It's quite common for people to confuse the difference between a marketing strategy and a marketing plan. All too often, businesses begin marketing without any clear strategy. Then they wonder why they are not achieving the results they expect ...
A marketing strategy is a business' overall game plan!
The "what" has to be done. Inform clients about the product or service being offered. Inform clients of differentiation factors.
Your marketing plan consists of:
The "how" to do it. Construct marketing campaigns and promotions that will achieve the "what" in your strategy.
Before you begin any marketing whatsoever, it is imperative that you consider all the steps in creating a robust marketing strategy. Furthermore, you must avoid the 7 top reasons your marketing strategy will fail:
Total lack of a robust marketing strategy
Marketing strategy misaligned with business strategy
Relying on tactics instead of strategies
Having the same strategy as your competition
Failure to meet the explicit needs of your target market
Failure of identifying the correct media channels to communicate effectively
Lack of budget and resources
Having a robust marketing strategy in place helps to ensure that your marketing activities remain aligned with your business goals. This maximizes the business return from your marketing efforts.
Here's my 17 step marketing strategy framework that is guaranteed to deliver a robust marketing strategy for your business:
Business Definition - Outline the key definition of the business
Business Goals and Objectives - List all S.M.A.R.T. business goals and objectives
Strategic Marketing Goals and Objectives - List all S.M.A.R.T. marketing goals & objectives
Core Products - List all core products including those provided by a third party that add value
Competitors - Consider both direct and indirect
F.A.B - consider all Features Advantages & Benefits
Unique Selling Proposition - Identify what is totally unique about your offering
Profile of Target Market & Clients - Identify your target market, the perfect client that you would ideally like to attract, where are they and what do they look like
Models - Carry out an in-depth SWOT, TOWS and PESTLE analysis
Brand Message - Identify the key brand messages
Price - Nail down your price point, fixed costs vs variable, considering market trends etc
Media Channels - decide what channels are you going to use to reach your target market
Marketing Plan (Tactical) to achieve Marketing Strategy - Spreadsheet to identify every marketing activity by month with marketing message
Budget - ensure sufficient budget has been allocated to execute your strategy and achieve expected outcomes
Responsibilities and accountability - decide who does what and Identify the very best person to deliver each aspect of marketing plan
Resources - ensure that you have allocated sufficient resources to deliver your plan
Measure and review - put robust processes in place to enable to measure your R.O.I
For help in developing a marketing strategy, or for information on our Marketing Strategy Workshops, do call me on 01280 700405 or click here to ping over an email and let's see how I can help.
For more than 40 years Kath specialised in sales & marketing, operations and general management. During that time she studied a business degree at London Thames Valley University and a coaching and mentoring degree at Oxford Westminster, started a successful innovative subsidiary business in Essex and was General Manager of a ￡12.5m company in Maidenhead.
Kath is passionate about coaching and mentoring business owner/managers to help them achieve their goals and aspirations. Her emotional intelligence combined with her warm, incisive and curious style ensure consistently good results. She encourages business owners to develop an entrepreneurial approach to their business and works with businesses at various stages from pre-start and start-up, through to high growth and exit, enabling the business to be successful and the owner to achieve his or her highest aspirations.
Kath is an approved and accredited Skills Advisor, and is a professional coach holding a certificate in Coaching & Mentoring Practice from Oxford Brookes University. She is a local Town Councillor, a Young Enterprise mentor, mentor of women through South East Women Mentoring Service, a member of The British American Association and an avid networker.
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