Introduction to Strategic Marketing

In the old days, marketing used to be simpler. A person needed something and you created it and created it in such a quantity that it fulfilled the needs of everyone and you get the profit. Be it shoes, rice, clothes, food, tools, or anything that satisfied the need of a person, there were people to create it and earn profit from this creation.

However, marketing these days has changed significantly. Not only do you have to keep track of all the variables, but you also need to be on the top of the list of the direct and potential competitors you have that fulfill the same need as your products do. The method with which you plan, organize, lead, and control the market in such a way that you are the best among your competitors all while keeping your profits at a maximum and the costs at a minimum is called strategic marketing or strategic marketing management.

Strategic marketing management is not just restricted to the above-mentioned four steps. You also have to keep track of your customers needs and demands at the same time while you focus on the planning phase. Marketing is not the name of selling an already made product, it is a way with which you identify the needs of the customer and fulfill that need profitably. Basically, a carefully planned marketing in the current era where you consider all possible factors affecting you and your customers can be covered under the name of ‘strategic marketing’.

Strategic Marketing Management Process:

 The process of strategic marketing management includes four basic phases:

  • Planning
  • Organizing
  • Leading/Implementing
  • Controlling

Planning: 

The planning phase includes the careful inspection of the factors that are affecting and could potentially affect your customer reach and sales or become a problem with your marketing strategy.

The most basic analysis techniques used in the planning phase are SWOT analysis and PEST analysis. The Strengths, Weaknesses, Opportunities, and Threats analysis (abbreviation: SWOT) is a strategic process used to identify the named aspects of your business where the strengths and weaknesses are restricted to the environment found within the company while threats and opportunities are analyzed from the external environment. Once these are analyzed properly, a specific target market is selected from a number of segments and it is always wise to choose a target market where your business can flourish a lot more than others.

The next step in the planning phase is the PEST analysis which analyzes Political Forces, Environment, Social Values and Cultures, and Technological advancements and issues related to the type of your business. 

After the PEST analysis comes the competitor analysis where a company analyzes its competitors to find out relevant information about them and knowing how they could tackle them and improve their product so it overpowers its competitors.

Then the most important step of the marketing plan arrives; the development of the marketing mix. Marketing Mix is, to put simply, integration of the 4 P’s (Price, Product, Place, Promotion) in such a way that all of them are correlated with each other and give off the same kind of message, for example, if the price is greater, the product, place, and promotion should also be of high-quality to avoid any kind of confusion or distrust among the customers. 

When the marketing mix has been developed, a quick financial analysis should be done in order to ensure that the current marketing strategy or the marketing plan will be able to be accomplished with the current budget. If there are any problems, they are handled in the next step of reviewing your strategy.

Organizing:

The phase after the planning one is organizing one. The organizing phase develops a strategy to accomplish the plans and goals set in the planning phase. It basically organizes current data and cross-references it with the data which the analysis provided the company with and develops the best route through which the company could gain success in the shortest possible time with the lowest of the budgets.

Leading:

The leading phase, or the implementation phase, is the actual operational phase of strategic marketing where a company strives hard according to their plan to achieve their goals. This phase’s conclusion results in the outcomes of the company, and if the company slacks off in this phase, it will automatically lead to the demise and if it works hard and better than what was planned in the planning phase, it will see a lot of profit in its hands. This phase focuses more on the operational part than the strategic part, so it is of little importance in the strategic marketing, however, a strict eye should be kept on the incoming data (e.g. sales records, etc.) to find out any problems.

Controlling:

If any problems arise in the leading or implementing phase, strategic marketing introduces the phase of controlling where the problems are handled in either of the two ways: either change the goals or redevelop the strategy to achieve the same goals. A goal set in the planning phase may fail due to a number of reasons, and with bad strategic marketing, it is bound to fail, however, even if the marketing is right and it is still difficult to the reach the goal, the best option is to change the goal to lower it than the previously set one and strive hard to achieve this one. An alternative could be to redevelop a strategy, i.e. use the data in the planning phase and re-organize it in such a way that it changes your strategy to a better one. All of this is done in the controlling phase while the leading phase is on-going. The controlling stage changes how the leading phase will be altered.

Conclusion:

That’s a lot of information to swallow in one goal, but it is summarized and simplified to be as simple as possible. However, if it still feels like a bit too much, you should know that strategic marketing includes making decisions about a company like choosing a target market, developing a strategy to compete with its competitors, and when the time is right to implement this strategy.

Social Media For Business – Need of the hour

Social media for business. A term of great importance these days as far as branding or advertising your business is concerned. More than 3 billion people around the globe are using social media daily. 

If you reach the audience or desired customers through social media sites like Facebook, Twitter, Instagram, and more similar applications then there is a chance of attracting greater audiences even more than your expectations. 

Because of the revolution in the smartphone industry, access to social media sites is easier than ever. Then why not cash into this technology and make our business grow within no time.

Advantages of Social Media For Business

Viral in No time

You want to advertise your business or product. Share it with your friends and followers on social media and ask them to share it on their own with their followers. The people will start getting to know about your business in no time. 

This is the easiest and most economical way of marketing your business in the modern era. You will be surprised to see the coverage and importance being given to your business and you can also be able to get some reviews in the form of comments. 

In this way, you can bring positive changes to your business according to the demand of the public.

Engagement of Customers and Audience

As mentioned already in the above section, social media allows you to engage with your customers directly which has never been an easy thing to do to reach your customers. One-click and you can reply to their queries in no time. 

You can look for the reviews and expand your business accordingly. This makes customer support and customer service quite achievable. The satisfaction of the client the key here. And he can be thoroughly satisfied using social media platforms.

Use Influencers

You can make use of digital influencers. The micro and macro-influencers do not need an introduction. They are people with a higher number of fans and followers. You can use these social media celebrities to advertise your business. 

People look upon them as their role models. If they are showing off some of your products then it will be easy to influence the customers to buy that product. They can use paid posts for you. 

Small business companies can use micro-influencers as they are more economical. While established business companies are already taking full advantage of macro-influencers.

Increased Sales

A good social media strategy for business can ultimately bring a positive change as far as your sales are concerned. When you interact with your customers and form a friendly bond with them, it becomes easier for you to persuade them towards your products. 

Gradually helping in increasing your sales volume. And increased sales volume means a good-growing business.

Economical

Advertising through social media is one of the cheapest ideas. You only need to make a facebook page with your product/business name and start doing the work. It requires no money at all. And also known to be the simplest way of advertising these days.

On the other hand, traditional ways of advertising, for example, using billboards are quite expensive and it requires the help of the professionals and also quite a hectic process.

Social Media Sites

Facebook for Business Marketing

The most common social media site in use for years. Almost used by every person who has a smartphone. Its casual and friendly atmosphere can be used in a positive way. Simply start by making a facebook page. 

The layout must be perfect. Attractive pictures related to your product must be used. Keep your tone light and try to reach as many people as possible.

Linkedin For Business Marketing

Initially, it was launched as a social network for professionals, where users could host their resumes online but gradually it has started targeting a more niche audience. You can use Linkedin to target specific, relevant and more industry-specific audience which can help in to reach out to very serious buyers.

Apart from that, you can also run Linkedin ads to your product services which will improve your earning.

Twitter For Business Marketing

Twitter demands active users. It demands interaction. You need to follow the people of your field or the people that could be of any help in promoting your business. In return, you will also get a healthy stream of followers. 

Try to retweet when a customer has to say something good about you. Try to reply as many tweets as you can. This can bring a positive impact on your business.

Youtube For Business Marketing

Known for sharing video content. Youtube can be used to advertise your product only if you have a large number of subscribers. Otherwise, it may not help you at all. In such cases, you can use paid advertisements to launch your product. 

The ads must be given to people with a large number of subscribers. By doing this you will be able to deliver your advertisement to a larger audience.

Conclusion

Social media advertising of your business is no longer a matter of choice. Its the need of the hour. Your business requires social media. Every business needs social media.

In the long run, it is by far the most economical method of marketing your business.

You do not need professionals in order to do this for you. Social media platforms are user-friendly in the best possible ways.

Start a business. Use Social Media. And fly high.