The business world requires planning and programming to reach a defined segment with the creation of strategies appropriate to its needs, which allow to achieve status, notoriety and brand recognition among other objectives that the organization can set. Is.
Strategic planning in marketing involves creating a document that explains in detail what is being done, how and when, as well as the necessary tools needed to project the company into the future.
To do this, it is necessary to start with an analysis of the situation that allows to identify opportunities within the market and establish a profitable business idea, as this will be the basis for the formulation of marketing strategies.
From this analysis we can define among other things:
- what is our business model
- Determine the strategic units you have
- Establish a Mission and Vision
- Define company values
In this sense, a strategic marketing plan is a map that indicates the direction in which the company’s efforts should be oriented, with which we can define business objectives, establish strategies, and make decisions. Can provide convenience and reduce risk in an ever-changing market.
With the information identified and analyzed, and as the second step of strategic planning in marketing, a marketing plan is drawn up, which should include the following elements:
- Analysis of the state of the environment: Know where the company is in terms of internal and external factors that affect its operations and position in the market and with its consumers.
- Definition of marketing objectives: align with the company’s mission and indicate what the organization’s main priorities are, are short statements that begin with an actionable action.
- Selecting Target Segment: Divide the market into groups of consumers with similar characteristics and hence can be considered as our target market.
- Analysis of the competition: Know who they are, what they do, how they do it and for whom.
- Positioning and Establishing Differential Strategy: Positioning is the place that a product occupies in the consumer’s mind in relation to other brands, and differentiation is what makes us stand out from the competition.
- Identify Competitive Advantage: Competitive advantage is the key feature that makes a brand stand out in the market and differentiate itself from its competitors.
- Create a Unique Selling Proposition: Unique selling proposition is a statement made by the company to its consumers, through a statement highlighting the characteristic that makes the brand different from the rest of the brands in the market.
- Determine the marketing mix: The marketing mix refers to a unique combination of product, location (distribution), promotion and pricing strategies (often referred to as the Four Ps).
- Implementation, Control and Evaluation of Marketing Activities: Implementation is the process that turns a marketing plan into activities. Periodically check that the proposed works are being carried out correctly. And use measuring devices that indicate the degree to which actions have been completed.
Thus, the strategies created will help the company and all those involved in its implementation to communicate the benefits and provide value to the consumers through the products/services.
To develop each element included in a marketing plan, you can help yourself with the following tools:
- Analysis of environmental conditions: Pestel analysis, Porter’s 5 forces, SWOT analysis
- Defining Marketing Objectives: SMART Objectives
- Target segment selection: market segmentation, buyer personas, market value and volume
- Competitor Analysis: Benchmarks
- Positioning and Establishment of Differential Strategy: Positioning Maps, Differential Matrix
- Identify Competitive Advantage: The Pyramid of Value
- Create a Unique Selling Proposition: The USP Formula
- Determine Marketing Mix: Marketing Mix (4p’s)
- Implement, control and evaluate marketing actions: Gantt charts, marketing audits.
Implementation of the above tools will allow you to guide your strategies for the achievement of business objectives and target market to compete successfully with other companies, which translates into increased demand and increased sales.
Similarly, through strategic planning, companies can achieve greater profitability and solid performance within the market.