Strategic marketing

Strategic marketing

It’s nearly impossible to make a significant impact on the demand generation side of a business without formulating and committing to a plan. A strategic marketing plan provides an overall guide to the company’s marketing efforts, with views on business goals, competition in the marketplace and a means to measure success. The following is a blueprint that one can follow to generate a strategic marketing plan. The tactics extend from here.

  1. Mission
    • Mission statement
      Why are you in business, beyond turning a buck?
    • Corporate objectives
      What initiatives are you working on this year to accomplish the mission?
  2. Situation analysis
    • Identify opportunities
      Where do we think there’s opportunity to express the company’s mission in ways beyond the current market.
    • 5C analysis
      Let’s look at these opportunities from an informed, multifaceted perspective in order to weigh advantages and disadvantages.
      • Company: Cultural fit and required resources.
      • Customers: Market size and perceived value.
      • Competitors: Current and perceived entrants.
      • Collaborators: Vendors and partners.
      • Climate: Regulation, legal, technology landscape.
    • SWOT analysis
      Consider both positive and negative impacts of an investment.
      • Strengths: What are we really good at and what do we control?
      • Weaknesses: What limiting factors are inhibiting growth?
      • Opportunities: Where are the holes in the market and what are the trends?
      • Threats: What can hurt us, and how badly?
  3. Marketing strategy
    • Define the target audience
      You can only make some of the people happy, some of the time. Figure out who those people are so you can reach out to others.
      • Geographic: region, urbanism, climate, language.
      • Demographic: age, income, education.
      • Behavioral: purchase funnel, price sensitivity, brand loyalty.
      • Psychographic: values, beliefs, lifestyle.
    • Set measurable goals
      Identify a few high-level goals that can inform collective KPIs. These might include expanding the customer base, increasing sales, increasing profitability, improving brand recognition, adding marketing channels, improving conversion rates.
    • Develop budget
      Prioritize goals and set an affordable budget to cover advertising, content creation, staffing, PR.
  4. Marketing mix
    • Product: Features, packaging, branding, quality, service/support, warranties.
      • What does it do, what problem does it solve, what are the competitors?
    • Pricing: List, perceived value, discounts, commissions, payment periods, flexibility, terms.
      • What’s the existing price point, how’s the economy, risk of cannibalization.
    • Promotion: Advertising channels, public relations, sales, publicity.
      • Education, reinforcement, message according to placement in the purchase funnel.
    • Place: Distribution channels, outlet locations, transportation, storage.
      • Where are your customers looking for like products? Online, in-store, catalog?
  5. Implementation and control
    • Execute plan
    • Monitor results
      • Measure for relative success or failure, identify areas for improvement.