Strategic marketing plan is a method which will help an organization to focus its limited financial resources on the most promising opportunities to improve sales and attain a sustainable competitive edge. The focus of this marketing plan is to exploit market entry and exit points with the least possible cost and maximum benefit. It is not uncommon to witness business people taking the path of strategic marketing and not adhering to the traditional marketing methods. Some of them may be doing so because they are disenchanted by the long-term results of some traditional marketing tools and models. The traditional marketing methodologies have failed repeatedly in the past, but their Achilles heel is competition. This is where the strategic marketing plan steps in and provides a distinct advantage over the traditional methods.
The social media has been playing a critical role in shaping the way businesses are being marketed through branding, selling the products and services, and generating leads. In order to make use of the social media as a strategic marketing management tool, the business needs to come up with an effective social media marketing strategy. If the business does not take the right steps in the right direction, then the social media platforms will fail to deliver the desired results. A poorly implemented marketing strategy will only result in a waste of resources and may even lead to a company being swallowed up by the competition.
The first step in formulating a strategy is to understand the goals and objectives. The next step is to identify the target audience, this will determine the scope and scale of implementation. Next, it is necessary to create a marketing plan, which should address each of the above mentioned components. Once implemented, it will be essential to monitor the results of the strategies to know whether they are bearing fruit or not. If the objectives are not met, it is important to reassess the strategy and look for another effective way to reach the target audience. Although social media is an extremely effective marketing tool, it will only be effective if the right strategy is implemented.