The Oxford English Dictionary defines "Strategy" as: a plan of action or policy designed to achieve a major or overall aim. To that end, Marketing Strategy is that plan designed to achieve your goals within a market.
Our experience as healthcare marketers, coupled with our unique approach makes SkyBridge Advisory Group a leader in marketing strategy, digital strategy, and overall commercial strategy within the healthcare, life science, pharmaceutical, medical device, and biotech industries.
We work across all marketing disciplines in efforts to force multiply.
If you are not familiar with force multiplication: a force multiplier refers to a factor or a combination of factors or tools that exponentially amplify an effort in turn producing remarkable outcomes. A hammer is a force multiplier. Another example of a force multiplier is GPS. If a technology like GPS enables a force to accomplish the same results of a force five times as large without GPS, then the multiplier is five.
Strategies that identify and leverage force multipliers ensure greater outcomes are achieved with fewer resources. In the same vein, exponentially greater outcomes are achieved using the same resources not previously leveraging a force multiplication approach.
What's in a good marketing strategy?
A good marketing strategy will detail what the overall goals are as well as how the goals are intended to be reached (KPI’s). This is where the “4 P’s” comes into play.
The “4 P's" are product, price, promotion, and place. These are the critical elements of marketing a good or service. The 4 P's are used throughout the process, a divining rod of sorts - guiding the narrative.
Over the years the 4 P's have evolved but the basics hold true and are foundation elements of a sound marketing strategy. You need to know WHO you target audience is, WHAT you have that they need, HOW MUCH it will cost them to obtain it, and HOW you intend to peak their interest. All very simple questions that far too often tie people into knots when trying to answer them.
What about Market Research?
Market research can serve as both a beginning and an ending. Understanding WHO you are targeting, WHY, you are targeting them, and WHAT message will resonate with them all stems from good market research.
Market research doesn’t have to take the form of focus groups or other costly means of procuring market intel. It can be as simple as researching available data sources to develop a hypothesis to work from.
Being well informed is key to a successful strategy. Otherwise, your assumptions will be based on opinion or hope, and we all know the saying: “hope is not a strategy”.