In today’s digital age, strategic marketing has gained popularity within the business-to-business community especially for those who are looking for definitive ways to maximize their positive differentiation over competitors. However, some confusion still exists with regards to what exactly strategic marketing is and the role it plays in the B2B industry. This blog will walk you through everything you need to know to overcome your dilemma.
What Is Strategic Marketing?
B2B marketing has both strategic and operational components. While operational marketing (also known as marketing management) is focused on developing a suitable marketing mix to establish a set of defined business goals, strategic marketing is more concerned with defining what the business should be and how to get there by delivering better value in order to overtake the competition. To put it in a simple perspective, strategic marketing answers the following questions:
- Where to compete? (Which markets to compete in?)
- How to compete? (What the basis of the company’s competitive advantage is going to be?)
- When to compete? (When and how the company will enter each market?)
The Difference Between Strategic Marketing and Marketing Strategy
While marketers sometimes use these two terms interchangeably, strategic marketing and marketing strategy are very different and mean different things. To guide you more, here are the difference between these two terms:
- Strategic marketing is a method through which a company differentiates itself from its competition by focusing on its strengths to provide better service and value to its customers
- Higher management is typically involved in this decision as it requires an allocation of resources defining budgets and refining product quality.
- It covers the marketing goals of the company as a whole and includes all products.
- Strategic marketing analysis considers various factors such as the company’s performance, competition environment, competitors, and the demographic behavior of customers to before it is .
- It is a company’s plan to target people and convert them into consumers of the organization’s products and services.
- It does not involve higher management, it only includes creating marketing strategies for a particular product or service. The strategies could consist of a promotional plan, price of the product, and distribution.
- It is restricted to the marketing goals and strategy of a single product or service.
- It is a part of one of the functional strategies that help in achieving a company’s goals.
- A marketing strategy focuses on the products and services of a company; and its positioning in relation to attracting customers.
The Role of Strategic Marketing in the B2B Industry
Now that you know everything about strategic marketing, it is time to know its role in the business-to-business environment. Check it out!
Evaluates the Present Environment
Since it’s important to determine what resources are at the disposal of a company especially in the midst of the global COVID-19 pandemic, strategic marketing helps in weighing the positioning and performance of a business. The data collected helps in understanding how well a company is performing within the overall competitive environment and planning for future strategic marketing plans.
Establishes Strong Marketing Objectives
Having a strategic, efficient marketing plan in place helps establish achievable marketing objectives. Just make sure that the objective has a clear, specific time-frame and is measurable.
Updates Product Development
A well defined strategic plan helps design products/services that deliver high profits. Since strategic marketing begins with a SWOT analysis – a market analysis of the consumers and the existing trends in the market – the information is then used to make the best products and services for the consumers.
With these ideas and key information in mind, B2B marketers can utilize b2b strategic marketing plans and activities to reach their target market and stand above their competitors.
Markable Solutions offers strategic marketing services such as Market and Competitive Intelligence and Survey Services, which helps our clients design and develop effective marketing strategies to successfully promote their offering to a diversified customer base.