No One-Size-Fits-All. We’ve often come across this phrase a hundred times. One marketing strategy doesn’t fit all, but by identifying the demands shared by organizations, a structured and well-devised strategy can be planned.
Most of the companies invest a huge sum of money and resources just to promote their services. The idea is to reach the right target audience and keep them aware of your product and the services provided. Gone were those days when traditional methods were used. We’re now living in an era where things have revolutionized. People have started paying more attention to their phones or social media rather than what it used to be earlier – billboards and street commercials. The current business models have changed, organizations are now looking to follow a proper strategy framework.
Moving on, we will first explain the meaning of strategic marketing.
Strategic marketing is what helps the organization compete with competitors by identifying and focusing on the strengths of the organization to provide better services to their customers and clients. Simply put, strategic marketing aims to come up with the best marketing strategy considering competitors through a consumer perspective.
Most often you’ll come across three questions when implementing strategic marketing. These three questions are: Where, how, and when to compete?
Once you’ve answered these questions, you begin the first phase of strategic marketing.
The process of these phases includes,
- The planning phase
This phase involves determining the strengths and weaknesses of the organization. In a nutshell, the complete analysis of the organization is presented in front of the management. These include four components-
SWOT analysis – strengths, weaknesses, and threats related to the organization are analyzed. As a result, a structured strategy framework is developed and proposed to the organization.
Mix strategy – on completion of the SWOT analysis, a marketing mix strategy is developed. In this, you need to combine and analyze the different components that will help in strengthening the brand and how you can use this strategy to further sell products and services. The sample of marketing mix strategy table is seen below:
- Packaging warranty
- After-sales services
- Level of the price
- Perceived value
- Price terms
- Sales promotion
- Personal selling
- Direct marketing
- Public relations
Setting goals for products and marketing – this is one of the best methods to gain success when dealing with new products.
Include the four P’s of marketing – once you’re done with placing the product goals, the four P’s of marketing then plays its part – price place, product, and promotion strategy.
The implementation phase
In this phase, the strategic marketing plan is implemented. This phase includes four components-
- Resource collection – capital needs to be raised for developing and promoting new products.
- Hierarchy in marketing – this should be in place to ensure proper implementation process is followed.
- Schedule tasks – schedules should be prepared in a manner where tasks have been allocated based on specific timings.
- Execution – execution of the plan should be done efficiently.
The evaluation phase
Evaluation is crosschecked with the goals mentioned to ensure they are well structured and aligned. If anything is missing in this phase, the marketing team needs to immediately edit and restructured the plan.
Few tips that will help your strategic planning become a success
- Ensure to set goals that can be achieved
- Structure the plan only once you’re done with the complete market research along with analysis of the competitor
- The plan should be simple, easy, and concise
- The goals that have been set should be aligned with the consumer requirements
Last but not the least, if you’re looking to augment your career in strategic management and you don’t know where to start. You can always rely on obtaining strategic management certification programs. This will eventually help you contribute to the bigger picture of any organization.
The key to successful strategic marketing is by finding out the expectations of your customers and how you can best serve them.