A Balanced Scorecard in Strategic Marketing

Strategic Marketing is the act of developing, strategizing and carrying out maneuvers to get a competitive advantage in your selected niche. This strategic process is required to chart and simplify a direct link of your businesses goals and how exactly to attain them. It makes sure that all the marketing processes are working together as a team to achieve and end result. It makes sure that there is no room for risk, all the processes are well synchronized and there is nothing left for chance.

When you develop a strategic marketing plan, you have to take into consideration your target audience, competitors and marketing strategy. In order to make the best marketing strategy it is important to: identify the customer needs and find a way to meet those needs. To do this you have to identify the problems that your potential customers are having and see if you can resolve those problems. To do this you will have to carry out market research, observe the customer behavior and study your brand to find out what is working for it and what is not. For  a balanced scorecard in Strategic Marketing visit GAWDO.COM

There are many ways you can carry out a strategic marketing plan. You could choose to work on all the above or maybe just one of these. If you are going to carry out all the above strategies then you will need to employ all the aspects of your marketing strategy and use them in harmony to bring out the best results. The most effective strategy would be to use a combination of all the above techniques and apply them all in parallel. This way when one fails you can easily replace it with another.

The basic steps in creating a strategic marketing plan is to identify and define your target audience. Next you have to identify the problems your potential customers are having and how to resolve them. Next you have to create marketing strategies that will work for these problems. This should include every aspect of your business. For example, you could identify your target market, work out a marketing plan that will work for each segment of your target market, set up your distribution channels and get your message across. If you are trying to raise funds for example, you should identify the problem and how you can help people by setting up a booth at an event that raises funds for charities.

The third step in a strategic marketing plan is to work out how you will get your message out to as many people as possible. You could use traditional methods such as posters, TV adverts and print media. Alternatively you could use online tools such as social media, email marketing, SEO, blogs and article writing. Using a combination of these tools you should be able to greatly increase your visibility online and drive more traffic to your website.

The final step in creating a strategy for marketing is to implement it and track the results. It is important to keep track of where people are coming from and why they are visiting your website so that you can fine tune your website content and other marketing efforts accordingly. It can also be useful to run special promotions or product sales so that you can get a better understanding of what works best and which doesn't. By monitoring the results you should be able to tailor your online marketing plan to better work for your business.

This is an overview of how to use a balanced scorecard in strategic marketing plans. The three main aspects of a strategy are the objective, the resources and the actions needed to meet the objective. The balanced scorecard is used to manage these aspects by showing which resources are needed and how they can be acquired. You can learn more about the balanced scorecard in our free BSCD: strategic marketing data dashboard template (click on the image to edit online)