Marketing is a necessary part of business and every type of business may be it is multinational or a small retail store or a very small shop in a street. The difference between Multinational Corporation’s marketing and a small shop’s marketing is strategy. Making of strategy in the marketing field is such a difficult task and most of the time organizations don’t take it as critical as it is.
Let me define you what exactly is strategic marketing? Simple marketing is a process of creating value for the both parties’ buyer and seller profitably, and strategic marketing is doing same thing well, on large scale and strategically. Many smaller or mid-size companies (and even big ones for that matter) identify the need for marketing, but don’t understand what items is or process should involve to put together for running a successful, strategic campaign.
Basically this is a same traditional marketing process but the difference between marketing and strategic marketing s involvement and effective marketing strategy. Marketing strategy is a process that allow an organization to focus its limited resources on the greatest opportunities in the market to achieve its goals and achieve a sustainable competitive advantage. Marketing strategy includes all basic and long-term activities in the field of marketing that deal with the analysis of the strategic initial situation of a company and the formulation, evaluation and selection of market-oriented strategies and therefore contribute to the goals of the company and its marketing objectives.
There are some basic marketing activities that a company should do according to its strategy.
Before doing anything you must do a market research. Who is your customer? Who is your competitors? What are the opportunities and threats in the market? What the resources you hold? What is current situation of your organization? What is current situation of outside market? What thing your customers demand from you? What thing your customer most like? What changes may be held in near future in outside the market? What could be the most favorable and most unfavorable thing for you in the outside market?
Finding Your Target Market
Every business start with its customers. So you have to know that who your customers are. Do a complete thoroughly market research and identify the need of your customers. Make a strategy that what criteria you will select to identify your customers.
Locating Your Target Market
The second step is just locate your target market. Identify that where is your customers. Are they locating in single place or diverted? How will you reached them? So make a proper research that how will you serve them and in what manners? Make a thoroughly understanding about your audience or market.
- Where do they live?
- What do they do every day?
- What are their passions?
- What media do they engage with most?
- What messages resonate with them?
Developing Your Strategy
Now it is time to make a strategy for your business. Develop a very proper and deep strategy that meet your every requirement you want to achieve. In the previous steps you definitely did a proper market research and now it is time to use that. Read it and identify that what is your current position in the market? What is your resources? What is opportunities and threats in the field?
Another school of thought says that strategies based on market dominance and in this scenario, companies are ordered based on their market share or dominance of an industry. Typically there are four types of market dominance strategies:
- Niche focused
I am not going to in deep of these above because it is another issue. Now you have you do is recognize yourself what state you exist in the market. Then make strategy according to that situation, according to your target market, and according to your product.
In the strategy building stage you have to make strategies like:
- Product strategy: what is your product and what need it will fulfill of your customers?
- Price strategy: what price you will select for your product that your target market can easily afford.
- Place strategy: how will you distribute your product to your customers? What channel you will involve in your placing strategy?
- Promotion strategy: what media you will use to spread your product information to your customers? How will you promote your product? What manners most helpful for your product promotions? Are social media helpful for your promotional strategy? What method you will use to position your product? What will be your positioning strategy?
- After sale strategy: will you provide after sale service? Will you give warranty or guarantee? Who will give service to customer, you or your partners (retailer or authorized distributors)?
Implementing the Strategy
This is most important step of your whole strategic marketing process. Now it is time to implement the strategy you build previously. By using all the resources and all the efforts make sure that your implement whole strategy according to your plan. Just fellow your strategy and carry on. It is most important part of process because It is a practical stage and you cannot afford a single mistake in this stage EXECUTE a consistent, integrated campaign across your selected mediums. Use your full resources and absolute mediums. Keep you branding and messaging consistent. You only want one message to stick with your consumers. If you can’t keep it consistent, you’ll become irrelevant in the minds of your audience. Each medium has pros and cons. Leverage the pros as much as possible. Focus on your strategy and keep your eyes on the market.
Wait… it is not end of your strategic marketing process. Who will monitor it? It is absolutely you. Monitor your results and make necessary adjustments along the way.
Got any questions? Or maybe, have something to add? Please leave a comment below and tell us what you're thinking. Cheers :)