One of the main challenges business owners and marketing managers face is figuring out how to craft a marketing strategy that works for the business.
For individuals who have no formal education or training in marketing or business strategy, the whole concept of crafting a strategy that can fulfil a goal or business vision can be quite abstract and daunting.
The good great news is that it is possible to learn and employ time-tested strategy tools and frameworks to craft the necessary strategy.
In marketing terms, a marketing strategy is a master plan that aligns directly with your revenue targets, marketing objectives, long-term vision, ethics, and business goals. Marketing tactics often involve generating leads, advertising, sales promotions, and other activities that directly support your strategic marketing plan.
Marketing strategy and tactics are interdependent and employed in combination. But strategy determines and directs tactics. Strategy provides direction and a roadmap for the organisation and its team members. A sound strategy that fits the business and its market’s needs will also provide long-term sustainable results.
While it may be apparent that developing a marketing strategy is essential for your business’ long-term sustainability, the idea of actually crafting a marketing strategy can be abstract and challenging.
DETERMINE A MARKETING GOAL
The first step in crafting a marketing strategy is to determine a marketing goal. A marketing goal is not a broad vision for the company but supports the long-term aspiration of the company in incremental steps and evolves along the way.
Examples of a vision (which are not marketing goals) include:
- To become the most valuable brand in the world.
- To make a widget that everyone wants.
- To be valued at 10 billion dollars.
- To have a widget in every household in 5 years.
- To become the top widget maker in the country.
A marketing goal should be specific, realistic and have a timeframe. Examples of marketing goals include:
- To increase sales of widgets by 35% this year.
- To capture 20% of the widget market within 2 years.
- To increase website traffic by 50% and increase sales conversion from 20% to 35%.
- To generate revenue of $1.5 million by the 2nd quarter of next year.
- To increase brand awareness of the widget among consumers aged 18 to 25 years old within 2 years.
Once you have determined your marketing goal, you can craft a strategy that will serve as a roadmap to serve that objective. Developing a marketing strategy is a combination of skill, experience, and creativity.
To learn how to craft a marketing strategy that covers all aspects of a business, Evolve & Adapt has published a white paper on crafting a big-picture marketing strategy in the digital economy. We explore how to craft a big-picture marketing strategy to maximise revenue and reduce costs.
You may request access to the white paper here.