Businesses make money by providing services to their customers. The marketing function examines the market segments a company can access at a lower cost. Strategic marketing plans rely on marketing functions that support overall corporate objectives.
There are 4 phases to create a successful marketing strategy. Unfortunately, many small business owners (SBO’s) sidetrack one or more of the stages. That being said, if your business required funding, one of the business questions asked, what is strategic marketing and what are your short, medium, and long-term plans. A thorough business plan answers those questions which set your marketing tone.
On the other hand, to acquire funds while your business is operating, guess what, your marketing future objective is requested.
A strategic plan is time-consuming, but it forces you to look at every component of your business. Done right, it will provide a roadmap of your business first five years. Those years are the most difficult.
Let’s get started
Listed are the Four Phases:
Planning Phase:
The most vital phase in starting your business is the planning phase. Here’s where you articulate your company’s mission, address your client needs and desires, and set your goals and projections.
Analysis Phase:
The analysis phase is a very involved and critical step. This is the time where you will conduct your market research. At this point, you will research your competitors, and identify your competitive edge. This before moving forward will save you heartbreak and potentially thousands of dollars.
Results from your research will give you an understanding of what your industry looks like, trends outlook, and display market shares. As an example, your business idea is to create a new type of software. While during the market research you discovered that there isn’t a huge demand for your product or service.
When performing the competitor analysis this shows your competitor’s hand, metaphorically speaking. It identifies their position in the industry and helps to discover any possible gaps in the market. Here you’ll also uncover your target market and distinguish your customer’s persona.
All in all, this is the most crucial step, at this point, you will know whether it’s a go or NO GO!!!
Development Phase:
Now that the smoke has cleared your next step to take is to develop your marketing strategies. This stage involves defining your marketing channels. Sustainable marketing should consist of a mixture of strategies. Putting all your marketing eggs in one basket is Bad business.
The magnificent 4p’s are now ready to be put in place. If you watch the Profit (TV show) Marcus Lemonis, always implement the 4 p’s.
Read below as we cover the four P’s
A balanced marketing mix is composed of four Ps: product, price, place, and promotion.
Product: After passing the market research test, this is the product or service that your business will promote.
Price: This is the amount you’ll sell your product or service for to your target market. The pricing was determined by completing your market research.
Place: Where will your product or service be sold; online or in-store.
Promotion: Next step, product promotion. How will you get your product out to the masses? Keep in mind that there are many marketing channels. A well-rounded mix or types of advertising will offer better results.
Keep in mind this is the day of social media or digital marketing and to not include social in your marketing plan is like shooting your business in the foot.
Implementation Phase
Finally, the implementation phase is as the name implies. This is the starting line. It’s now time to move forward with your marketing efforts. As the name suggests, you’ll now begin implementing the marketing strategies detailed in your marketing plan. Excitedly, it’s time to launch or relaunch your business.
“We’re living at a time when attention is the new currency: With hundreds of TV channels, billions of Web sites, podcasts, radio shows, music downloads, and social networking, our attention is more fragmented than ever before. Those who insert themselves into as many channels as possible look set to capture the most value.
They’ll be the richest, the most successful, the most connected, capable, and influential among us. We’re all publishers now, and the more we publish, the more valuable connections we’ll make. Twitter, Facebook, Flickr, Foursquare, Fitbit, and the SenseCam give us a simple choice: participate or fade into a lonely obscurity”.
– Pete Cashmore, CEO of Mashable
Conclusion:
We hope you are salivating after reading the above tips. Now that you know what is strategic marketing and the importance of planning. If you hadn’t completed your business plan yet just knowing the statistics of those that did should be reason enough to get you moving.
Do you have a written strategic marketing plan?
If not today is as good of a day as any.
Please share your thoughts by leaving a quick comment below.