We’ve all seen many marketing strategy templates during our career. There are plenty of them, and it’s an overwhelming task to choose the best one. This blog post will go through all classic marketing templates, which can also be deployed in the modern digital era. We will provide you with a short description of each Marketing Strategy Template and the fundamentals of them.
Why should we deploy a Marketing Strategy Template?
The Marketing landscape has become enormous these days. There are thousands of marketing tools available with a variety of means. It’s almost impossible to launch a marketing campaign without following a written template; otherwise, everything would be a huge mess. Especially if you’re new in the market, you need to move more accurate and wise because you don’t have enough money to waste on testing. Marketing templates are powerful tools to support thinking, especially when reviewing strategic alternatives and selecting the best future path for a company’s marketing. Let’s take a look at the top marketing strategy templates which we can also apply in the Digital Era among the classical ones from the past.
1- The BCG Matrix
The BCG Model is mostly based on the product life cycle theory. This model supports the idea that the bigger the market share a product has or, the faster the product’s market growth, the better it is for the company.
BCG matrix – also known as the Boston or growth-share matrix – provides a framework for analyzing products according to their growth and market share. The matrix has been used since 1968, and it’s a clearly classic one. This Matrix help companies to come up with the best product for having a higher Market share. nearly 50 years after its inception, the BCG matrix remains a valuable tool for helping companies understand their potential.
These are the products which generate the lowest growth and also the lowest market share. Dogs are not earning and consuming any great deals of cash. An extreme suggestion would be removing them, but Dogs are usually considered cash traps because businesses have money tied up in them, even though they are bringing back basically nothing in return.
Question Marks are the products with high growth market but low market share. We don’t know if they’re going to be stars or become Dogs. These products need investment to get into the Star position. Businesses are suggested to invest in question marks if the product has the potential for growth or to sell if it does not.
Obviously, these are products with high growth market and high market share. They generate more returns than other products in the category. Monopolies and first-to-market products are frequently termed stars. They have the potential to become Cash Cows.
Cash cows generate more cash than they consume. These products have high market shares but low growth prospects. The idea is to milk these products as much as possible, without killing the cow!
2- Tha Ansoff Model
This Marketing Strategy Template is also called ‘Product-Market Matrix’ instead of the ‘Ansoff Matrix.’ This model is focused on growth, so it’s one of the widely used marketing models. The Matrix presents four strategies you can use to grow your business. It also helps you analyze the risks correlated with each one. The idea is that each time you move into a new quadrant (horizontally or vertically), risk rises.
1- Market Penetration Strategy: Focuses on rising sales of existing products to an existing market. For example, providing smart related contents and products for the current user.
2- Market Development Strategy: Focuses on launching new products and services to an existing market. As an example can be Introducing new products to a specific segment of current customers.
3- Product Development Strategy: Focuses on entering a new market using current products, making few modifications like producing cheaper, new packaging, increasing quality and etc.
4- Diversification Strategies: Focuses on joining a new market with the launching of new products and service. Diversification is a generally higher risk!
3- AIDA Model
Development of AIDA goes back to the 19th century, but it’s still usable. The AIDA model is a hierarchy based model. Customer goes through the stages after completing previous steps. AIDA uses four cognitive steps that buyers adopt when buying new products. In theory, as they progress through each stage of the model, consumers who learn about your brand will receive certain feelings or sensations about your product or service, which is what enforces them to act.
First Step: Attention
You must attract your target customer’s attention somehow. This can be done by a catchy advertisement, providing the solution to their questions in search results or any other methods.
Second Step: Interest
Once the user is aware that there is such a product or service, the business must work on rising the potential customer’s interest level.
Third Step: Desire
This step is moving the customer from ‘liking’ it to ‘wanting it.’ Either the product itself is arousing the desire, OR the marketers take the step and do it.
Fourth Step: Action
The final goal is to drive the receiver of the marketing campaign to take action and purchase the product or service.
4- 7ps of the Marketing Mix
These four Ps—product, price, place (distribution), and promotion—are elements of the marketing mix. Maybe this is the most know Marketing Strategy Template. The Classical version is modified into 7Ps. The 7Ps are now considered as:
1. Product (including branding)
Be sure that what you’re providing to the market is what’s demanded. The Product should suit the demand consumers want it for. This phase needs much research. In startups, you may need to develop an MVP approach.
The price has a vital role in the marketing, sales, and demand of the Product. Pricing must be wise and due to mindful factors. Pricing too low and too high can both compromise the whole marketing mix.
The place is the method which goods and/or services are moved from the manufacturer/ service provider to the user or consumer
Promotion is an essential element of marketing, as it can increase brand recognition and sales. Promotion is composed of different aspects like:
- Sales Organization
- Public Relations
- Sales Promotion
So, you must be sure that you have an optimized process in place to minimize costs and create the best quality. It could be your whole sales funnel, a payment system, distribution channels, and other systematic procedures.
6. Physical Evidence
How we encourage our customers, e.g., impressive buildings, well-trained staff, a great website?
The employees of the company are one of the leading role players in the success of the marketing mix. Especially in service-based business they role become more apparent. They are the ones who deliver the service. It is essential to prepare them to provide excellent service to the customers.
The primary task of marketing is combining these Seven elements into a marketing program to facilitate the potential for exchange with consumers in the marketplace. Philip T. Kotler, Northwestern University & Gary Armstrong, the University of North Carolina in their book “Principles of Marketing,” mention that:
The marketing mix is the set of controllable, tactical marketing tools – product, price, place, and promotion – that the firm blends to produce the response it wants in the target market.
5- Diffusion of Innovation Model
Diffusion is the process by which an innovation is communicated through specific channels over time among the members of a social system (Everett Roger, 1961). The diffusion of innovation theory study how the social members embrace the new innovative ideas and how they made the decision towards it.