"Most importantly, the clarity to think and plan far ahead, look beyond the present and chart long-term objectives and goals."
FUTURE-PROOFING YOUR BUSINESS.
Predicting the future is one of the most important jobs for marketers beyond day-to-day activities. Beyond simply promoting a product or service and worrying about meeting short-term key performance indicators (KPI), strategic marketing involves looking far into the future and bringing that future into the present.
Strategic marketing offers many what-ifs to consider, from climate change to geopolitics, wars, economic upheavals, policy changes, pandemics, market dynamics, and disruptive technologies threatening the status quo. A single Black Swan event can turn the tide on the fortunes and paralyse the unprepared.
Incorporating strategic marketing in the continuous business planning process lays the foundation for sustained business growth. As we begin with the future in mind, we create a range of multiple scenarios. We consider how customers, competitors, partners, and stakeholders will behave under those scenarios. Next, we will develop strategy playbooks that shape marketing decisions today in anticipation of these scenarios. The Oxford Scenario Planning Approach (OSPA) is a practical and effective methodology in strategic marketing planning.
The benefits resulting from strategic planning are many. Most importantly, the clarity to think and plan far ahead, look beyond the present and chart long-term objectives and goals.
Why is Strategic Marketing so Important?
1. Understanding Market Dynamics
Strategic marketing provides a comprehensive understanding of the market in which a brand operates and understands the emergence of new players, partners, and competitors. How will the brand respond to the market shifts and strengthen its competitive advantage?
2. Building Strong Customer Relationships
Growing the existing Customer Lifetime Value (CLV) is as important as acquiring new ones. By consistently understanding and meeting customer needs, brands can build strong customer relationships, fostering loyalty and advocacy. This, in turn, leads to sustainable growth.
3. Optimising Resource Allocation
Strategic marketing provides a roadmap for brands to think about their future. It guides the decision-making process in optimal marketing investments and resource allocation to meet future marketing objectives and goals.
4. Navigating Business Uncertainties
While uncertainties are inevitable, we can proactively avoid and circumnavigate these Black Swan events. A well-thought-out strategic marketing plan provides a degree of predictability, enhances resilience, and ensures long-term survival.
5. Fostering Innovation
Strategic marketing leads to more significant investments in marketing and brand innovation by considering how customer needs, and competition will evolve. The continuous process of market analysis and customer research often leads to uncovering unmet needs or gaps in the market, providing opportunities for brands to experiment and introduce new ideas.
To discuss how we can help you in your strategic marketing, please contact firstname.lastname@example.org.