Part 1: Revealing the Unique Power to Grow Your Business
Part 2: Unlocking the Secrets of a Successful Marketing Strategy
Whether you are a new business or well-established, writing up your marketing plan makes all the difference. It will ensure all stakeholders are working from the same script and will align your marketing efforts to the business goals. Marketers who plan and document their marketing strategy are 414% more likely to report success than those who don’t.
To achieve truly significant business growth, it’s essential to develop strategic marketing plans that are finely tuned to your unique needs and objectives. In this 2-part series, we’ll delve into the process that walks you through writing your marketing strategy. In Part 1, we’ll explore the fundamentals needed to truly understand your business’s role in the market. In Part 2, we’ll apply that foundation of understanding to your marketing plan to develop strategies and insights that will fuel business growth.
Let’s start with gaining true insight into your business and its role in the market.
- Understand your business inside and out
Before beginning the process of developing a strategic marketing plan, take the time to thoroughly understand your business. This might seem like an unnecessary step, but it’s good to revisit from time to time where you are today. What are your core values, mission, and vision? What sets you apart from the competition? Perform a thorough SWOT analysis (read more here). By gaining a deep understanding of your business, you’ll be well equipped to formulate a marketing strategy that aligns seamlessly with your business goals.
- Define clear objectives
Every effective marketing plan starts with a set of well-defined objectives or goals. Are your objectives to increase brand awareness, boost sales, expand into new markets, or launch a new product/service? Make your objectives SMART (specific, measurable, achievable, relevant, and time-bound). Clarity on your objectives drives your strategic decisions and help you measure your progress accurately.
- Know your target audience
Who are your ideal customers? With this cornerstone information, you will directly communicate with the right people. What are their demographics, communication preferences, pain points, and buying behaviors? You can then segment your target audience and create detailed buyer personas to tailor your marketing messages. Personalizing at this level will increase your marketing’s success.
- Conduct a comprehensive market analysis
We oftentimes take for granted we know exactly what is happening in our market. By formalizing the process of analyzing industry trends, competition, emerging opportunities, consumer trends and industry standards, you can identify gaps in the market that you can fill.
- Develop a Unique Value Proposition (UVP)
What makes you truly unique for your customers? What do you do or offer that none of your competitors do, or what do you do better than them? This is your unique value proposition (UVP). It quickly communicates the benefits of working with you and why customers should choose you over others.
After you’ve done an honest, thorough analysis of your business you’re ready for the next step of creating a strategic marketing plan. Our next blog will show you how to unlock the secrets of a successful marketing strategy.