Strategic Marketing - The Engine of Your Business // What is it & Why is it Important?
Don’t just target your market, be part of it! How do you become part of your market?
By utilizing and implementing Strategic Marketing. For real.
Strategic Marketing—no, this isn’t just a fancy term that marketers throw around, nor is it solely a college course that you may or may not remember.
It’s real—part of the real world for any business, brand, individual and/or organization. And when done right, it works!
Strategic Marketing is the core engine and part of the greater business development with defined product/ service offerings, which meet and satisfy customer’s goals in a potential and profitable market.
The result of Strategic Marketing should be one that drives, boosts, and grows a business of any size and type in any market at its given time.
Strategic Marketing is actionable—should be proactive rather than reactive and that the task should be to try to influence the environment as well as respond to it – Strategic Market Management by Aaker and McLoughin (2007).
Alright, let’s bullet point this definition out into something actionable:
Look at the business objective(s), mission and vision
Identify, define, and understand the market—its needs and wants, status (growth/ decline), profitability
Define and develop your product and service offerings
Develop value propositions—ensure that the offerings fit the market
Target—Identify, define, segment, and understand customers and consumers
Devise a plan that contains all the above components, which is cohesive for you and/ or all members of your team and organization
Curate advertising and promotional tools that fit the strategy
Do it! Implement your plan, for real—now is the time to act
The idea and act of Strategic Marketing effectively and efficiently utilize marketing efforts and all its tools (from traditional media to online digital tactics) to ensure the most ideal and successful state for a specific business.
Here we are in the real world, so let’s break this down. Whether you’re an individual, small/local business owner, marketer or manager in a big Fortune 500 firm, or an aspiring #BeMyOwnBoss, you have probably at some point devised and implemented a form of Strategic Marketing.
For example, you’re an individual—what you may or may not realize is that you, yourself are a brand. People interpret, categorize, and have a certain perception of you as an individual or a brand. You may have utilized Strategic Marketing by the way you dress, the way you talk, the content you express or share in your social media, and the way you live your life (the core components that make up your daily activities such as education, location, jobs, friends, etc.).
In the business world, this is also known as: brand image, communication, content marketing, product/ service and mission. Just a few elements of Strategic Marketing.
Now, back into the business world—what’s the reason businesses offer Strategic Marketing? Well, because while it’s defined, and you’ve probably seen it, there is no one magic formula as to how to intentionally do it well, do it right, and get successful measures. Knowledge, experience, and resources are key. That’s where marketing experts @STRAREX come in.
Example: Let’s say Business A and B are in the market of Fashion (selling tangible wearables). Business A’s way of Strategic Marketing can be very different from Strategic Marketing of Business B because the two firms may differ in what they specifically offer, how they fulfill the offerings, to what kind of consumers, in which market they target, value propositions, mission & vision, financial targets, business objectives, etc.
Hypothetically, Business A aims to be in luxury fashion with quality, hand-made products at a niche scale, targeting specific, mature and sophisticated audience members with high income, and one of a kind service and personal shopping experience. While Business B aims to be in premium fashion with quality products at large scale to reach younger, ready-to-wear stylers with mid-income range, who are instantaneous, savvy with their phones, and enjoy online shopping. Both businesses are in the fashion industry, offering wearable products to consumers interested in quality fashion; however, the way the two offer their products and services are very different as well as their goals, objectives, value propositions, and targeting—niche targeting for one and more mass targeting for the other. Hence, the two businesses will have to approach their marketing strategies very differently, and well, strategically.
This is why Strategic Marketing exists and is crucial to the life of any business.
Because to truly have a successful Strategic Marketing for your business, you have to understand all the objectives and goals, complete thorough research, analyze both external and internal elements of your business, as well as the past, present, and future state of your business before Strategic Marketing can be developed to take your business to that next level, to that next target, and to that next big goal.
These are the top tier elements of Strategic Marketing. From this, a strategic plan is created—what, how, and when you will create, develop, and execute your strategic marketing ideas to boost and keep moving your business forward.
To accomplish great things, we must not only act, but also dream, not only plan but also believe. - Anatole France, Nobel Laureate in Literature
Words we live by @STRAREX and words your business should and can live by.
Contact us, and together we’ll achieve this.
Author & Editor-in-Chief: Diana Lee
Contributing Author and Researcher: Axelle Holemans
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