Strategic Marketing Planning- Meaning, Importance, and Five Major Contains of Marketing Planning.
What is strategic marketing planning?
Writing and implementing a plan to accomplish a particular marketing goal is the process of strategic marketing planning. Companies may create strategic marketing plans to boost sales and profits, gain more exposure, fend off rivals, or enhance their appearance through a complete rebranding. Teams from management and operations collaborate to determine the objective, lay out the steps, assign tasks, and assess the efficacy of the effort. They may make changes to their procedures over time, but they always start with a well-researched, doable strategy.
7 steps to a strategic marketing plan
You can follow these 7 steps to develop a strategic marketing plan:
1. Find your starting place
You can discuss the company’s mission statement and target market, then take stock of what you have achieved and what lies ahead to ensure that all team members have a shared understanding of the company, its products, and its future prospects.
2. Conduct market research
Compare your findings to those of other companies in the same market after reviewing your company’s goals and current situation. If your rivals are dealing with similar threats, you can look into how they interact with customers. When deciding how to introduce a new product, look up how other businesses have done it in the past and set yourself apart.
Get to know your customers once more before moving forward with your planning. You could conduct a focus group or send out a survey to customers about an existing product. Ask concrete questions that test your assumptions, such as:
This step could assist you in identifying missed opportunities.
3. Define a target audience
Consider creating a profile of your typical customer that includes their requirements and grievances. Identify the person’s age range, residence, number of family members, occupation, way of life, spending habits, and other distinguishing characteristics. In order to highlight their distinctive behavioral traits, such as resiliency, curiosity, and sensitivity toward others, you could even describe a typical day in their life.
If you want to market to your ideal customer, think about other places where they might spend money, like gyms, theaters, and grocery stores.
4. Set a measurable goal
This list of requirements might assist you in visualizing your objectives, allocating them to the proper team members, and using them as a constant source of motivation and focus. It might also enable you to spot flaws in your strategy, like aiming for an excessively high volume of email signups too soon. A marketing team can pursue appropriate goals and maintain a positive attitude in the process by identifying and fixing this error in advance.
5. Get budget approval
You might need to ask for budget approval after you decide your marketing strategies rather than before, depending on your company’s resources and procedures. It might be useful to present the information you’ve gathered from the first four steps if you know your budget will be constrained in order to determine how much you will allocate to the plan. Afterward, you can choose your tactics based on what is financially feasible. It might be beneficial to think of these steps as a pair rather than as two separate ones, depending on which step you take first.
Keep in mind that you are selling to your manager when you prepare a budget request for them in the same manner that you sell to customers. Start with the outcomes you anticipate from achieving your marketing objectives. You might need to look into how other departments’ expenses are achieving the company’s goals if your manager is in charge of overseeing other budgets for the business, such as those for personnel and technology.
In essence, the company’s strategic marketing plan represents a financial commitment to both short- and long-term goals. You can convince your manager that the success of your plan will eventually help fund other company plans by describing the return on investment (ROI) and how this specific plan will develop.
6. Decide on a mix of strategies
Your market research will assist you in choosing the strategies to employ in order to reach your target audience. There are numerous marketing strategies to choose from, and the 4 Ps of Marketing method, which includes strategies for product, price, promotion, and place, can be useful when sorting through your options:
Product strategies emphasize the value you provide to customers and how this compares to the tactics used by your competitors. Some questions that may help you determine this strategy include:
Your customer’s willingness to pay, the state of the market, your competitors’ pricing strategies, and the cost of production can all be used to determine your pricing strategies. Some questions that may help you in this strategy include:
Your customers can be educated about the benefits of your product and how it solves their problems using promotion strategies. Some questions that may help you design this strategy include:
Place strategies entail providing your product to customers in the simplest, most enjoyable manner possible. Some questions that may help you decide this strategy include:
7. Craft a detailed schedule and begin
Establish clear guidelines for everyone involved in the plan, including deadlines for weekly, monthly, or quarterly reviews.
Giving team leaders the responsibility of managing the details of those goals and assigning tasks to their team members may be beneficial. Instead of meeting with the entire team, you can meet with the team leaders to assess the effectiveness of your strategies, possibly revise your goals, and measure your progress.
What is strategic marketing planning process?
- Finding Professional Business Contacts. • Data.com. …
- Finding Companies. • Hoovers. …
- Social Media. • TweetDeck. …
- Search Engine Optimization (SEO) • SEOMoz. …
- Analytics. • Google Analytics. …
- Revenue Generation Software. • Lead Liaison. …
- Email Marketing. • iContact. …
- Customer Relationship Management (CRM)
What are the five steps of the strategic marketing planning process?
- Segmentation of the market and customers.
- Profiling of the market segments.
- Development of the actual marketing strategy.
What are the five parts of a strategic marketing plan?
The strategic marketing planning process entails developing a marketing strategy that specifies your goals, the programs you’ll use to achieve them, who will be in charge of tracking those metrics, and when you’ll be accomplishing them.