By M. Isi Eromosele

Marketing objectives, customer and competitive objectives and product/marketing momentum form the basis for strategic marketing. Consumers are extremely loyal to products that deliver on promises.

While brand loyalty makes it harder to lure customers away, it also makes them easier to keep and strategic marketing can be a key catalyst in this endeavor. A company can enlarge the market for its products by implementing savvy strategic marketing.

This strategy would need to be determined by two factors. The perceived maturity of the industry the company is in and its competitive position. Success is better assured when the industry is growing and the competitive position of the company is deemed strong.

The marketing strategy would need to be developed by having each of the company’s products reviewed using the portfolio technique. By positioning different products in a multi-factor portfolio matrix (high | medium | low business strength and high | medium | low industry attractiveness), strategy for each product/market is examined and approved from the viewpoint of meeting business objectives.

Following the portfolio analysis, the approved marketing strategy becomes a part of every business unit’s strategy plan.

Most companies’ marketing strategies are burdened with unnecessary complexity. They are encumbered in principles that produce similar responses to competition. As such, changes are needed to put speed and freshness back into their marketing strategy.

The following are common problems associated companies’ abilities with implementing strategic marketing:

• Too much emphasis on where to compete and not enough on how to compete. Companies devote much more attention to identifying markets in which to compete than to the means with which to compete in these markets. Information on where to compete is easy to obtain but seldom brings about competitive advantage
• Not enough focus on company uniqueness and adaptability in strategy. Most marketing strategies lack uniqueness. Today’s easy access to generic research information frequently leads companies to follow identical strategies to the detriment of all in the marketplace
• Insufficient emphasis on when to compete. Because of the heavy emphasis on where and how to compete, many marketing strategies give inadequate attention to when to compete.

In today’s highly competitive environment, companies need to focus on how to compete in entirely new ways. In implementing strategic marketing, creativity will play a crucial role. Improvements would have to be made to internal processes in tandem with the development of new marketing strategies, a "how" strategy that cannot be duplicated by competitors.

A company’s uniqueness should be a highlight of any strategic marketing program. Any move in the marketplace should be adequately timed. The optimum time is one that minimizes or eliminates competition and creates the desired impact on the market.

Additionally, companies would have to develop attainable goals and objectives, involve key operating personnel, avoid getting so engrossed in current problems that strategic marketing is ignored, do not keep marketing strategy separate from the management process, avoid formality in the marketing strategy formulation, which could restrain flexibility and creativity and avoid creating a climate that is resistant to strategic marketing.

M. Isi Eromosele is the President | Chief Executive Officer | Executive Creative Director of Oseme Group - Oseme Creative | Oseme Consulting | Oseme Finance

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