One of the main goals of a business enterprise is to be able to get their products or services out into the market and make a profit. To be able to effectively carry out this goal, formulating a marketing strategy plan would provide you a clear, realistic and measurable marketing objectives for your business. Learn more about this in our article and don’t forget to check out free marketing strategy plan samples below:
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What Is a Marketing Strategy Plan?
Merely trying to advertise your product by posting it on a social media platform is not enough to generate the sales you aim for. It takes an effective marketing strategy plan to help you find the right market position for your product or service. A marketing strategy plan is a strategic plan sets the overall direction and goals for your marketing. And these strategies should be developed for the next few years. It outlines what product you will deliver, who you will deliver it to, how you will deliver it, and who your competitors are.
How To Compose a Marketing Strategy Plan?
In a ever changing consumer market, companies must be quick to keep up and adapt with the latest trends in consumer needs. A well thought and carefully planned marketing strategy would provide companies long term strategies that are easily to amend in order to accommodate any latest development and realign their marketing goals. A marketing strategy plan is a comprehensive strategic planning tool that identifies the marketing tactics you will use, describes your product or services, focuses on value proposition and profiles your customers and your competition. In writing a marketing strategy plan, here are some factors to keep in mind to make it as effective and relevant as possible.
I. Know Your Customers
With the use of market research and analysis, you will be able to identify your target customers by their needs and buying patterns. Who your target audience is will impact many important decisions that you need to make, from branding and pricing, right through to the messaging you use, and marketing channels you choose to promote your products or services on. This will make your marketing strategy more accurate and applicable to your target audience.
II. Do Your Research
Research is a vital part of your marketing strategy plan. Information about your market such as the size, growth, social trends and demographic are essential in order for you to know how to adjust your marketing strategy to adapt so it may continue to be relevant and targeted. Aside from that, when determining your pricing scheme, include industry reports, competitor ads, and comparisons that demonstrate the research you conducted and how you came to the conclusion that you are pricing your product or service correctly.
III. Set Your Goals
When it comes to planning your marketing strategy, a good place to start is with your goals and objectives. The SMART goal is a commonly used pattern in marketing for successfully setting goals and objectives. It stands for Specific, Measurable, Achievable, Relevant and Time-bound. These goals will motivate you and your team and enable you to track your success.
IV. Competitor Analysis
Competitors are one of the major challenges when doing a business, so it is important to know who your competitors are and how they work. This analysis considers multiple factors in an attempt to highlight the strengths and weaknesses of a potential competitor and how these compare to your own businesses. Competitor analysis helps identify their products, supply chains, pricing and marketing tactics.
Your marketing budget gives you a clear overview of all of the costs associated with your marketing activities, including with the execution of this plan. This acts as a detailed guideline that outlines the cost of all marketing actions and tactics that are involved in your strategy.
VI. 4PS of the Marketing Mix
To reach your market and to help develop your marketing strategy, consider using the 4PS of marketing mix which are product, price, place, and promotion. You can choose any combination of these to achieve your marketing strategy.
VII. Marketing Channels
Define the marketing channels you wish the use, and who are involved in the promotional process. Examples of marketing channels are through email marketing, digital marketing, the use of mobiles, social media platforms, paid advertising, content marketing and etc.
What Is the Benefits of Marketing?
Marketing activities helps lower the prices of commodities or services due to the demand, creates new and improved products due to competition, and for businesses helps you gain data and metrics to learn more about your target audience.
Why Is Difficult to Market Services?
Services are intangible, this being said there are difficulties in trying to sell something customers can’t see or touch. The core challenges for service marketing are intangibility, inseparability, perishability and variability. Plus services can be customized and it may differ per customer and proving the reliability of services relays on customer feedback.
What Is a Marketing Plan?
A marketing plan is a document that details how you’re going to execute your strategy. It’s written for a specific period of time and explains both your present situation and your future plans.
Formulating a marketing strategy plan demands dedicated preparation and brainstorming amongst your team. Continue to focus your efforts on ways to improve the strategy and make it work, in order to effectively sell and promote your products and services.
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