Strategic Marketing

The foundations of business growth

This page seeks to help business leaders apply effective strategic marketing by offering step by step advice on the entire marketing process. From establishing objectives to developing an effective marketing strategy and executing your marketing plan.

 

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What is strategic marketing?

All marketing should be strategic. It's just that a lot of it isn't.
There are many definitions of marketing. Perhaps the best and most succinct version is provided by Professor Philip Kotler, the father of modern marketing. It is "meeting the needs of your customer at a profit".
To meet the needs of your customer at a profit requires a deep understanding of people and markets. And also of your business' strengths and weaknesses and that of your competitors. To create actions that are effective and from which the company can derive income, therefore, must be strategic.
So, you can think of strategic marketing as a series of actions that are directed by an effective strategy. And effective marketing strategy is determined from knowledge of, and deep insights into every interdependent component. From the buyer to the brand and the organisation that delivers it.

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Marketing goals

Marketing objectives

Like all things in life and work, it makes a big difference when you know where you’re headed. We know it can be tough to know where to start and how to set realistic targets, so here are some helpful tips to help you with your marketing goals.

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Establishing objectives

Objectives are well defined by the trusted method of setting SMART goals:

  • Specific means being precise and, therefore, not at all vague.
  • Measurable. Objectives must be able to be measured quantitively.
  • Achievable. Objectives have to meaningful to anyone responsible for achieving it.
  • Relevance. Objectives should be the things that really matter.
  • Timely. A timeframe places practical limitations on when the goal is expected to be achieved. 
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SMART business objectives

Starting with business objectives comes first. To keep things simple, we’ll start with helpful round numbers and five fundamental objects:

  1. Sales revenue
  2. Gross profit
  3. What needs to be sold to reach the sales objective
  4. The expenses that will be incurred
  5. The net profit objective

 

 

Marketing and sales objectives

To reach your business objectives, your sales and marketing team will need to achieve:  

  • Revenue target
  • Average customer value
  • Average sales value

Then, if you know your customer retention rate, you can also describe the gap between existing sales and the future target:

  • Existing sales qty - lost customers quantity + new customers quantity
  • Quantity of sales x average sales value = revenue.
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Sales pipeline and conversion rates

To determine the number of leads required to achieve the required new business, we need to know or estimate conversion rates. In doing so we can calulate the quanty of website visitors to feed the funel and number of leads required to achieve the required sales.

Website Visits Quantity  
New Leads <value> <value>
New Customers <value> <value>
Pipeline conversion

Strategy

The most straightforward description of strategy is: the pathway chosen to navigate towards the objectives and vision of your business.
There are often many ways to achieve any given task, so the role of a good strategy is to identify the path that offers the highest probability of success & efficiency.

Strategy

What defines effective strategy?

  1. Can it be implemented?
  2. Is there an existing or latent demand?
  3. Does your strategy seek to increase competitiveness or change the game?
  4. In the same way that objectives can be graded by following the SMART process, a good strategy will contain most of the following elements:
  5. Be informed by fact
  6. Be informed by customer insight
  7. View strategy through a market context
  8. Understand business limitations 
  9. Understand the whole of business impacts 
    Is your marketing strategy effective?
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Purpose driven brand strategy

At Poignand Consulting, we believe that effective brand strategy and the value that it seeks to unlock lies at the intersection of deep customer insight and your business’s core strengths. We advocate a purpose-driven approach to brand strategy.

Brand purpose intends to develop an opportunity for an emotional connection between your target audience and your brand.

 

 

Purpose driven brand strategy
Inbound Marketing

Inbound marketing

Inbound marketing is a contemporary and highly effective approach that helps the right buyer to find your brand. Inbound marketing is content driven so it requires a solid content marketing strategy.

The three key stages of Inbound are:

Attract potential buyers: How will you be found amongst the legions of competitive offers online?

Capture leads: Capturing leads is driven by a value exchange, where the buyer recognises your brand a useful and valuable source of information, and rewards you with their contact information.

Nurture leads: Nurturing leads is the process of providing highly relevant information to the point of qualification as a potential customer.

A critical strategic decision is the allocation of priorities within the inbound approach, according to your business objectives.

Strategic Framework

Strategy framework

  1. Strategy summary. 
  2. Each strategy described in detail.
  3. Specific tactics that describe how the strategy will be executed
  4. Particular points of focus 
  5. What your brand will leverage to maximise the effectiveness of the strategy
  6. Organisational roles, support and impacts 
  7. Initiatives
  8. Risks

Marketing activity plan and budget

This is who does what when and how much will be invested.
It summaries the projects that will be required to execute your strategy.
The budget, while being just numbers in the document are a highly strategic component of your marketing plan.

Activity

Execution and measurement

The saying goes that ‘strategy is nothing without execution’. The ability to execute as one of the defining aspects of an effective strategy. Furthermore, the best-designed strategy has to be well executed to be effective.

Today' marketers must justify their budgets and prove their worth by showing attributed results. Every activity must be measured, and every effect must have an attributed cause. The data that helps you to properly invest in marketing and know that the money spent has a positive return on investment.

Beware marketing mistakes to avoid.

Measurement and execution
Marketing automation

Marketing automation

The continuing rise of AI-driven automation is moving marketing and sales ever closer to that perfect place of saying the right thing to the right person at the right time. In other words, to be relevant.

Want to learn more? Automation: A better experience for customers and business

 

SEO

SEO

SEO stands for 'search engine optimisation'. It's a process of optimising your website content to help Google deliver more of the right people to your site. It's essential to consider your SEO strategy and dedicate some time to getting it right. 

We recommend this article: SEO: Ten simple steps to get found online with Google search

 

SEM

Search Engine Marketing, otherwise known as SEM, is the process of advertising your business under carefully selected search terms to help attract the right people to your website. SEM works hand in hand with your SEO strategy and overall content marketing plan. So while it is a valuable part of your marketing mix, it should not be thought of in isolation.

Remember:

  • Your keyword strategy when creating your Google Ads
  • To monitor and optimise your ads and keywords throughout your campaign
  • To review the results and optimise your marketing program based on key insights.
SEM: Search Engine Marketing
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