Marketing strategy planning can help identify opportunities and threats in the marketplace.
Marketing strategy planning is a coordinated process that will help an organization to focus its limited financial resources on the best opportunities to improve sales and reach a sustainable competitive edge. Marketing Strategy is essential for growth of any business, but especially in those industries that are highly competitive. It focuses on marketing and advertising programs to acquire new customers or to retain existing customers and keep new ones.
The ultimate objective of marketing is to build a customer base and maintain customer loyalty. To achieve this goal marketing managers should plan product development and the creation of market segments.
Planning marketing strategy prior to launching marketing efforts helps identify opportunities to promote the business before the competition becomes stiff.
In addition it identifies opportunities in the market for which the company can develop the appropriate marketing mix. Marketing managers should set realistic goals and objectives, determine key personnel, instruments, and processes to be used, and determine the timing and method of implementation. The planning process also includes defining the scope of the activities, the financial resources required, and a detailed plan for evaluating the progress of the activities.
Marketing strategies should include identifying the right audience, developing the right message, and creating the right incentives. Marketing managers should seek to gain the attention of the right audience and ensure that they are prepared to be targeted. The right audience should be a niche group that is likely to respond to and accept the messages being presented. The message should be well-crafted and carefully planned to reach out to influencers and target the right audience.
In order to effectively market a product or service an effective marketing strategy should be developed.
This involves defining the product or service, defining the customer base, identifying the right marketing mix for the product or service, developing the value proposition of the product or service, and creating and monitoring the marketing efforts. These activities are intertwined. Marketing activities such as promotional activities, customer contact, and product promotions may reinforce each other. The key is to have an organized and comprehensive marketing strategy in place that is able to leverage the power of social media to influence purchasing decisions.
The sales funnel provides a framework for analyzing marketing strategies and customer behavior.
The sales funnel starts with the customer who becomes the customer after the completion of the buying cycle. They are referred to as prospects and are the individuals who will most likely make a purchase. The next level of the sales funnel includes customers who are prospects but not yet committed, who might be potential buyers, and finally customers who are intermediate level and beyond, who might be potential sales targets.
A good marketing strategy will build on customer behavior and identify the channels through which new products can be introduced into the marketplace.
It also should include development strategy, which includes the identification of opportunities for creating new products, development of the new product, and testing and evaluating the product to ensure its safety and performance. Other important components of development strategy include evaluating the financial position of the company, determining whether the company is profitable enough to release new products, developing appropriate financial statements, determining exit strategy, and identifying management’s vision and goals for the company.
Marketing plans will always consider different forms of advertising to reach different types of audiences. In addition, there will be multiple forms of measurement and all of them should be linked to one core metrics to provide a single number.
The final stage of development in your marketing strategy will incorporate evaluation and monitoring of the implemented marketing strategies.
The objective here is to identify whether the actions were successful or not. If the marketing plan is unable to yield a positive result, the measures should be re-evaluated. This evaluation should be done not only on a regular basis but also in real-time so that corrective actions can be adjusted instantly.
Marketing activities must be supported by precise metrics to provide a clear picture of what is working and what is not. Once you have developed and finalized your marketing strategy, you must continuously evaluate and monitor its performance. It is important not to jump to the conclusion that your marketing plan is worthless. There are many effective marketing strategies and you just need to make the right choices.