What is Strategic Marketing?
Strategic marketing sounds a whole lot more complicated than what it is. It should be something that all businesses undertake to ensure that the marketing efforts have the desired results.
Strategic marketing is achieved when a business works to a clear, and documented marketing strategy, that guides them through their marketing plan.
Your strategic marketing plan can act as the foundations that all of your marketing is built on and give you a clear, precise road map to what you want to achieve and how you will achieve it.
By completing a comprehensive strategy, you give yourself a blueprint that will get you to your objectives. This can more than pay off by utilizing your marketing resources, to increase your profits.
Marketing Objectives Of Your Marketing Strategy
Before you can claim that you are working within a marketing strategy, you need to define your marketing objectives. And begin to think of the best route to get to where you want to be.
Having very clear objectives from the beginning will help massively. Still, ultimately the most significant result of any business in marketing strategy is making it sustainable, enabling your business more profits.
What Is the Importance Of Marketing?
Almost everything within your business starts with marketing. The correct marketing helps you reach and connect with your ideal customers, growing your business simultaneously.
Marketing should be thought of like oxygen for your business. Without marketing, there would be no sales, and without sales, your business will die.
Even though lousy marketing is better than no marketing, you are turbocharging your efforts by using a marketing strategy.
Importance Of A Marketing Strategy
- The correct strategy helps to create products and services with higher profits.
- Creates an edge over the competition
- Fixes in the correct pricing structure
- Helps in using resources effectively
- Fixes the budget in advance
A proper marketing strategy explains how your business can reach its targets.
What happens When You Don’t Have A Marketing Strategy?
“Give me six hours to chop down a tree, and I will spend the first four sharpening the axe.”: A quote by Abraham Lincoln
It is often overused but failing to plan is planning to fail when it comes to marketing. And this planning failure seems to be increasing by the armies of people hopping on the internet bandwagon.
Many of these modern-day marketers seem to have all of the world’s passion, but, sadly, marketing’s strategic elements have often slipped them by. They tend to see marketing as more of a list checking exercise.
This could be part of the reason that 50% of businesses fail after five years. Not getting your ducks in a row of strategic marketing serious harm could come to your companies.
- losing out to rivals
- losing market share
- difficult to gain and keep new customers
By reading this post, you will find yourself more armed than 99% of other businesses.
It doesn’t surprise this happens so many times. There is little glory in researching, but knowing why each step is essential helps to understand how you can gain the results by doing the actions.
Without knowing why you are doing each step, then getting the results is almost impossible, and are often achieved by a happy accident, rather than a plan.
Building Your Marketing Strategy
Imagine having a map that shows you the correct answer to most of your business decisions. This is what your marketing strategy will become.
So let’s begin by creating your marketing strategy.
- Chose your target market
Who are your businesses, ideal customers? Consider where your quick wins are, where your long term clients are, and if there are any barriers to overcome, to get the clients you want.
It is well known that you should create your strategy based on specific audiences, and serving their needs the best way you can.
Finding your audiences’ pain points and interests will serve you well and which social media platform to use.
For example, if you target teenagers, then running ads on LinkedIn will not work out well.
Google Analytics is an excellent place to start but remember this will only give you figures. You want emotions. After you have got your figures through Google, check out your followers on social media to see what makes them tick.
Use website feedback tools to help with this.
- Be Specific
This is not a time for generalizing. You need specific answers to your questions
- If you want more sales, how many?
- And from who?
- What timeframe?
- And why do you want to market to those demographics?
If you don’t know who your target audience is, you won’t know if you have them or how to appeal to them.
The online marketing world is a gift when you can look at your competition and see who follows them and what ads they have run in the past.
Think about the traits that your ideal buyers might have, and use what you have brainstormed within characteristics to study where and what these people want
Which distribution platforms to your ideal clients use to find products like yours. Google, Instagram, Pinterest, Linkedin, and Youtube all have a hugely diverse client-based, and many sub-niches built-in
What development strategy would be best suited to your target customers? What value can you offer to put you above your rivals?
When considering your strategy, you must know what your business is about and where you want to be in the future. If you don’t know where you want to be, you will never manage to find your way there.
- Know What Your Offering
A lot of businesses find it challenging to make just the one offer. When a company has been going a while, this isn’t surprising, with many companies offering various products. Consider how to segment your offering, to bring more clarity to what you are trying to sell and not diluting your core offer.
When you have the above in place, it is time to begin to think about where you want to be positioned within the marketplace. Find out who your competition is and what it is they are offering. Why would a customer pick you over them, service, total offering, price?
Think how your customer would think, and certainly don’t go straight to being the cheapest. It is a sharp price decline, and all of the time you are going to war on the price, your profit margin is also going down.
Is Marketing Strategy Important For You
Unless you have a solid marketing strategy in place, it doesn’t make a difference in your marketing. You will not be able to maximize your ROI.
So before you begin to think of strategic marketing as only for the big players. It is well worth understanding that strategy marketing, probably played a high roll in making them the big players.
What do you think, are you going to be more strategic in your marketing?