Strategic marketing planning is one of the keys to a successful business. A company that does not carefully plan its marketing efforts will quickly find itself in the doldrums of irrelevance. The old adage, “if it ain’t broke, don’t fix it,” is very true in the realm of marketing. Marketing strategy is basically a method which will help an enterprise to focus its limited resources in the most productive ways to improve sales and reach a sustainable competitive edge. In this competitive world, the ability to stay ahead of the competition is crucial for any business to survive and thrive.
The first step towards achieving strategic marketing success is identifying your company’s marketing goals. You must first decide what your organisational goals are – what do you want to achieve as a company, and how will you get to your desired goals? Once you have established your marketing goals, it becomes much easier to create the right strategic marketing strategy which will help you achieve those marketing goals. Some of the most important factors that affect the success of a marketing strategy include the relative importance of each individual element, the interdependence of these elements, and the likelihood of each element being replaced by a more appropriate or effective product, service or combination of products. These factors also determine the relative weights of each element within the overall strategy.
Once you have identified your organisation’s marketing goals and the necessary strategy to address those goals, the next step is to map out the various phases that make up the strategic marketing planning phase. This is arguably the most important phase because it allows you to develop the various methods that will be required to realize your organisation’s marketing goals. It is also during this phase where you will be able to define the organisation’s comparative market position and measure the extent to which your organisation is lagging behind other companies. By successfully completing these phases, you will ensure that you are far enough ahead of the competition to give your customers better service while simultaneously positioning your organisation to become the leader in its particular industry.