As everybody charged up during the summer season by going on vacation, it is that time of the year again for Businesses to hit that Restart button and start the new season. Businesses are always looking to differentiate themselves from the competition, they are always looking for a working formula, something that is going to put them higher in the Business hierarchy.
How can Businesses differentiate themselves from their competition?
Strategic Marketing is the answer, it helps Businesses differentiate themselves from their competitors by capitalizing on their strengths to provide better service and value to its customers. It really sounds simple, but it takes a whole lot more than just getting creative with your marketing campaigns.
Possessing knowledge of your Business capabilities and identifying its goals, targeted audience and the competitive landscape, the usage of Strategic Marketing will help maximize a firm’s positive differentiation over competitors in the eyes of its target market.
How to start a Strategic Marketing campaign?
You can start by answering 3 important questions…
Where to compete?
Businesses have to know which domain they will have to occupy, depending on their services and products. A SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis will help you better understand the positioning of your Business.
How to compete?
By getting to know the market you are going to compete, you will have to identify your competition as well. By studying the competition and the way that they operate, you will understand how they compete, this way you can come up with your own plan on how to compete with them and outrun them.
When to compete?
One of the most important elements when it comes to Marketing is timing, your Marketing Campaigns can be really successful if you implement them at the right time, but at the same time your Marketing Campaigns can be great, but implementing them at the wrong time might not yield you the desired outcome. You know the old cliché saying “right time right place”, well this is something similar to that.
Once these three questions have been answered, then we can start to implement the Strategic Planning.
Why is Strategic Planning important?
Strategic Planning is important because it helps us better understand the position our Business is in at the moment, the performance, the resources that it has at disposal, the differences of the Business in comparison to the competition and it helps us better plan for the future marketing plans.
It’s important because it allows you to set clear and reachable and measurable marketing goals.
Strategic Marketing helps Businesses gain more knowledge when it comes to providing services and creating products that are going to yield the highest profits. This is because Strategic Planning consist of studying the market before competing, which means that you are already acquainted with the market’s strategies and patterns or trends. You go forward by planning everything from the consumers perspective, with that as your primary focus you create the optimal products and services for the consumers.
The benefits of Strategic Planning
To conclude we are going to list some of the benefits that Strategic Planning provides you.
Find the right space for your Business in the Market – Understanding the market you belong to, your Business position and studying your competitors you will find the right space for your Business and your Products or Services.
Recognition – By studying the market you understand the customers and the potential customers better, this way you understand the targeted audience better, you can connect with the right demographic. It generates more consumers as you get to know the needs of your audience better.
Better use of your resources – Strategic Planning will help you use your resources wisely, time, money, talent etc.
Revenue – When it comes to Businesses, it always comes down profit. Can a marketing plan bring more profit? Yes it can, by increasing prospective buyers.