A strategic marketing plan is a focused, specific plan for increasing customer awareness and sales, developed with an understanding of your company’s unique history, goals, and budget in mind. Marketing plays a huge part in all businesses, and it is much more than just sales and advertising. After all, a business cannot be successful if potential customers don’t know everything it offers.
Why does your business need a Strategic Marketing Plan?
Every business that wants to market its products or services to customers should have a marketing plan in place. Without one, you’re taking a road trip without checking a map or reading any of the road signs.
There are many benefits to developing a strategic marketing plan:
• Clearer understanding of your business environment. A Situation Analysis gives your business insight into industry trends, competitors and their strategies, distribution channels, and information on current and potential clients. You’ll also learn how your company compares to others in your market.
• Defines specific marketing objectives. States what the business wants to accomplish. The marketing objectives must match the overall business objectives.
• Determines how to differentiate and position the company’s offering. What will make your product and/or service stand out among all the alternative choices available.
• Preferred marketing strategies. Analysis establishes if the current marketing mix is viable to survive the current market situation.
• Better use of your marketing budget. Learn when, how, and where to spend your marketing dollars for optimum return on investment.
• Track the success of marketing efforts. Measuring the implementation of the marketing strategies is an imperative task of any marketing plan. It makes sure actions are controlled and adjusted as needed to enhance the chances of success. Adjustments will be made continually because the marketplace is in a constant state of change.