5 steps to Building a Robust Marketing Strategy
Marketing strategy is primarily aimed at combining an organization’s marketing goals into a comprehensive plan. An ideal marketing strategy plan focuses on the right product mix in order to maximize the profit and ensure business sustainability. It contains the company’s value proposition, key marketing messages, information on the target customer, and other high-level elements. Companies use various types of marketing strategy to reach people and turn them into customers of their offerings. But the key questions to be answered here are – what your strategies should be? How do you make your team’s work align with your strategies? How do you measure their effectiveness? The answers to all these questions lie in establishing a good marketing strategy plan:
Identify the overall goals
Every marketing team uses different types of marketing strategy which includes demand generation, digital content, events, and partnerships. It is vital for the marketing teams to establish clearly defined, actionable strategies. For this, factors such as vision of the team, market opportunities and core competencies, and the end-to-end customer journey should be taken into consideration. It will help in strategy development and ensure that companies are leveraging the right opportunities to achieve their main goal and connect with their customers.
Analyze industry positioning
Once the company’s primary goals and objectives are listed out, the next step in the marketing strategy plan is to see where the company lies in terms of the overall industry, as well as how it’s positioned with the current customers. This can be better done by undertaking a SWOT (strengths, weaknesses, opportunities, and threats) analysis. SWOT analysis focuses on internal factors and external market elements and seeks to better define the ways in which the brand is perceived in comparison to its counterparts in the market from a customer point-of-view.