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As a business owner, literally every minute of the day your mind is generating ideas and making decisions.  However, due mainly to the day-to-day operational pressures of running a business, the things you most often think about are mundane, urgent and operational in nature. When taken to its extreme, getting too caught up in your day-to-day business operations can be disastrous, and can adversely affect personal and business relationships, stress levels and even general health.
Now, strategic thinking is not something you do at the end of the year or as part of a formal strategic planning meeting. When your business is strategically strong it is easier to gain and maintain a strong market presence, your business is more favorably seen as the brand preference in the eyes of prospects and customers, and it is harder for competitors to imitate you. So, in your efforts to create a winning strategy for your business and to maintain a strong competitive edge, it is imperative that you constantly remind yourself of the foundation upon which that strategy is created.
So, as we head towards a new year, let’s recap some important principles of strategic thinking and planning.
And synonyms for strategic include opportune, critical, key, principal, essential and crucial.
Strategic thinking is primarily a creative process, and therefore requires an ability to think laterally and outside-the-square.
Consumers have adopted a new definition of value that encompasses not just price and brand, but also convenience.

Let’s see this in action in the example of Best Buy, the consumer products retail giant. Best Buy found that whereas men look for a specific product at a discount price, women want more.
Best Buy ingrained a customer solution focus into its marketing approach and sales culture. Define your business in customer benefit terms. What do customers want from products like yours?
If sales and marketing are to work better together, it might help to have an agreed-upon formal definition of what a qualified lead is. Among those with a formally agreed-upon definition of what constitutes a qualified lead, some 29.8% claim a lead conversion rate (leads converted to opportunities) of more than 75%. Marketing, advertising, communications & public relations trends, statistics, charts, graphs, infographics, presentations, and video that are not published to the e-Strategy Internet Marketing Blog or to eStrategy TV. David Erickson, VP of Online Marketing at Minneapolis Public Relations firm, Karwoski & Courage.
I define strategic thinking as the skill of analyzing and conceiving important ideas, decisions and strategies that are essential to success. Bartlett is a senior strategist, coach and advisor who helps firms, teams and individuals to accelerate performance and achieve their goals.  His speciality is strategy, with a focus on business and marketing strategy, strategic HR and organisation development, and high performance strategy.

Their female customers weren’t looking to quickly come in and buy a digital camera, but were interested in an entire solution, including a printer, cable, and other accessories.
And yet only half of the firms responding to CSO Insights’ 2014 Sales Performance Optimization Study, underwritten by Velocify, say that that’s the case – and that percentage hasn’t shifted much in the past 3 years.
As part of its research, for example, Best Buy discovered that 55 percent of its customers were women, and that for the most part they didn’t necessarily enjoy their Best Buy shopping experience. Their study found that delivering this solution, was far more important to their customers, than product price alone. That was the lead-in on one of the slides presented by Greg DePalma, Vice President of Audience Insights at TiVo. Not surprisingly, the study finds that those with a formal definition tend to enjoy higher lead conversion rates.
Equally important, they want help with installation–deliver the total solution, and do so full-circle.

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Comments to «Definition of marketing strategy with reference»

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