what is strategic planning in marketing?Strategic marketing planning is the process of writing and following a plan to reach a specific marketing goal. Companies may develop strategic marketing plans to increase revenue and profits, achieve greater visibility, discourage competitors or improve their appearance through a total rebrandingimportance of Strategic Planning in Marketing:Strategic planning in marketing is vital as it comes with many benefits. Let's take a closer look at some of them.Steps to planning a marketing strategyStrategic marketing planning includes five main steps:1. Build buyer personas:The buyer persona is the fictional representation of a company's target customers. It may include their age, income, location, job, challenges, hobbies, dreams, and goals.2. Identify marketing goals:Marketers should create marketing goals based on the strategic objectives of the business. For example, if the company aims to increase its sales by 10%, a marketing goal can be to generate 50% more leads from organic search (SEO).3. Survey existing marketing assets:The development of a new marketing campaign may require the adoption of new tools and marketing channels. However, it doesn't mean the company should dismiss its existing marketing platforms and assets. Marketers should look at the company's owned, earned, or paid media to audit the existing marketing resources.Example:Marketers should create marketing goals based on the strategic objectives of the business. For example, if the company aims to increase its sales by 10%, a marketing goal can be to generate 50% more leads from organic search (SEO).What Are the Types of Strategic Planning?There are many different types of strategic planning, running the gamut from informal to formal. It’s important to note that many of these frameworks can be used in combination with each other.SWOT AnalysisPEST ModelGap PlanningIn conclusion, strategic planning is an essential tool for any organization aiming to secure long-term success. It provides direction, enhances decision-making, improves resource management, and increases operational efficiency.In conclusion strategic planning is very important for any organization to achieve its short and long term goals. Especially, with the boom and busts of the global economies in the last few decades, it has become even more important for companies to execute their strategic.