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9 STEP GUIDE TO BUILD A SUCCESSFUL STRATEGIC MARKETING PLAN

Building a strategic marketing plan just got easier

business quote by michele bachmann

 

 

The Government of India recently launched the ‘Start Up India’ Movement to boost the growth of small businesses in India.

This has generated a lot of interest among the youth, especially entrepreneurs like you who wish to transform the world.

But you would agree that small businesses are crippled by

  • Lack of resources – Funding, labour,
  • Lack of patience
  • Wrong strategies

Your super cool ideas may have molded into your products, but unless you don’t have a strong strategic marketing plan and you aren’t able to market your products/ services correctly, all your past efforts will go in vain.

This article promises you a defining roadmap on how to frame a strategic marketing plan despite the limitations you face while operating a small scale business.

Here are the steps in a nutshell

 

STRATEGIC MARKETING DEFINITION

Strategic marketing can be defined as “Identification of one or more sustainable competitive advantages a firm has in the markets it serves (or intends to serve), and allocation of resources to exploit them.”

 

Let’s learn the strategic marketing planning process in detail.

  • STUDY YOUR MARKET

 

            CUSTOMERS

Before you step into the rivers, study the flowing waters.

All you need to do is to:

   Know the Demographics

Age, sex, occupation, income levels etc.

   Understand their needs

Imagine your firm offering X goods to the public when they are craving for Y goods.

You will never generate sales, forget getting any leads.

 

   Why your goods?

Conduct sample surveys in the potential market to know why they will buy your goods.

They will spell out points like economical, good quality, better after sales service etc. Take note of it.

           RIVALS

 It’s very likely that you won’t be the o nly Messiah to the masses.

You will need to take a good look at those who have already established themselves in your potential market.

Observe

   The number of rivals

If the number is less, it will mostly be an oligopolistic market.

Oligopolistic market is a market in which the market is dominated by few sellers who are two or more in number.

In this market, there is a strong chance that you will have to be very careful in your pricing policy.

KINKED DEMAND CURVE

If you lower your price to increase your market share, your competitors will lower the price too, thereby offsetting your gains.

But if you increase your price, your competitors won’t raise prices,thus snatching away your market share.

 

On the other hand, if the number of rivals are more. It may be close to a monopolistic competition.

Monopolistic competition is a competition in which there are large number of sellers who sell differentiated products to the consumers.

 

   Distribution Network

Study the extent of the territory captured by your rivals via their branches of distribution.
distribution network

Collect data from secondary sources like search engines to take out quick data of the same.

    Product Features

 You will need to study products and services of successful enterprises in your industry.

Examine their features such as logo, packaging, color mix etc. to know what makes them appealing to the masses.

Accordingly, you can take a leaf out of their product presentation tactics.

   Pricing policy

 Get data from secondary sources and check the industry’s pricing trends.

 

pricing data

Where,

            X axis denotes firms

            Y axis denotes the product price

Form a statistics department to handle this complex data and let them predict the future trends in pricing. 

   Investment strength

 Analyze their level of investments made in your potential market.

Investigating your market is a very crucial step since it helps you o get a rough idea of the market behaviour.

   DEFINE YOUR GOALS

It’s good to harbor ambitions but make sure your goals are realistic.

 

  • Make your goals clear and definite.
  • Plan it up.
  • Write it down.

 

Bring your thinktank together and frame short term and long term goals respectively.

  • SWOT ANALYSIS

 

SWOT (Strengths, Weaknesses, Opportunities, Threats) is a planning method which helps to identify the internal and external factors affecting your firm.

 

swot analysisIdentify these critical factors to know your organization’s inner and outer environment.

  • ASSIGN R & R 

Allocate roles and responsibilities among your employees.
assigning team rolesMake small but effective teams on budgeting, promotion, brand consultants etc.

 


  • BRAND POSITIONING

Once you have studied the market and allocated responsibilities, you must go ahead with your brand positioning.

 

strategic marketing brand positioningImage credit : Interkon

Position your brand in such a way that you stand apart from the rest of the herd.


  • INTEGRATION OF PROMOTION TACTICS

 Bring your marketing team to play and take out all the tactics from the marketing toolkit.

The tactics can be

 

            INBOUND

   Blogs

   Podcasts

   Vlogs

   Newsletter

   Webinar

   Other forms of modern marketing

 

            OUTBOUND

   Cold calling

   Radio

   TV

   Print advertising

   Other forms of traditional marketing

 

            OTHERS

Relationship marketing, Viral marketing, undercover marketing, Freebie marketing etc.

Adjust your marketing strategy based on the existing market conditions.

Don’t go for too many tactics at one go. You already know that “Too many cooks spoil the broth.”

 

  • TEST MARKET

 It’s not rational to be sure of your marketing strategy and go for the ultimate execution.

Always wise to test your marketing plan before you take the final leap.

Test it on a small area, say a subsection of the total market. See the response of the public.

Accept the customers’ appreciation and criticism with humility and make amends to your existing plan based on their feedback.

If you see that the whole marketing strategy is falling apart, make sure you have a Plan B ready.

  • BREAK OUT!

 Once you have gained good responses from the previous step, it’s time to go for the ultimate kill.

Keep all your teams in their toes and break into the market.

This is one of the crucial steps for your firm since this will be an actual barometer of all your efforts undertaken in the past few months or years.

  • REVIEW

Monitor your marketing strategy continuously.

If you feel that things are going a bit awry, step into the chaos and make the necessary changes.

At the same time, you will need to keep patience since growth will take its own time to show up in your flowcharts.

Apply this strategic marketing plan in your business and see your firm’s profits and brand value go up to enormous heights!

Hope your enjoyed my article. Subscribe to my blog and share this article to your friends who are clueless about branding strategies. Sayonara!

Also read:
7 EFFECTIVE BRANDING STRATEGIES

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9 step guide to strategic marketing|Branding Punch
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9 step guide to strategic marketing|Branding Punch
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Building a strategic marketing plan just got easier by the Start up India movement by the Government to boost small business in India
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Branding Punch
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