The first thing you need to know that building a marketing strategy and marketing planning for your business is not a rocket science, it simple logical and yet unique for every business situation.
Marketing strategy steps:
In order to take any step in your life you definitely need to know where you stand now!! And this is logical for sure, so the first step is:
- Situation and market environment analysis:
- First part of marketing strategy will be the outside environment and overall market realization, like scanning the economic, technological, sociocultural, ecological and political environments, and more if information are available about the market you are going to, and this step is more related to strategic management but it is important to every business and may heavily affect the next business decisions.
- Second the more related to marketing strategy focus is to make SWOT analysis for the company internally (Strengths/Weaknesses) and related market outside (Opportunities/Threats).
- Define your value proposition:
Value proposition is the set of features and benefits your company or product offers to the client, so you have to realize the benefits you really offer and emphasize on them in your offering and if you don’t have a significant value proposition make one.
- Build and realize your marketing objectives:
Make objectives for your marketing activities, don’t just make activities without SMART objective, because if you don’t have objectives you will never know if you are doing good or not.
And what we mean by SMART objectives is (Specific, Measurable, Achievable, Related and Time bound)
- Define your market and target audience:
You have to know and realize what market and which audience you are targeting, and this is a very important stage in the marketing strategy and have specific name called STP (Segmentation, Targeting, Positioning) which is defining market segments for your product or service and choosing the segments to serve, and building the desired image in the mind of your target customers (Positioning), and this is a quite complicated but if you did it right, it will have a great impact on your total offering success.
- Building your marketing mix:
Now it is time take your successful formula according to the findings you got from the previous steps, which is the perfect mix that makes your offering appeal to your target customers and this is called the marketing mix or 4Ps and extends to the 7Ps.
It simply consists of (Product, Price, Place, Promotion) strategies and extends to add more 3Ps (People, Process, Physical environment) and this is also a critical and important formula that needs lots of science and art to formulate and this in most marketing and business cases will be the answer for most marketing problems your business may face.
You can also watch this clip by “Philip Kotler” the father of marketing