The first step is to understand the size and nature of the market you are facing. So, research the demographics, psychographics, and behaviours of your target audience.
Next, identify your business’ strengths, weaknesses, opportunities, and threats (SWOT). Being able to compare your own business with the competition will allow you to differentiate your business from them. It’s also important to realistically identify the potential impact opportunities and threats can have on your business so you can develop a robust plan if things go particularly well or badly.
Your brand is the face of your business. Developing a clear and consistent brand messaging strategy is critical to communicating your value proposition to your target audience. It’s important to ensure your brand messaging is aligned with your business objectives and resonates with your target audience.
Work out the different types of content relevant to your target audience. Then create a content calendar and style guide to ensure it is produced and distributed consistently, and with a regular voice.
Identify the different stages a potential customer goes through before making a purchase decision. Map out the buyer journey to see what content you need to support them in making that decision and tailor your marketing messages accordingly.
Your ‘marketecture’ is made up of the systems, data, websites, automation, and apps required to support your marketing efforts. It’s important to ensure the technical requirements are aligned with your business objectives and the technology is scalable and adaptable.
Develop clear and concise processes to streamline marketing operations and ensure resources are used effectively. In particular, the hand-off from sales to marketing and back again needs to be understood by all stakeholders.
Don’t just use the same channels you’ve always used, or jump on newly popular ones because you think you should. Recognise which channels are the most effective at reaching your target audience, distributing your marketing messages, and amplifying your content.
Consider the different tasks and activities required to roll out your strategy and include a budget and resource plan. Assign responsibilities and timelines for each task. Plan for training and development programmes to ensure staff are equipped with the skills and knowledge to execute the marketing strategy effectively.
After implementation don’t forget you will need a business-as-usual ‘running plan’. Successful marketing requires ongoing effort to maintain continuous improvement to optimise, look to include regular monitoring and analysis of performance. Organisational change may be required to align the business with the marketing strategy and ensure all departments are working towards the same goals. Include clear internal communications to ensure all stakeholders are aware of the changes and understand how they can contribute to the success of the marketing strategy.
Big or small, your marketing strategy needs to provide a positive return on investment (ROI). This can be calculated by dividing the net profit generated from the marketing activity by the total cost. Use performance metrics to identify how to improve ROI and optimise the budget. It’s important to ensure the budget is aligned with the business objectives and that resources are used effectively to achieve the desired results.
Developing a successful marketing strategy and plan requires a comprehensive approach that encompasses a variety of tasks and areas. However, with a well-executed one, businesses can attract and retain customers, increase brand awareness, and drive growth and success in the long term.
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