Marketing serves as the conduit for acquiring and retaining customers in business. While marketing encompasses various activities such as advertising, email campaigns, content publication, and social media engagement, the term ‘strategic marketing’ introduces a nuanced dimension. Let’s explores the intricacies of strategic marketing, elucidating its meaning, application, and its role in shaping business strategy.
Strategic Marketing
Understanding from Experts
• “Strategic marketing focuses on understanding continuously changing markets to build a competitive advantage; maximising opportunities to develop products and services that deliver both customer value and high-profit potential.” – Chartered Institute of Marketing
• “Strategic marketing is a method through which an organisation differentiates itself from its competition by focusing on its strengths to provide better service and value to its customers.” – Berlin School of Business and Innovation
• “Strategic Marketing is the use of marketing disciplines to achieve organisational goals by developing and maintaining a sustainable competitive advantage.” – Marketing consultancy Hinge
Harmonising Definitions
Strategic marketing, amalgamating insights from these definitions, revolves around understanding the market, customers, and products. Its goal is to contribute to the business by cultivating a sustainable competitive advantage. This involves leveraging marketing activities for information gathering, analysis, and the formulation of a comprehensive marketing plan.
The Three Pillars of Strategic Marketing
Strategic Analysis
• Definition: The process of gathering and analysing information to comprehend the market, customers, and products.
• Actionable Insights: Inform decision-making by understanding where and how to effectively approach customers.
• Tools: Utilise frameworks like Porter’s Five Forces or PESTLE for structured intelligence gathering.
Growth Strategy
• Objective: Support business growth by retaining existing customers, increasing loyalty, and expanding into new markets. • Strategies: Improve customer experience, offer loyalty bonuses, segment customers for targeted approaches, and explore the Boston and Ansoff Matrices.
Positioning Strategy
• Focus: Differentiate products or brands to resonate with customers.
• Elements: Employ the 7 Ps of Marketing (product, price, people, place, processes, promotion, and physical evidence) for
differentiation.
• Insight: Pricing strategies play a pivotal role and are explored separately.
Strategic vs. Tactical Marketing
Strategic Marketing: Bridges the gap between business strategy (setting overall goals and objectives) and tactical marketing activities (e.g., social media marketing).
Business Strategy: Develops overarching goals and outlines methods for achievement.
Tactical Marketing: Encompasses activities undertaken to execute the marketing strategy.
Skills Essential for Strategic Marketing: The Analytical Artistry
Analytical Skills:
Mastery: Ability to gather, interpret, and measure the impact of data on customers and competitors.
Evolution: From art to science, marketing now demands analytical prowess.
Strategic Thinking:
Expertise: Plan how to utilise information to propel the business towards desired goals.
Essence: Strategic marketing combines organisational goals with tactical marketing execution.
A Final Word: Navigating Forward with Strategic Marketing
Essential Role: Marketing is pivotal, but strategic marketing propels businesses rapidly towards new customers and markets with confidence. Guiding Force: A well-crafted marketing strategy seamlessly navigates between organisational goals and tactical execution, ensuring a harmonious marketing journey.
Embrace strategic marketing as the linchpin in the business realm, ushering in growth, customer loyalty, and sustained competitive advantage.