Developing a marketing strategy can be a daunting process, especially if you’ve inherited the responsibility and marketing is not your key strength.
But the development of one will have a significant impact on the success of your business as you will build a clear picture of the external and internal factors that influence your business.
A marketing strategy needs to identify what your marketing objectives are and how these align with business strategy. They need to be SMART – Specific, Measurable, Achievable, Realistic and Time-bound.
A marketing strategy should also look at the following:
Evaluation of your market(s)
A key activity as your will build an understanding of your total market opportunity. By considering your channels to market and the sectors you will compete in gives you a clear picture as to where to focus your marketing efforts.
PESTEL analysis
Building an understanding of the external forces facing your business will enable you to access how they could impact your operation. A PESTEL analysis looks at Political, Economic, Social, Technological, Environmental and Legal factors.
Identification of your target audience
The development of a deep understanding of your target audience will enable you to gain insight into their needs, wants plus pain points so you can develop the appropriate messaging to resonate with them. The development of target audience profiles – often referred to as personas – is vital to message targeting and success.
Competitor intelligence
What are your competitors up to? Who are they, what are they offering, where do they operate and what messages are they pushing? Are there any gaps that you can take advantage of?
SWOT analysis
An important analysis to undertake as this looks at Strengths and Weaknesses of your business (internal factors) and then Opportunities and Threats (external factors).
Your brand’s positioning
The identification of your proposition, unique selling point (USP) and supporting messages to ensure your create a point of difference to your competitors and that your positioning resonates with your target audience. Closely associated with this positioning are your vision, values and mission so that your people are all aligned with what you are wanting to achieve.
A marketing strategy and plan aligned with your business plan makes for a powerful set of tools and working together will enable you to achieve your objectives.