decide on the goals of your marketing efforts. You can decide whether to increase traffic to your blog, establish a firm social media presence or sell existing products in new markets. Your marketing goals are long-term goals designed to motivate your team to higher levels of success.
Research your market, your potential customers and your competitors. The more you know, the more power you have in the market. Learn what’s worked for others and what hasn’t. Discover exactly what your potential customers want so you can provide it. Find out how your competitors have differentiated themselves in the market.
What’s the Difference Between Corporate Strategy and Marketing Strategy?
Your corporate strategy and marketing strategy are both integral parts of your business. Your corporate strategy lays out where you want your business to go; what products and services you want to offer; and how to manage resources over time. Think of your corporate strategy as a blueprint for your business.
A marketing strategy is a basic framework of how to entice customers to buy your products and keep them coming back for more. It takes your high-level corporate strategy and turns it into actionable steps your marketing team can implement to draw in those customers. Think of the marketing strategy like the contractor assigning work to subcontractors to get your business built.