What is Marketing Strategy?
Marketing strategy is a methodical process of analyzing, planning, developing and executing marketing tactics to gain and maintain a substantial competitive edge and customer loyalty. Marketing strategy often revolves around developing a better understanding of your customers and leveraging this knowledge to create a strategic marketing plan. Strategic marketing can help a business reinvent itself, enter new markets and position itself to improve performance and profit.
Strategic Marketing Process
Strategic marketing process requires intimate knowledge of marketing concepts and how to deploy them in the real world. From customer preferences to competition analysis, a business must identify objectives and develop a solid marketing action plan to implement changes to achieve business goals. A well defined strategic marketing plan must include planning, implementation and monitoring phases with clear metrics to quantify and measure results.
Plans are useless, but planning is indispensable.
Dwight D. Eisenhower
The planning phase is the most important piece as it includes scope, SWOT analysis, and an overview of the overall business environment. This phase should provide a clear roadmap to where your company is and where it wants to go. Extensive data gathering and analysis are needed to support some of the assumptions made during the planning phase. Business data is vital to determine the needs of customers and how a company will position itself to satisfy those needs. A solid strategic marketing plan will also provide a comprehensive analysis of 4Ps (product, price, place, and promotion) of marketing.
The implementation phase is the phase where plan execution is the primary focus. Poor execution can ruin all the work done during the planning phase. However, if the planning was comprehensive and competently structured, then implementation becomes the easy part. A company must secure financial and technical resources needed to implement the marketing plan.
Successful implementation requires close monitoring and control to ensure that strategic marketing plan delivers results and business objectives are met. The control phase of the marketing plan involves creating performance metrics to measure results and address any divergences.
At Amplimark, we understand that strategic marketing is the secret sauce of competitive advantage in business. Our process is designed to simplify planning and address pain points during implementation. Our focus is to create an effective strategic marketing plan by setting measurable, realistic goals that are well-structured and in sync with your organization’s mission and values.
Amplimark can help you with the following:
- Identify business objectives
- Develop thorough understanding of competition and industry trends
- Develop actionable marketing tactics
- Integrate your online and offline marketing strategies
- Validate assumptions in strategic marketing through market research
- Customize your business plans and goals to match the needs of the customers
The digital age has influenced the way we do business. A well thought out marketing strategy can be the difference between maintaining competitive advantage versus fading away. Contact us online or give us a call at (515) 225-6438 to schedule a free, no-obligation initial consultation!