It is vital for you to know about Marketing Strategy Planning, because without it small businesses could not survive in this competitive world. Through proper execution of Marketing Strategy Planning, it will be possible for your company to perform better, which can be achieved through implementation of appropriate marketing strategies.
Without a proper marketing strategy planning, you cannot succeed in the big market. Your lack of proper perception or money needed may cause you to fail in business. However, with proper marketing strategy planning, it will make your company run more smoother and make you able to stand out from the crowd of others.
Helps you identify actions needed to achieve your goals
This is where your day to day marketing activities and efforts come in place. Strategic marketing planning is a very useful activity to set your overall marketing goals, but furthermore, it helps you take a planned approach to your actions that need to be completed in order to achieve your goals.
In summary, taking a strategic approach to your marketing planning can have many benefits for your business, among which it ensures that your company is prepared for the constantly changing markets. SMART goals and a good plan for your marketing activities are key to build on your competitive advantage.
Helps you evaluate the current environment
A marketing plan is a great tool to assess where the company is positioned and to complete a situation analysis. It’s important to understand what the available resources are, as well as how is the competitive environment developing. All the data which is collected during the marketing research stage is essential to gain a good understanding of where the business currently sits.
Moreover, understanding the market in which the company is operating will not only give you a better insight into your industry, but it will also be key for planning for your marketing activities going forward. This stage of planning will ensure that you are making marketing decisions for the right reasons. Without this strategy, your efforts will be greatly reduced in their effectiveness.
You can establish clear marketing goals
Defining your marketing plan is beneficial to your business because it helps you establish your marketing goals and objectives. The most common way to achieve this is to set SMART goals, these set a time frame for your goals and keep them specific and measurable. It is important to remember to keep these goals achievable: targets are built around the situation analysis you have previously performed in the first stage above. This ensures that your goals can be used to measure success and benchmark results against your initial plan.
Your strategy is how you choose to introduce yourself to the world and how you continue to present yourself to your audience; building relationships, growing your business and increasing market share. Not only for your existing and potential customers but for your internal stakeholders. At Relative, we start by outlining the strategic marketing outcomes you’re looking to achieve. Next, we’ll identify who your customers are and the best way to reach them. Then, through a combination of effective, impactful creative work and the most appropriate mix of media channels we’ll make sure your audience is soon on board with your brand and message.
Helps Determine Optimal Prices
Part of a marketing strategy is setting the right price for your product or service based on what you learned in your market research. If you learned that customers want a high-end product in your category, your pricing strategy might require you to sell at prices that create a high-end perceived value. If your target customer is bargain conscious and is willing to accept fewer bells and whistles on your product in exchange for paying less, your pricing strategy will require you to sell at or below the competition’s price.
Establishes Effective Distribution
Once you know what product features you’ll offer, who your target customer is and what your price points will be, you can select where you want to sell to maximize your marketing effectiveness. Younger customers will be more likely to shop using a smartphone or on a website, paying with PayPal or a credit card. Older customers might prefer to shop at retail outlets. If your market research shows you need to be in retail stores but you don’t have a sales force, you can use a wholesaler or distributor.
Assists with Marketing Communications
Your market research will help you create your brand, or image you want to establish about your business. Without marketplace research and a strategic marketing plan, you might respond to solicitations from advertising salespeople on an individual, reactionary basis, sending messages that don’t fit in with the brand identity you’ve created based on your product development efforts. A marketing strategy lets you determine if a particular magazine, radio station or website fits into your selling plans.
The overall growth of the firm
Marketing strategy facilitates enhanced brand value, increased market share, competitive advantage, higher sales, and elevated profits that result in the overall growth of the firm drawing a larger picture. It helps the company to carve a niche in the market with a distinguished brand identity and the offerings of the products and services that are planned with unique attributes and features.
Effective distribution plan
Once the management understands and grasps the essence and Importance of Marketing Strategy, it can have an effective distribution plan in place. With the introduction of online selling and the growing impact of social media the company needs to have a wide network of distribution as the young generation prefers to buy the products and services online directly from the company website or through its online promotional partners.
This is different to the middle-aged or older generation who still believes in indulging and finalizing the purchase by visiting the physical store our outlet of the brand. The company needs to march ahead with the latest advancements and the evolving tastes and preferences of the customers of all age-groups.
Marketing Strategy Planning supports a company’s performance by aligning its resources to meet objectives and creating a framework to evaluate potential opportunities.