what is a strategy statement

A strategy statement helps defining the reason behind advertising or marketing a product or service. This statement explains the product class, the target audience, the message, and the benefits of the strategy or the rationale of the advertisement.

Four elements of a strategy statement

Defining the product class is necessary; the competitors are part of this class. The class needs to be set accurately for each product. Let us take an example of Brand A that makes and sells cars; they have different classes within their portfolio so they need to be explained clearly. There is a difference between a luxury sedan and an economic sedan. This kind of class differentiation is a must.

Target audiences need to be understood, their behaviour their attitude towards the product and the brand. Take example a product such body lotion for an infant, the target audience here is the mother, not the infant so the ad here needs to be made appropriate to mothers who purchases the product.

The message is the most important part of the strategy statement it explains to the consumer why the need the product or service. Keep it short and simple so the target audience pays attention. If there are multiple messages the company wants to promote it is better to split them apart into different campaigns spread across a longer duration.

The rationale behind the statement must be explained very carefully, this explains the reason for choosing a statement over another. This part of the statement explains a company’s core competency, at times they might have more than one so more number of strategy statements are presented to the client.

Defining a strategy statement is a must; the client needs to be given choices for selecting a statement. The statement needs to be having all the four areas, product class, target audience, the message and the rationale of the statement. This gives the client and the target audience clarity as the advertisement will be more effective.

Source: blog.mbaco.com

Category: Forex

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