I recently read this and thought I would pass it along... As the new year starts, it always good to stop and evaluate where you are and where you are going.
7-Step Easy Marketing Strategy Process Having a strong marketing strategy process
in place helps to ensure that your marketing activities remain aligned with your
business goals, maximizing the business return from your marketing efforts.
I follow a 7-step process for developing and aligning marketing strategy.
These steps are easy to follow, and form a logical sequence from thinking about
the needs of your target customer to defining and executing your marketing
activities. These are the seven steps you should follow to create and execute a
winning marketing strategy:
Step 1: Understand Your Target Customer
Develop a clear picture of your target customer using market research and
analysis. Understand their pain points and the benefits of your solution.
Step 2: Research Your Target Market
Some basic market research should allow you to find market data such as total
available market, market growth (historical numbers and projections), market
Step 3: Analyze Your Competition & Define Your USP
Ask yourself what other choices your target customers have to solve their
pain point. Research and assess the strengths and weaknesses of each. Use the
competitive analysis to identify what is unique about your product or service
and define your unique selling proposition (USP).
Step 4: Research Distribution Channels
What is the best way to deliver your product or service to your target
customers? This will impact your sales strategy and your financials, as well as
your marketing mix.
Step 5: Define Your Marketing Mix
Defining your marketing mix means four key aspects (the four P’s) of your
solution: Product, Price, Place and Promotion. Once you have defined the
marketing mix, you will have marketing activities that you can execute to
deliver real business results.
Step 6: Analyze the Budget & Effectiveness of Your Marketing
Put together your marketing budget and evaluate the marketing ROI, customer
acquisition costs, etc. This data will be used in the final step, Step 7, to
reassess and refine your marketing on an ongoing basis.
Step 7: Constantly Review & Revise Your Marketing
It is important to continuously evaluate the effectiveness of your marketing
strategy, and revise or extend as needed.