The benefits of strategic marketing management
The idea behind strategic marketing management is to adapt to your market as things change around you. The goal remains the same, but the path that leads you towards your goal can change.
The benefits of implementing strategic marketing management are fairly recognizable in the business world. Here are a few of the advantages of implementing a strategic marketing strategy:
- A better understanding of the market
The research involved in properly implementing strategic marketing management will inevitably end in a better understanding of your given market. Research regarding domestic and international markets, competition, and market trends will need to be conducted.
- Helps identify the strategic direction
Strategic marketing management involves making better decisions that align your plan with the company’s goals.
- Can have a big payoff
If implemented correctly, strategic marketing management can yield some impressive results for a business. The result could be a better handle on budget, and an overall increase in the longevity of a business.
All in all, there are many advantages to this style of management. By implementing strategic marketing management, you’re making strategic decisions to better your business and your understanding of the market as a whole.
Disadvantages of strategic marketing management
As helpful as strategic marketing management can be for a business, there are some drawbacks. Here are some disadvantages you should consider before implementing strategic marketing management:
- Budget versus cost
As we’ve stated a few times before, strategic marketing management often involves making quick and game-changing decisions. Marketing campaigns are expensive, advertising is expensive, simple analysis and research can end up costing money. At the end of the day, you could make a decision that can greatly affect the end cost of the campaign. If affected too much, the budget will be blown.
- It’s very time-consuming
Strategic marketing management can take quite a long time to research and plan. The process should be very precise, which means that the initial planning should be, too.
- It may not pay off
Making these strategic decisions may not end up working out in the end. They are often risky, which means that you could end up with nothing to show for your efforts at the end of the period. As you may already know, marketing plans, strategic or not, can often take months to reach their end. That means you may end up wasting not only a lot of your own time, but everyone else on the marketing team may end up doing the same.
These are just some of the major issues that arise when practicing strategic marketing management. Just like any other methodology, marketing strategy, or business plan in general, there are things that can and will go wrong.
Is strategic marketing management right for your team?
Now the impending question comes up: is strategic marketing management right for your team? The answer to that question is a simple one. If you and your team are willing to combat the negatives in the pursuit of the positives, then yes, it could work.
But, as we explained above, there will be drawbacks no matter how you look at them. If you’re running a massive corporation with lots of money to spend in the budget, a wrong decision may not affect you so badly. However, for a small startup with just a few employees, a simple mistake could lead to a massive blow to the entire company.
The key is research. Precise decisions and calculated risks are all going to be based on market trends, competition, and the customer.