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A few years back, marketing strategist Alex Kotter made waves when he announced his retirement. He left his position as an associate professor of business at New York University with no immediate plans to take a break. Instead, he spent the next two years defining what he wanted his legacy to be.
Kotter’s goal was to leave students and colleagues with a definitive set of principles for developing successful marketing strategies.
He eventually gave these six insights the label “Marketing Strategy.” These six ideas have since become one of the most well-known definitions of that term.
But before we get into them, let us make one thing clear:
These are not new concepts. All six ideas can be found in various forms throughout history. And while some may consider this rebranding of the field to be purely cosmetic, I would disagree.
By giving those old ideas a new name and setting out his reasoning, Kotter helped bring clarity to the concept. This is important because it helps people understand the idea more deeply and gives others permission to use the same terms.
According to Stephen J. Kotler, strategist for over 30 years, defining marketing strategy is “developing an overarching strategic framework within which all other decisions are made”. He explains that this frame or context in which these decisions are made is important because it gives them sense and organization.
He notes that when executives do not have a strong understanding of where their company fits into the larger market picture, they may make decisions that are good for the short term, but that will ultimately cost them the long term success their employer has depended upon.
Kotler says that leaders must be conscious of how their choices will affect the legacy they leave behind and that includes what kind of brand people will remember their tenure as having. He adds that leadership begins with being aware of the status quo and asking whether things are working. If they are, then keep doing those things, but if they are not, look at why and decide what changes need to be made.
According to Stephen M.Kotler, author of The Complete Guide To Starting A Business, “A strategic business plan is your roadmap for taking what you want to happen next in your company and designing it around the best possible option.”
He goes onto say that this process includes two main parts — defining your market and defining your competitive position within that market.
After doing so, he says that the next step is to determine how you can achieve your goals with these strategies. This is where the art of marketing comes into play.
As we know, marketing is defined as the "process or action of promoting products or services" according to Merriam-Webster.
Developing your marketing strategy is not an easy task, nor does it happen quickly! While some people have poise that allows them to create a strategic plan in their area of business immediately, this isn’t typical.
Most marketers don’t know what they want their company to achieve or how to get there without investing time in research and experimentation. This is why most start with either creating a brand or developing an advertising campaign before thinking about which tactics will work best for their business.
It can be tricky figuring out what types of messages are needed to draw in new customers or increase sales. That’s where experimenting with different approaches comes into play.
There are many ways to develop a marketing strategy, so do not feel limited by the ideas mentioned below.
A few years ago, Harlan Elwood “Chip” Kotzer left his job as Director of Online Advertising at The Hartford to pursue his dreams of becoming an entrepreneur. He had always wanted to start his own business so he made the decision to launch Chip Time Consulting with no overhead or commitments.
At first, Chip was overwhelmed by the amount of work he had to do to establish himself as an expert in the field of marketing strategy. With very little income coming in, he needed to find ways to generate revenue quickly.
He started writing online content about how entrepreneurs can improve their marketing strategies and marketed it through YouTube and different social media channels. This gave him the opportunity to showcase his knowledge while also earning some extra money every time someone read his article.
His success soon caught the eye of other marketers who asked for his help developing their personal brands. Since then, he has helped many small business owners grow their networks and create better conversations around what they want to achieve with their companies.
As he continues to develop his career, he still puts in the effort to educate others about marketing and entrepreneurship. He is passionate about both concepts and this passion comes across when you talk to him.
This is one reason why he has such a large following on various platforms. People trust his advice because he is known for putting quality products and services ahead of anything else.
According to Jeffery Kotter, senior vice president of marketing at Kellogg’s, there are five key skills every marketer should have. He says that these qualities are necessary to do your job well.
He notes that marketers must be good writers, and he includes being a writer in his definition of strategic marketer.
Kotter also mentions communication professionals who are able to connect with others and inspire action from them. This is important because most of our colleagues are not ourselves, so we must find ways to motivate people around us to work together towards a common goal.
Furthermore, Kotter asserts that marketers must be experts in social media. Since most of us now live our lives online, it is crucial for everyone to know how to use various platforms effectively.
Over the past century, marketing has gone through several different phases, modes, and environments. Starting with the era of mass-marketing in the 19th century, marketers have used various tools to promote products and services.
In the 1980s, companies began using direct marketing (also called promotional marketing) to reach more specific audiences, usually via email or mailed flyers or pamphlets.
Since then, media such as television, radio, smartphone apps, social media sites, and online advertisements have become integral parts of most people’s daily lives. Technology now makes it easy for anyone to create their own channel and spread messages about brands.
This constant exposure creates opportunities for your company's brand to be known. It also raises questions about how much control you give away by offering your product for free — why would someone pay for your service if you're giving it away for free?
Marketing is the process of communicating and promoting a product or service to potential customers. This can include things like advertising on TV, magazine pages, billboards, and websites, sharing information about the product and business services, creating community conversations around the product, etc.
