How to Develop a Marketing Strategy

Developing a strategic marketing plan takes work - a firm understanding of the markets you plan to sell to, the products you and your competitors offer, your business objectives, and budget.

Part One- Market:

Objective: Identify and learn about the market segments you currently target and wish to target in the future– what motivates them to consider your products, what is their buying process, how do they consume media and how can we leverage former customer into longer term value for the business.

Steps to Accomplish:

• Learn Current Market Segmentation- Geographic, Demographic, Psychographic, Behaviorial
  
• Profile Market Segments- Revenue potential, Market share potential, Profitability potential, Lifetime customer value
  
• Market Research- Primary (research you've commissioned on your own) and Secondary (industry research)
  
  

  Part Two-Product:

  Objective: Learn about the current portfolio of products and new product introductions being planned, primary and secondary uses, usage differences by market, core product benefits, competitors and competitive differentiators, seasonality, historical offers and measurement, lifecycle plan, profitability, complementary products in portfolio or outside portfolio, pricing and profitability.

  Steps to Accomplish:

  • Product management presentations on above
  • Sample analysis and review
  • Competitive analysis and technology trends
  • Usage and satisfaction research- primary, secondary
    
    

    Part Three- Business Objectives:

    Objective: Understand key business initiatives, market conditions and revenue goals that will guide decision making.

    Steps to Accomplish:

    • This year's Business Plan – define objectives for the business in the short and long-term.

    
    Part Four- Marketing budget, Prior efforts & results, other planned tactics & timing:

    Objective: Learn the parameters of the marketing plan including budget, previous efforts and success measurements, planned tactics such as committed resources, major sales campaigns and tradeshow events.

    Steps to Accomplish:

    • Marketing meeting to review information and develop calendar of know tactics and market touch points.

    Market Plan recommendation will include:

    At the completion of this four step process, you should assemble a complete integrated marketing plan based on your business objectives, market segments, market research, product offerings, competitive positioning, and history of marketing success. This document should contain:

    • An overview of learnings, challenges and trends
    • Customer and prospect constituent groups
    • Key market touch points and communications strategies
    • Tactical recommendations
    • Measurement
    • Budget, Return, ROI

    It is highly recommended that the plan incorporate a certain level of flexibility at the tactical level. As with any marketing campaign strategy, tactics should incorporate split tests, review and rework of marketing tactics. Budget should be repositioned to support marketing campaigns that show the greatest success.