You probably already know that you need a solid marketing plan as part of your management strategy. In fact, you probably have one for your business. Did you know that most of the marketing strategies that marketing managers follow are not suitable for their business? According to data published by the Sales Standards Index (SBI) in 2015, 71% of marketing teams use the wrong marketing strategies. This underscores the need for an appropriate marketing strategy that will work for your business. Creating a successful marketing plan involves several steps, which I explain in detail in this post.
1. Determine the target market
It may sound obvious, but there is a consensus among senior management experts that if you don't have a clear sense of who your specific target market is, you'd better really stop the effort. You need to identify the group of people who are most likely to buy your product or service. This will help you create more targeted and effective marketing messages.
2. Conduct market research
Unless you are a monopolist in your industry, you need to know who your opponents are and what they do. Gather information about your competitors, industry trends, and customer preferences. This will help you understand the nature of the market and identify opportunities to differentiate your product or service. Market research is crucial, as it helps you make informed decisions about things like product designs, messaging, market targeting, offerings, and potential areas for creating sustainable competitive advantages.
3. Setting clear marketing goals
The next step is to decide where you want to go with your marketing plans. Determine what you want to achieve with your marketing efforts, whether it's increasing sales, building brand awareness, or generating leads. My experience as a senior management professional has taught me that the absence of clear goals is like shooting in the dark. Make sure your goals are SMART - specific, measurable, achievable, relevant and time-bound. I'm talking about something like; "We want to increase candy sales by 35% by the end of May 2023."
4. Develop a unique value proposition
Create a clear and compelling message explaining why your product or service is better than your competitors. This will help you to differentiate your brand in the market. There is probably already a fair list of competitors in the market that offer similar or related products. In this step, make sure you communicate with your audience effectively. It is the message that will make the difference.
5. Create a marketing mix
Determine the specific tactics you will use to reach your target market, such as advertising, public relations, direct marketing, and social media. Ensure that your mix is complementary and aligned with your overall marketing strategy. Leverage the power of multimedia marketing, combining traditional and digital media to improve your marketing results.
