How to Develop the Marketing Strategy in Your Business Plan
Strategic Marketing is the act of assessing a company’s currents strengths and potential strengths. By showing consumers and other businesses positive differentiation, you are placing yourself in a better position than competitors or similar business lines; in a consistent and productive way.
A sound strategic marketing plan is launched by establishing a set of defined business goals and how you will reach and appeal to your target audience. In understanding your own company, your strengths and weaknesses lay a framework for fundamental self-insight, and how to can engage and compete in its markets.
1. Positioning your Company: Who are you? (research stage)
A sound marketing strategy will help to identify your clients, competitors and develop a successful business plan in order to make your company stand out. Before developing a marketing strategy that suits your line of business; try to garner a clear understanding of your company and position in the current market. This is called positioning your company.
The following questions can also help you profile your company and better understand its positioning:
- Who is the target audience for your products or services?
- What are the needs, problems and interests of your target audience?
- How are your competitors meeting the needs of your target audience?
- How can you appeal to your target audience better than your competitors?
- What are you offering your target audience that will meet their needs better than your competitors?
- Gathering this data will be integral to working out your market position (e.g. high-end, competitive or low-cost) and what gives your business an edge over the competition.
2. Establish the goals of your campaign
Now you have more of an idea about your company and its positioning within the market, you can brainstorm what you want to accomplish from the campaign. Initially, think about long-term and short-term goals are that are broad enough to make a noticeable difference, yet narrow enough to be measurable, some examples:
- • Establishing your business in the market
- • Increasing subscribers to a mailing list or database
- • Increasing awareness about a new product or service
- • Increasing awareness about your brand in a new location
- • ROI growth in a quarter or certain time frame
3. How will you implement it? (strategy stage)
At this stage, start by analysing your short-term business objectives and try and figure out what marketing activity, process or price will help you achieve your objectives. When choosing marketing activities, try and choose activities that suit your business and your customers.
For example, a clever marketing strategy would not use newspaper listings as a potential media channel if the target market or demographic was young women. For women, a more suitable preliminary market strategy test would be to run an Instagram campaign, as 59% of Instagram users are in the 18–29 age range. With 68% of all users throughout 2018 being female. (Figures from source
). See below the testing stage for more on testing your product or service on the market.
It’s a good idea to choose multiple, varying campaigns that complement each other to help market your product or service. For instance, choosing a billboard
will target commuters and use a significant portion of your budget, however social media postings are free; using traditional and digital marketing strategies can work complementary to each other and enable you reach to a broader market.
4. Will it bring sufficient ROI? (testing stage)
Sometimes working out what strategies will bring more payoff for less expenditure is a matter of having an experimental approach, not everything will be a booming success on the first campaign. However, it should give you a small boost. It can be useful to release the campaigns in a staggered way using A/B testing
and analyse the results. Recording what is working or has not made much impact in your initial marketing strategy can also help plan what keywords and channels are most suitable to your business.
to learn more about how Eltoma-Marketing can assist your business with its Strategic Marketing plans today!