Strategic marketing is an effective method that helps an organization focus its limited resources on the most lucrative opportunities. Its principal goal is to acquire and maintain existing customers, motivate new customers, and maximize sales opportunities. With these, marketers will be able to improve the company’s revenue by identifying the right customers and promoting the right products in the proper channels. The process also involves devising strategies and actions to reduce market risk and maximizing pricing. This helps organizations to gain control over their competitive advantage by managing the quality of their assets and leveraging their scarce resources. For example, if marketing on YouTube is not giving any results, using services such as YoutubeStorm allows a business to boost their marketing strategy and have a more effective plan. In this way, they have a competitive advantage
What is strategic marketing?
Simply put, it is the implementation of an integrated set of promotional activities so as to foster a competitive edge by identifying, reaching, and retaining the ideal customers, driving sales growth, and gaining a strong competitive position. When implemented with a determined plan and consistent approach, it helps in driving positive results and significantly improving the quality of a business.
How to practice strategic marketing?
In the quest for a robust competitive edge, today’s business managers should adopt a comprehensive strategic marketing strategy that includes: identifying and addressing customer needs; monitoring and measuring consumer behaviour regarding key issues such as satisfaction; brand loyalty, and consumer adoption; understanding and tracking competitor behaviour; developing an overall marketing plan; and finally integrating strategy, planning, and communications. The aforementioned activities are integral to the success of any business. However, what makes them even more important for today’s businesses is the fact that they can only be fully realized through a well-crafted, integrated, and practiced marketing strategy. Thus, in order to achieve and maintain a competitive advantage, today’s businesses need to be able to effectively integrate all of the aforementioned components.
In order to evaluate the organization’s current strategic marketing plan, a thorough and in-depth SWOT analysis is required. SWOT analysis is basically a framework which is used to measure the strength, weakness, opportunities, and threats of an organization’s internal and external environment. It can also be defined as “the strategic threat or opportunity posed by a target outcome” by any given strategic goal. For example, if a business target to build a strong customer base that will drive a considerable increase in sales, then the strategic marketing plan must effectively identify and address any and all threats to this goal.
This analysis is required in order for a manager to formulate and implement a company’s marketing mix, which effectively drives a consistently higher value-added result over time. Once this is achieved, then the business can successfully execute its marketing plans in an efficient manner without unnecessarily exposing itself to constant and perpetual risks. Moreover, by successfully implementing its strategies, a company can also drive a consistently higher profit margin too.
Overall, a comprehensive strategic marketing plan which addresses all of its major elements and component parts is the foundation of any successful marketing strategy. Therefore, a key aspect of a company’s marketing process involves developing a competitive marketing mix that takes into account both the strengths and weaknesses of the company’s current market position. A detailed strategic marketing plan which addresses all of these key elements, as well as one which effectively drives a consistently higher profit margin, can go a long way towards ensuring the success and profitability of any company’s brand awareness strategy.
Article Submitted By Community Writer