Ensure that all your tactical marketing programmes support your goals and objectives and convey a consistent message to your customers.
The benefits of having a strategic marketing plan
If you are a CEO or a marketing executive, you will periodically face urgent strategic marketing challenges that can affect the future of your company for many years. If you respond to these challenges without having an opportunity to study the situation first, the decisions you make are much less likely to be the best decisions.
A better approach is to perform an annual comprehensive review of markets and opportunities, then make long-term strategic decisions without the distractions of day-to-day marketing and sales activities. Daily decisions will then align with your company’s overall strategic marketing goals.
Company efficiency will improve in all areas. This will increase your revenue, grow your market share and minimise your expenses – all resulting in higher profitability.
A company that doesn’t have a strategic marketing plan is in danger of wasting precious resources and missing crucial opportunities, leaving itself vulnerable to competitors.
Where does strategic marketing start?
The most important step in drawing up a strategic marketing plan is to ask customer-focused questions that have a long time horizon. For example:
- What are the needs or problems that prompt customers to consider buying from us?
- In what ways can we help customers to improve their personal or business lives?
- Which customer market segments does our brand or our product range attract?
- Which customer motivations or values lead people to decide to purchase our products?
- What changes or trends in our customer base are affecting customers’ interest in or attraction to products like ours?
Developing your strategic marketing plan
The strategic marketing development process typically falls into three stages:
- Segmenting your market in geographic, demographic, psychographic and behavioural terms
- Profiling these market segments in terms of potential revenue, market share and profitability
- Developing a marketing strategy appropriate to each segment
Then, it’s time to create the strategic marketing plan, which usually includes:
- Situational analysis – where is the company now? What are the market characteristics and key success factors? How do your products compare with the competition? What are the technological, legal and social considerations? What problems does the market pose, and what opportunities does it present?
- Marketing objectives – where does management want the company to go? Does it want to change its product profile or its target market? What volume does it want to aim for, in terms of value and/or units?
- Marketing strategies – what should the company do to achieve its objectives? You need to devise product, pricing, promotion and distribution strategies.
Once your strategic marketing plan is approved, you can go on to create the tactical marketing programmes and projects needed to implement it.
Why consult TCii about strategic marketing?
We have helped numerous clients to increase their profitability by helping them find the answers to the critical strategic marketing questions, and then to draw up and regularly review their strategic marketing plan. The cost of this work is minuscule compared with the revenue, market share and profitability it can generate.
Next steps to an effective strategic marketing plan
If you would like to know more about how a strategic marketing plan could improve your company’s profitability, please call us on 020 7099 2621 or email us for more information.