Strategic Marketing

In some shape or form we are constantly marketing something; be it ourselves, our business or even a cause we are passionate about. With this in mind; it is ever so important to be strategic about the following: how, to whom and when we market — hence the term strategic marketing.

Generally there are two primary factors to strategic marketing:

1. The best way to address the competition
2. How you will implement, support and maintain your day-to-day operations

Whether you are doing this on a personal level or for your business there are several aspects to consider. Today, our focus is specific to strategic marketing.

Begin the development of your strategy by deciding your overall objective. Usually this falls within one of four categories.

1. If the market is very attractive and your product/service is one of the strongest you should invest your best resources to support your offer
2. If the market is very attractive but your product/service is one of the weakest you must concentrate your efforts on strengthening your position ~ using your offer simply as a stepping stone toward your objective
3. If the market is not very attractive but your product/service is one of the strongest; then an effective marketing and sales campaign is the way to go in order to maximize your offer to generate a strong Return On Investment (ROI)
4. If the market is not very attractive and your product/service is one of the weakest; then you should only promote your offer if it supports a more profitable part of your business (i.e.: if the offer absorbs some of the overhead costs of a more profitable part of your business). Otherwise, you should consider the most cost-effective way to divest your product or service

Think about the above in a more practical day-to-day setting.

Example 1: If you are feeling your best and you are in a crowd of people, your confidence level is high – this is a good time for you to be out there mixing and mingling.

Example 2: If you are looking good but not feeling your best, you have to try to come across as confident and secure by focusing on your positive attributes and this may take more effort.

Example 3: If you are not feeling so great but you know you are the best thing out there; this is the time for you to suck it up and schmooze it up to maximize your best resources.

Example 4: If you are not looking your best and you do not feel your best – you should only put yourself out there if there is another objective that may benefit from your efforts. Otherwise it may be best to stay home.

Once you have determined the most beneficial direction for your venture, now it is time for you to select a strategy most effective for your market.

To learn more about the best way to market your company, I recommend reading: A Competitive Advantage Written by: Michael Porter and the works of Philip Kotler

In the meantime remember to ALWAYS think strategically – in every aspect of your life!

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Author: Carrie L. Devone

Living & Learning... View all posts by Carrie L. Devone