With the pandemic affecting economics globally, is it worth marketing at this time, is it wise to spend on marketing right now? Truthfully, yes. But it requires a different approach; this is when strategic marketing is most important. Strategic marketing, in a nutshell, is coming up with a plan that focuses on long-term goals and executing an effective strategy to reach these goals. Strategic marketing is a focused and very targeted marketing activity, that attracts more of the people you want for less advertising spend. How do you do this?
Focus on the long-term goals and remember the heart of your brand. While your customers’ needs are the forefront in what guides you to set your goals, the core values of your brand keep you true to your business identity. Long-term goals can be the growth of your business, experimenting on a diverse demographic, or even the creation of an additional business or value proposition. Focusing on these long-term goals requires you to do marketing in a very strategic way, the customers you target have a significant impact on the direction of your business in the long term.
Understand your customer’s demographics and behaviour. Knowing your target market guides you in determining your customers’ needs. In turn, you align your goals with catering to these needs. Fulfilling the needs of your customers as your goal will then become your marketing strategy.
Look for opportunities. Recognizing the possibilities in your industry and using these opportunities to your advantage is a reliable way to stay relevant. Filling these gaps shows your benefits; this sets you apart from your competitors and adds value to your customers
The essence of strategic marketing is coming up and executing a well-defined plan. Tactics are the actions that take you towards achieving long-term goals for your business. It’s having an awareness of industry trends and setting yourself apart from your competitors by highlighting the value you provide to your customers and therefore attracting more of them.
I have been consulting one on one in strategic business management for the last 6 years and have spent over 25 years in various smaller businesses myself. Since lockdown, I have been applying my own technology to my company Business Growth Stratagem Ltd and we re-modelled our businesses and created a whole new value proposition.