Strategic marketing planning is basically a process which will help an organization to focus its limited resources for the maximum benefits to boost sales and reach a sustainable competitive edge.
With the advent of the internet, strategic marketing has become the most important aspect of any business. It helps businesses to gain the maximum possible customer base and at the same time, drive business growth. A good marketing plan should be able to convince the customer to make a purchase or at least to visit the website. A plan is always better in terms of execution than theory and so one should be very particular about the process of implementation.
This year saw the launch of a number of innovative strategic management initiatives that have become immensely popular. These strategies were chosen as they provided the necessary flexibility in terms of budget allocation to the different segments within an organisation. Many companies also adopted the quarter cent sales concept, which was highly successful in increasing both sales and revenue within a short span of time. However, these ideas became controversial due to the excessive cost involved. Therefore, the need for a new approach that provides the right guidelines to follow regarding strategic marketing strategy was felt.
This new approach incorporates four primary elements of strategic marketing mix.
Strategic marketing planning elements include strong branding, powerful communication and consistent better value for customers over time. With the advent of social media, brands are competing for the consumer’s attention and have to ensure that they are able to provide the right information to their target audience. At the same time, customers have also started relying more on online information as compared to traditional sources and companies need to ensure that they are able to convince and engage their target audience.
Once a solid strategic marketing planning process is in place, it should be reviewed every six to twelve months.
The main aim of the review is to determine if the strategy applied has been effective in achieving the desired business objective. The review also determines if there are any threats to the success of the strategy. In addition, this phase of strategic marketing planning involves the implementation of the marketing mix identified in the previous phase. This means that all the measures taken earlier in the strategic marketing planning process have to be evaluated in this phase.
After the above, a company can start to develop plans on how to measure the success of the strategy adopted.
This includes identifying which factors or attributes constitute the main competitive advantages of a company. Additionally, this stage of strategic planning also involves the measurement of various success factors. It is here that one can come up with the list of desired goals that one wants to achieve from the strategies implemented. At this point, it is also important to note that the assessment of the strategic marketing plans should be done based on how it will affect the overall effectiveness of the overall company.
The last and final stage of assessing a marketing mix strategy is done through the SWOT Analysis.
This is also known as the Financial Strength Measurement. For a company to effectively determine its financial strength, it is important to have an understanding of how the market trends are affecting the company in terms of profitability. Through the SWOT Analysis, the marketing goals and purposes of the organization can be determined, which in turn would help the company to come up with strategic plans to achieve those goals.