Writing a strategy for marketing
If the business is a start-up or an established organization, marketing strategies are an integral part of sustainable financial success. Careful preparation ensures that the organization is executed effectively, resulting in intended financial performance. This plan starts with the preparation of a marketing plan.
Before you start, it is necessary to create a completion date for the initial draft, to identify key players who will provide ideas for the strategy, as well as the individual obligations to execute the plan and the annual marketing budget. Once you have defined the stage for writing your plan and completing it, you can start it.
When drafting a marketing strategy, follow these 7 steps:
1. Setting targets – What are the marketing goals of your organization? What is needed to meet your annual income targets? How many customers do you buy? How much revenue can current customers generate? For existing organizations, a valuable exercise is a S.W.O.T. review. Identify the existing strengths, vulnerabilities, opportunities and challenges of your company. This report helps you to gain crucial insights into the drivers of your organization and what improvements are needed to achieve your annual goals.
2. Research-Market research and analysis will help the company understand where your customers come from. This information will allow you to identify areas of focus for new customer acquisition and up growth opportunities for your current customer base.
3. Set tactics – How can your company perform against your competition? What are the target markets for you? What price deals would give your organization the most competitive edge?
4. Develop a promotion plan—Describe what communication marketing techniques are needed for your advertisement, PR, search engine marketing, events, etc. strategies. Choose a few strategies to execute under each plan.
5. Create measurements for each tactic describe how the outcomes obtained for each tactic will be calculated. How are you going to track and assess ongoing results? What metrics are critical to achieving your results? I.e. # bought customers, total amount of sales, mix of goods.
6. Develop a Strategic Plan- Sketch the principles and ideas required to produce results step by step. Fix weekly, monthly and quarterly deadlines to define the people responsible for each role and the requirements to be met and monitored.
7. Implementing, tracking and updating the plan-Now is the most critical part in the execution of the marketing plan. Be sure to track all progress while executing your marketing strategy. When you have a team working on the marketing campaign, make sure that you update the progress of the whole team. When things need to be cautious or adjusted, make sure the strategy changes accordingly.