THE STRATEGIC MARKETING PROCESS (STEP 1 – STRATEGY)
Marketing nowadays requires heavy IT resources and an understanding of complex metrics to effectively (and profitably) connect with our market – busier people, who have shorter attention spans, and often suffer from information overload. Social media, search engine marketing, email marketing, mobile device, content marketing, and any else, it’s impossible for an individual marketer to master them all, in addition to their traditional media activities. The reality in most small to mid-size enterprises (SMEs) is that their marketing team only has room for a handful of specialist, if any. Most of them don’t have budget to employ experts in all the necessary marketing mediums needed to effectively reach their audience. You’re forced to know a little about a lot – to be well – versed in how to use a combination of digital and traditional mediums to effectively meet your revenue goals.
This article will explain the first guide to clarify how the activities fit together in the revenue-generation process. Strategy is your high – level conceptualization of how your offering will penetrate your market. This is your global, long – term, go-to-market strategy, and it may cover 5 to 10 years. In strategy, there are 4 aspects that need to be conceptualization including Competitive Positioning, Brand Strategy, Pricing, and Distribution Channels. The following is a brief explanation of these 4 aspects.
- Competitive Positioning
It’s the first element to address in strategic marketing, and everything else is aligned to it. While the concept is simple – to be known for a single in the mind of customer – the road to achieve it can be complex. It’s best to have a clear understanding of your market – demographics, segments, their pains, how well you and your competitors provide solutions, how you truly provide value, and your strengths and weaknesses – before making decision.
This following is key concepts and steps of competitive positioning:
- Profile your market
- Segment your market
- Define how your deliver value
- Evaluate your competition
- Stake a position
- Select the mindshare you want to own, and create your strategy to achieve it
- Brand Strategy
Brand strategy is completely strategic; it’s your plan for how to achieve your desired positioning – how to become known for certain “something”. It describes the consistent experience that you desire to deliver to your market at each touch point.
This following is key concepts and steps of brand strategy:
- Audit your exciting brand
- Define your brand architecture
- Define your brand experience
- Write your brand story and positioning statement
- Define your brand visual and operational requirements
- Distribution Channels
These methods of reaching your market should be natural ways to access your market segments, and support the experience that your brand delivers. For example, if you’re selling a unique that has a little competitor and is considered “high-end”, you don’t want to be carried in Walmart, where many shoppers are looking for low-prices product that they’re already familiar with. You can evaluate a new distribution channel at any time, especially important to think about distribution when you’re going after a new customer segment, releasing a new product, or looking for ways to aggressively grow your business.
This following is key concepts and steps of distribution channels:
- Evaluate how your end-users need to buy
- Match end-user needs to a distribution strategy
- Identify natural partners
- Build your channel
- Minimize pricing conflicts
- Drive revenue through the channel
- Pricing
After you define your positioning, create a brand strategy, and identify your distribution channels, the last activities in strategy is you develop your pricing strategy and ensure that your pricing reflects your value and reinforces your brand. Your pricing influences how the market perceives your offering.
This following is key concepts and steps of pricing strategy:
- Align your pricing strategy to your method for delivering value
- Understand your cost structure and profitability goals
- Analyze your competitors’ prices
- Determine price sensitivity
SOURCE:
Moderandi Inc., 2013. The Strategic Marketing Process. 2nd ed. s.l.:Marketing MO.
