Strategic Marketing is not a new concept, but it is becoming increasingly important for companies of all sizes to embrace a more proactive approach to marketing. Marketing strategy is a method that will enable an organization to focus its limited marketing resources on the most promising opportunities to increase overall sales and reach a sustainable competitive edge. The best marketing strategies to develop a consistent message over time-a “game plan.” This game plan should be updated as circumstances dictate-for example, the product or service may have changed, competitors have entered the marketplace, or marketing channels have changed. A marketing strategy becomes an imperative when companies are trying to respond to the rapidly changing business environment.
In an increasingly competitive marketplace, firms must stay on top of their competition by developing a comprehensive strategy that encompasses a complete spectrum of marketing practices. The first step in developing a strategic marketing mix is to identify and analyze your firm’s unique competitive strengths, those factors that most directly contribute to your firm’s ability to compete and win, and those that you think may be affected by external forces. Competitive aspects of a firm’s marketing mix may include its product, service, or business models; geographic area, reputation, or social media presence; its customer base, including its customers, suppliers, and employees; and other relevant information regarding customer buying habits. External factors that may affect a company’s marketing performance include its relative size, market share, geographical location, and industry profile.
To build our competitive edge, firms must implement integrated, comprehensive marketing systems that take into account the full range of activities necessary to deliver a positive customer experience and build strong relationships with their customers and suppliers. Most importantly, firms must execute an action-based strategic management program that strategically addresses the actions needed to mitigate the impact of competitive and environmental forces. These activities may include establishing a competitive environment that improves market share by avoiding direct competition with competitors, or by providing a competitive advantage through innovation, restructuring, or acquisitions. Finally, firms that want to build a profitable business must take aggressive steps to reduce waste, and ensure that the cost savings they realize in the effort are implemented in every area of the organization.
In order to develop a strategic marketing plan, you must first consider the objectives of your organisation has in the marketing space. Do you want to build a competitive advantage? Are you concerned about the future of your company? Do you want to improve customer satisfaction and reduce customer cost? The answers to these questions will guide the process of how you approach your overall strategy.
Once you have determined the objectives of your organisation, it is time to begin the process of developing a marketing strategy using the strategic marketing plan concept. You can begin this process by soliciting feedback from your customers, staff, stakeholders, and suppliers. It is important to develop a marketing research strategy that considers all perspectives within the organisation. Your marketing research will provide valuable insights into the strategies your company needs to adopt, as well as help you determine the most effective implementation of those strategies.
After developing a marketing research strategy, it is important to align your activities with your marketing objectives. The alignment of your marketing activities with your objectives will help you create the maximum value from your marketing efforts. It will also ensure that you achieve the right positioning within your industry. For example, if you are positioning yourself to be the leader in new technologies, but your company is lagging behind the competition when it comes to customer service, you will be positioning yourself to compete for new technology, but not for customer service.