The benefits of a strategic marketing plan
If you are a CEO or a marketing manager, you will periodically face urgent strategic marketing challenges that can affect the future of your business for many years to come. If you meet these challenges without having had the opportunity to study the situation in the first place, the decisions you make are much less likely to be the best decisions.
A better approach is to conduct a comprehensive annual review of markets and opportunities and then make long-term strategic decisions without being distracted by day-to-day marketing and sales activities. Daily decisions will then be aligned with your company’s overall strategic marketing objectives.
The company’s efficiency will improve in all areas. This will allow you to increase your revenues, increase your market share and minimize your expenses – all with the result of greater profitability.
A company that does not have a strategic marketing plan risks wasting valuable resources and missing critical opportunities, making it vulnerable to competitors.
Where does strategic marketing start?
The most important step in developing a strategic marketing plan is to ask customer-focused, long-term questions. For example:
- What are the needs or problems that lead customers to consider buying from us?
- How can we help our clients improve their personal or professional lives?
- What are the market segments that our brand or product range attracts?
- What are the motivations or values of customers that drive people to buy our products?
- What changes or trends in our customer base affect customer interest or attractiveness for products like ours?
Develop your strategic marketing plan
The strategic marketing development process is generally divided into three stages:
- Segment your market into geographical, demographic, psychographic and behavioural terms
- Profile these market segments in terms of potential revenue, market share and profitability
- Develop a marketing strategy adapted to each segment
Then, it is time to create the strategic marketing plan, which generally includes:
- Situation analysis – where does the company stand today? What are the characteristics of the market and the key success factors? How do your products compare to those of the competition? What are the technological, legal and social considerations? What are the problems and opportunities of the market?
- Marketing objectives – where does management want the company to go? Does it want to change its product profile or target market? What volume does it want to target in terms of value and/or units?
- Marketing strategies – what must the company do to achieve its objectives? You must develop product, pricing, promotion and distribution strategies.
Once your strategic marketing plan has been approved, you can then create the tactical marketing programs and projects necessary to implement it.
Why consult Iberbiz on strategic marketing?
We have helped many clients increase their profitability by helping them find answers to critical strategic marketing questions and then develop and regularly review their strategic marketing plan. The cost of this work is tiny compared to the income, market share and profitability it can generate.
Next Steps in an Effective Strategic Marketing Plan
If you would like to know more about how a strategic marketing plan could improve your company’s profitability, please call us on +34 622 86 95 96 or send us an e-mail for more information.