Strategic marketing is the method that the organizations use to differentiate themselves from their market competitors with a plan to concentrate totally on their current and future customers by depending on their strengths.
Their aim is to provide as much better value to their customers as possible in comparison to their customers. The organization makes use of its strengths to achieve customer satisfaction to the maximum.
Companies do research on the customers’ needs and then work in that particular domain to satisfy them. Once the customers are satisfied, there’s nothing that can stop your organization from growing quickly.
Strategic marketing helps your business to be more innovative and successful. Let’s discuss it in terms of aims and importance.
The process is critically designed around the target customers of your business. The success of the business also revolves around customer satisfaction. Both these domains are interrelated. Identifying your potential customers will lead your business to grow much quicker than expected.
Also Read: What is a Digital Marketing Strategy?
Pillars of Strategic Marketing
Strategic marketing can be discussed in a lot of domains but the first and the foremost part is the planning. This area is of vast importance as far as this specific marketing type is concerned. It will give you an overview of the strengths and weaknesses along with the analysis of many other terms.
1) Swot Analysis
SWOT is the abbreviation of Strengths, weaknesses, opportunities, and threats. A detailed and comprehensive technique to analyse anything under discussion. SWOT analysis of your company will allow you to understand these terms and work accordingly. The strengths can be used to satisfy the customers while the weaknesses and threats might open your eyes and force you to work on the areas that need improvement.
2) Five P’s
The five P’s of marketing are the areas which need keen attention. These domains must be analysed before targeting your customers. These will allow you to know where you are standing as an organization. Named as:
- Product: Covering all the bases of your product analysis like features in detail, quality assurance, warranty, branding and after-sale services of course.
- Place: The location from where you will manage your business along with the details regarding the storage area.
- Promotion: Training of the employees, incentives, publicity of the product, and the brand strategy to b precise.
- Price: All the details relating to finance starting from the price of the product to the offered discounts and allowances for the workers.
- People: The focus here is on the people of the organization and not on the customers. Recruitments, training, teamwork ethics, and rewards.
First of all, it will help you estimate the positioning of your organization in the market. It will highlight the areas that need improvement. It will encourage you by showing the bright which might be used as a motivation to do better and better. Strategic marketing will further define the objectives of the organization and will lead you in a specific direction.
You will be given a time limit to reach these objectives. It will also streamline product development by helping you in providing the exact services and products to the customer to increase the productivity and the profits of the organization.
All these details if keenly looked upon by the administration, will surely lead you towards a high place as far as the success of the organization is concerned.
Sustainable Growth of Business
No matter what is the size of your business. Strategic marketing is equally important for all. Reports suggest that the organizations that implemented this marketing plan enjoyed, an increase in productivity, an acceleration in the growth, efficient operations, and much higher revenue generation. This will help your business in gaining sustainable growth and lead you to a better place in the market.
Planning & Execution
Strategic marketing is not an easy process at all. It comprises a series of steps to be implemented successfully. Start with setting the objective for the product and the customers you are targeting. The marketing of the product should be done to make it unavoidable for the customers.
The execution of the marketing plan requires closer attention to the collection of resources, the formation of schedules, marketing hierarchy, execution of the plan, and finally the evaluation of the whole process as self-analysis.
Also Read: What is Media Buying and How it works?
Marketing Plan Implementation
At the core of every plan lies its successful implementation. Executing the strategic marketing plan allows you to give feedback to your team on a constant basis and motivate them to keep following the goal.
Once the success is achieved by this process, you can take notes of the key points that lead to success and can now implement these basics in other marketing opportunities.
The 3 Questions
- Where to compete?
- How to compete?
- When to compete?
The implementation of a strategic marketing process revolves around these three questions. First of all, target the exact market where you are going to face competition. Analyse the strengths and weaknesses of your customers to complete with them in a significant manner.
Try to make research on them and then plan your line of action accordingly. Make your plan wisely by covering all the concerned domains. Never leave even a single angle undiscussed.
Wait for the exact time frame and then pounce on the opportunity like a hungry lion. Never waste an opportunity. Always make full use of it and cash it before anyone else does so.
A successful and comprehensive marketing plan always starts with the customers. The strategic marketing plans will lead you to integrate all the marketing skills that will perfectly align your organization with the needs of the customers and will surely differentiate you from your competitors.
As the name suggests, the process will help you in making and implementing strategic decisions to meet your objectives. Regardless of the milestones, it is still advised to develop a plan and take the decisions accordingly.