Definition of Strategic Marketing
Strategic Marketing refers to the identification and implementation of different actions which will enable a company to develop a competitive advantage. The main goal is to differentiate itself from its competitors. There are a variety of marketing strategies that could be used to achieve the company’s goal. These will be listed in the following lines.
Why should a company use a Marketing strategy?
In my opinion, companies should definitely consider defining and implementing a Marketing Strategy in order to achieve a variety of commercial goals such as increase of sales, increase of number of customers among others. I believe that through a strategic marketing, a company might also develop a strong competitive advantage and differentiate itself from its competitors.
How to develop a Marketing Strategy?
As I previously mentioned, a variety of strategies could be used depending on the firm’s objectives:
- Marketing Mix strategy (Product, Place, Price, Promotion)
Product: A company could develop a planning based on the creation of a specific product which may have some unique selling points over its competitors’ goods . For example, extra features that differentiates the product of the firm’s from the ones of its competitors
Price: An enterprise could base its competitive advantage on a diversification of prices. For example by decreasing the price of its products in comparison with its competitors. In contrast, the company could increase the price of the product as long as the product has proper qualities.
Place: It may also be that a company might find a different market to sell its products or services and/or through different channels. The goal of this strategy is to keep confident that the product will arrive to the proper consumers.
Promotion: This concept refers to the use of a variety of advertising, public relations and other forms of communication to transmit the values of a company or the benefits of its products and services.
- STP (Segmentation, Target, Positioning)
Segmentation: A variety of groups which could be interested in the firm’s products or services in order to satisfy a specific need. For example, a firm could think of a group of persons with specific demographic characteristics, whit specific behaviours, etc.
Target: would represent a selection of the previous segments which could become the company’s audience. Once the segment groups are designed, the target strategy may be based in the number of competitors that already serve the specific segment. In contrast, the target selection could be based on the reputation that a company already possess in the specific group (for example with regards of a specific product).
Positioning: refers to the perception a company holds on its audience’s minds (on its target’s minds). In order to develop a better positioning, an analysis of the actual positioning of the firm and its products or services and an analysis of the the competitors’ positioning should be done. Furthermore the company should establish which is the positioning that it would like to have.
- Relationship Marketing
This strategy is related to the development of a long relationship with the firm’s actual customers. Keeping a long communication and contact with them may take these clients to buy a higher number of products or even pay a higher price for them. It could also be that the firm’s clients could talk in a positive way about the company, which may create a positive Word of Mouth about the enterprise.
What other Marketing Strategies can you think about? Please write it in the comments below so we can make a long list of other ideas.
Thanks for reading my first post!