Demystifying Modern Marketing: A Guide to Strategic Marketing

Are you a marketer wondering why your marketing is not hitting the mark?

Or

Maybe you’re considering diving into the marketing world but unsure where to start.

Well, you’re not alone! The marketing field has evolved immensely, making it a tad tricky to pinpoint exactly what it entails. It’s not that we don’t know what marketing is; it’s just that it’s become a multidimensional puzzle with countless specializations. At the Savvy Marketer Studio, we understand and appreciate the complexity of this ever-evolving landscape, and our mission is to empower and elevate strategic marketers like you.

In today’s marketing landscape, companies often require specialists in various areas such as product management, social media, demand generation, marketing automation, brand marketing, SEO, and marketing communications, among others. The list seems endless. The big question is, how do all these specializations fit together? Well, that’s where strategic marketing comes into play.

Strategic marketing isn’t confined to a specific title or role; it’s a mindset and a skill set. It’s about creating a plan that aligns all these specializations, collaborating effectively, and pulling the right levers to connect the dots and ultimately achieve your company’s goals.

Now, let’s talk about something most folks don’t quite grasp: what strategic marketing isn’t. It’s not just about having a website, creating brochures, or ordering branded items for trade shows. It’s way more than that. Let’s dive deeper into understanding what it truly means to be a strategic marketer.

The Traditional Four P’s of Marketing – The Marketing Mix

Before we go any further, let’s revisit the good old four P’s of marketing, a concept that’s been around since the 1960s:

Product: This is what you’re selling, whether a physical product, a service, or even consulting or courses.

Price: How much are you charging, and how does that affect your brand perception?

Place: Where and how do your customers purchase from you? Is it through an inside or outside sales force, distributors, a physical store, or an online platform?

Promotion: How do customers discover your brand, and are your strategies effective?

These four aspects still matter, but they require some serious effort to get right. Have you generated a strategic plan and communicated and collaborated with internal departments and external partners to answer all the crucial questions necessary to reach your target audience and achieve your goals?

Product – Is your offering a winner?

• Demand: Do people want what you’re selling?
• Market size: Is the market big enough and worth your effort?
• Know yourself: Understand your strengths, weaknesses, opportunities, and threats.
• Competition: What are your rivals up to, and how can you stand out?
• Uniqueness: What makes you different from the rest?
• Ideal customer: Who’s your perfect customer persona, and how can you tailor your pitch to them?
• Value proposition: Do you have a compelling reason for people to choose your product?
• Messaging magic: What resonates with your ideal customer and target segment?
• Brand consistency: Is your branding consistent, even on your packaging?
• Improvement plan: Are you continually improving your product to stay competitive?
• Lifecycle: Do you know what to do when it’s time for updates or retirement?
• Quality assurance: How do you maintain high quality and gather customer feedback?
• Sustainability: Can your product be eco-friendly or socially responsible?
• Intellectual property: Is your intellectual property protected?
• Scaling up: Are you ready to grow with your customer base?

Price – What’s the damage

• Cost-based or value-based: Will you base your pricing on actual costs or value to the customer?
• Competition comparison: Are you a luxury or budget-friendly choice compared to your competition?
• Dynamic pricing: Will you adjust prices based on demand or time?
• Pricing models: Are you offering subscriptions, one-time purchases, or different tiers (basic/VIP)?
• Psychological pricing: What pricing tricks work best for your audience ($9.99 instead of $10)?
• Price sensitivity: Do you know how customers react to price changes?
• Bundles and upsells: Will you extras to sweeten the deal?
• Seasonal strategy: Will you adjust prices for high or low-demand seasons?
• Global pricing: Have you considered the implications of going global? Currency adjustments, local conditions, and international rules.
• Testing: How will you test prices and gather customer feedback for adjustments?

Place – Where and how will you sell?

• Go-to-market strategy: are you planning on a full-market release, a pre-sale or a partial market release, and how will that impact forecasts and measurements?
• Sales channels: How will you sell to your target audience? Outside sales team, onsite sales, distributors, online marketplaces, third-party retailers, or direct-to-consumer options. Is each channel trained and enabled to be successful?
• Geography: Are you selling regionally, nationally, or internationally? Your distribution strategy may vary based on your geographic scope.
• Brick-and-mortar: Will you have a physical store location, and is it convenient for your customers?
• Inventory and fulfillment: Has inventory and the fulfillment process been adequately planned?
• Shipping and delivery: Do you know how the product will be shipped?
• E-commerce ease: Is your website SEO optimized set-up for e-commerce and payments? Is it mobile-friendly and user-friendly?
• Online marketplaces: Will you be using platforms like Amazon, eBay, or Etsy, and are you ready?
• Returns and refunds: Do you have a plan for handling unhappy customers and delivering a good experience?
• Payment options: Will you offer various payment methods, including payment plans
• Customer support: How will you support customers with live agents (domestic or off-shore), chatbots, and others?
• Rules and regs: Are you aware of and compliant with any industry-specific regulations or legal requirements in your operating regions

Promotion – Are you making waves?

• Goals first: Are your promotional strategies aligned with your company or project goals?
• Know your crowd: Where can your ideal customers be reached?
• Customer journey: Have you mapped out every customer touchpoint for a consistent and positive experience?
• Content is king: Is your content strategy tailored to each customer journey stage?
• Test it out: To optimize performance, will you conduct A/B testing on various promotional elements (e.g., headlines, visuals, calls to action)?
• Budget and KPIs: Do you know your spending and success measures?
• Tools and talent: Do you have the tools for creative execution, ad agencies, technology, and measurement capabilities?
• Flexibility and resilience: Do you have a plan to adapt your promotion based on performance?
• Seasonality: Have you planned for seasonal or event-based promotional campaigns to take advantage of specific sales opportunities?
• Stay legal: Are your promotional materials compliant with relevant regulations and industry standards?
• Community love: Are you planning on engaging with your audience through community-building activities, forums, or social media groups?
• Retargeting tricks: Do you have a strategy for retargeting individuals who have previously engaged with your brand but didn’t convert?
• Going global: Do you need to adapt promotional content for different regions, languages, or cultural contexts if applicable?
• Legal check: Have you sought legal review and approval for promotional materials to ensure compliance and minimize legal risks?

Phew! That’s quite a bit to digest. It’s easy to underestimate the importance of strategic marketing in a company’s success. If your marketing efforts aren’t hitting the mark, you’re probably missing some vital elements in your planning, execution, and measurement processes.

But fret not! You’re not alone. The Savvy Marketer Studio is here to lend a helping hand. Reach out to us for a 30-minute Savvy Session, and together, we’ll figure out how to empower you or your marketing team and drive success. After all, in today’s world, everyone often thinks they are a marketer, but not everyone’s a savvy marketer. Let’s make sure you’re the latter!