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Strategic Marketing
What is it?
Strategic marketing is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage.
Simply Stated
It is a guiding document or road map to help you decide how you should spend your precious resources to attain more clients!
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Why Should You Have A
Marketing Plan?
Having a marketing plan will allow you to identify, execute, and provide consistency to your marketing efforts. This could look like ensuring goals and metrics are established for SEO, Social Media Marketing, or Print Media. Without a plan, there is a lack of consistency and goals can be harder to achieve.
Types of Marketing Plans
Market Penetration
Focuses on selling current products to existing customers. Emphasize increasing the loyalty of existing customers, attract competitors’ customers, increasing the frequency of product use, and converting nonusers into users.
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Product Development
Focuses on marketing new products to existing customers. Involves leveraging current relationships with existing customers to sell new or developing products and services.
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Market Development
Focuses on selling current products in new markets. This involves entering new geographic markets, creating product awareness and developing distribution channels. ROI tends to be longer because of the time required to build awareness, distribution, and product trial
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Diversification
Focuses on taking new products into new markets. This plan is great for the creation of a completely new business. Involves market research, product research, and other strategies to allow the sale of new products and services to new customers.
Why This Matters To You
Having a strategic marketing plan is the best way to reach more customers! This helps increase your ability to plan the use of resources, how to reach more customers, and better market your products or services!