Defining Your Marketing Strategy
Marketing strategy is an action plan that will help an organization to focus its limited financial resources on the most profitable opportunities to improve sales and reach a sustainable competitive edge. A marketing strategy map focuses on identifying the relationships between marketing, sales, and advertising activities. The plan will then be used to determine where the organization should allocate its financial resources in order to reach its marketing goals. This article discusses the basics of how to create a marketing strategy map and implement it in an effective manner.
An effective marketing strategy is the blueprint on which sales teams and business owners build their business success. It is comprised of a series of interconnected processes that support each other in their respective goals. Effective marketing strategies will take into consideration the primary audience, target market, and promotional tools. The marketing strategies should also take into consideration the primary sales techniques, target pricing, marketing tactics, and other business tactics necessary to achieve those goals. To get started creating an effective marketing strategy, you should gather and compare your company’s marketing tactics and goals.
Once you have determined what your company’s goals are, you can then begin to define the appropriate marketing strategies to reach those goals. Your marketing strategy map should include all of the steps your team will need to take in reaching those goals, including the budget, the resources, and the schedules. The budget should be set long before the start of each fiscal year. The resources should be identified so that the plan can be reviewed and updated as needed throughout the year. And the schedule should be established and monitored regularly so that your marketing efforts remain effective.
In addition to a detailed marketing strategy, the goals of the company should also be outlined. These goals can include the number of new customer transactions expected for each quarter of a given year, the number of referrals received during a specific time period, the amount of product sales for each quarter of the year, and the target percentage of those product sales that will be realized through channels during a specific time period. If you do not provide a detailed description of your company’s goals, it is likely that your employees will have a difficult time gauging the effectiveness of their marketing efforts. However, if they do not know what your company’s goals are, you may be wasting your company’s valuable time because there is no way to measure the results of your marketing plans.
Once you have defined your goals and your marketing strategy, you will need to establish the appropriate channels to promote your products or services. A good place to start is with the customers you have most contact with on a regular basis. You should identify which customers provide the highest profit margin for your business, and you should then focus your marketing management efforts on these customers. Other customers may not provide a high profit margin but may also have an influence on the success of your business. In this case, you can use a combination of marketing channels to bring both the customer and the company closer to achieving your goals.
Once you have established your goals, you will need to develop a comprehensive marketing strategy that will help you reach these goals. There are numerous marketing strategies available, from TV advertisements to radio ads to trade shows. Each strategy has a unique way of promoting a product or service. Therefore, you should consider how you plan to reach your short-term and long-term goals. This will make it easier for you to decide on which marketing strategies to implement.