DEFINING A MARKETING STRATEGY

pexels-photo-970204-min Marketing Strategy

PRODUCING AN AGILE DIGITAL MARKETING PLAN IN 5 EASY STEPS

  • If you have defined your marketing strategy, what are your goals for the current year? Do you need help to reach them?
  • Did you take into account any change in algorithms and wider changes across your industry?
  • Have you got the wrong sales strategy and are you looking for solutions to create a winning and realistic marketing plan?

The team at Genius Digital Agency (GDA Media) will explain, in simple form, step by step how to produce an effective, agile and complete marketing strategy.

marketing-strategy Marketing Strategy

PRODUCING AN AGILE DIGITAL MARKETING PLAN IN 5 EASY STEPS

Genius Digital Agency (GDA Media) Your Marketing Partner

  • If you have just defined your marketing strategy, what are your goals for the current year? Do you need help to reach them?
  • Did you take into account any change in algorithms, and wider changes across your industry?
  • Have you got the wrong sales strategy and are you looking for solutions to create a winning and realistic marketing plan?

The team at Genius Digital Agency (GDA Media) will explain, in simple form, step by step how to produce an effective, agile and complete marketing strategy.

WHAT IS MARKETING AND WHY A SOLID MARKETING PLAN IS NEEDED?

why-a-marketing-plan-is-needed Marketing Strategy

Let’s start from: what is Marketing? This term refers to all the activities carried out with the aim of improving revenue streams from products and services. Marketing is also defined as a group of strategies identified to generate profitable leads and communicate with potential and existing customers.

Defining a Marketing Plan

The aim and objectives of a Marketing strategy are a consequence of precise analysis of the market and of the competitors. At the end of those preliminary evaluations the Marketing plan, is drawn.

This plan outlines the different strategies of Inbound and Outbound Marketing. Starting with the marketing objectives and how they affect your business goals.

At GDA Media, we define The Marketing Plan, as an illumination that indicates to the company the correct route to follow.

pexels-photo-1043514 Marketing Strategy

WHAT IS MARKETING AND WHY A SOLID MARKETING PLAN IS NEEDED?

Let’s start from: what is Marketing? This term refers to all the activities carried out with the aim of improving revenue streams from products and services. Marketing is also defined as a group of strategies identified to generate profitable leads and communicate with potential and existing customers.

Defining a Marketing Plan

The aim and objectives of a Marketing strategy are a consequence of precise analysis of the market and of the competitors. At the end of those preliminary evaluations the Marketing plan, is drawn.

This plan outlines the different strategies of Inbound and Outbound Marketing. Starting with the marketing objectives and how they affect your business goals.

At GDA Media, we define The Marketing Plan, as an illumination that indicates to the company the correct route to follow.

THE GLOBAL MARKETING ANALYSIS

The Marketing plan is the result of an in-depth analysis, clear ideas, pre-established goals and deadlines. Writing the plan is just the last of a series of steps taken to find the right strategy for your business. The reason for this is so the plan, doesn’t contain too much confusing information; instead produce a document that is the basis of every activity carried out within the company.

The first stage of the Marketing plan is called the “Context Analysis.” Which is a set of goals and research explaining why the company exists, it’s services, who the competitors are? and their market position.

The Mission: defining your competitive advantage and your goals

The first thing to be written in a Marketing plan is the company’s mission and its purpose. In this context we analyze its competitive advantage, and the elements that should lead a potential customer to choose your business and not the competitor.

Next, we’ll list the goals your company wants to achieve. But first, answer the below questions.

Why the company exists?

What you want to achieve?

How do you we get there?

The marketing objectives must be specific (concerning the improvement of a given company sector), measurable (quantifiable), achievable (must be clear and defined to everyone within the company), realistic (reachable with the resources available) and they must have a time limit.

SWOT Analysis

A further step towards the formulation of a marketing strategy is the analysis of the functional context. This is known as a SWOT Analysis. The SWOT analysis evaluates two internal factors, the strengths (Strengths) and weaknesses (Weakness) of the company, and two external factors, opportunities (Opportunities) and threats (Threats).

The Customers

This represents another important stage of the context analysis. If we don’t know from the beginning who the target customer is, we could be targeting our services blindly. The identity of the ideal client must be complete: we must know the demographic, psychographic and socio-economic contexts. With this information we’re able to satisfy their needs by presenting and distributing products or services that match their niche.

Market Analysis

The Market Analysis is the study of the sales reality around the enterprise representing another important step for the drafting of an effective marketing plan.

To better understand what our company should aim for, we need to analyze the work of our competitors: study their competitive advantage and try to understand how we can differentiate. To reach our goals it is important to remain competitive and regularly review market research. Furthermore, the analysis explains how consumers behave, their habits and whether they could be interested in what we offer and in which dimension.

Let’s think in terms of profit margin: How could we increase it?

Use statistical data to find out how people live in the area? where our business is located? and when is the best time to amend our pricing strategy? Within the entire Context Analysis we will have a 360-degree overview of what is happening in your environment, which helps to best produce our strategic actions.

The Mission: defining your competitive advantage and your goals

The first thing to be written in a Marketing plan is the company’s mission and its purpose. In this context we analyze its competitive advantage, and the elements that should lead a potential customer to choose your business and not the competitor.

Next, we’ll list the goals your company wants to achieve. But first, answer the below questions.

Why the company exists?

What you want to achieve?

How do you we get there?

The marketing objectives must be specific (concerning the improvement of a given company sector), measurable (quantifiable), achievable (must be clear and defined to everyone within the company), realistic (reachable with the resources available) and they must have a time limit.

SWOT Analysis

A further step towards the formulation of a marketing strategy is the analysis of the functional context. This is known as a SWOT Analysis. The SWOT analysis evaluates two internal factors, the strengths (Strengths) and weaknesses (Weakness) of the company, and two external factors, opportunities (Opportunities) and threats (Threats).

The Customers

This represents another important stage of the context analysis. If we don’t know from the beginning who the target customer is, we could be targeting our services blindly. The identity of the ideal client must be complete: we must know the demographic, psychographic and socio-economic contexts. With this information we’re able to satisfy their needs by presenting and distributing products or services that match their niche.

Market Analysis

The Market Analysis is the study of the sales reality around the enterprise representing another important step for the drafting of an effective marketing plan.

To better understand what our company should aim for, we need to analyze the work of our competitors: study their competitive advantage and try to understand how we can differentiate. To reach our goals it is important to remain competitive and regularly review market research. Furthermore, the analysis explains how consumers behave, their habits and whether they could be interested in what we offer and in which dimension.

Let’s think in terms of profit margin: How could we increase it?

Use statistical data to find out how people live in the area? where our business is located? and when is the best time to amend our pricing strategy? Within the entire Context Analysis we will have a 360-degree overview of what is happening in your environment, which helps to best produce our strategic actions.

OUR MARKETING STRATEGY

After analyzing the company and its environment, we begin to write our marketing strategy. This is the most difficult step because it is the one that decides, for better or for worse, the destiny of the business. If our strategy proves to be correct, we will have an excellent response in terms of sales, branding and customer engagement.

Our marketing strategy consists of three key areas:

Segmentation

Depending on the target customers we refer to, we divide the market into segments. When using a mass approach, we do not distinguish between customers and offer products or services that can be addressed to anyone. In difference, using a segmented approach, allows us to sell specific products to homogeneous groups of customers. Furthermore, helping us to analyze where the majority of our customers originate from.

Targeting

Once the market is divided into homogeneous groups of customers (segmentation), the next step is to prioritize the various market segments and determine which is the first target for our products/services. Therefore, targeting consists of choosing one or more previously identified segments that are considered priorities for the economy of our business.

Positioning

This type of strategy allows us to understand the best position that’ll attract the largest number of potential customers. We can decide to direct ourselves to the differentiation of the product (depending on its characteristics and its value), the price (which must be competitive and economic) and the image of the company. Cementing the market position is defined as finding its distinctive feature, the element on which to focus everything and it’s USP (Unique Selling Proposition): the specific advantage that our company offers to its customers and that distinguishes itself from the competition.

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OUR COMMUNICATION STRATEGY

After finishing the analysis of the context and determining the strategy, we need to follow another important step. It is about drafting a communication strategy.

The communication strategy, uses the marketing mix to convey specific messages to the target audience; on the quality of the product, on the price value, on the distribution channels that the company chooses and on any promotional activities.

The communication strategy must be realistic and consistent with the goals that our company follows. Ask yourself: How do you want your business to be presented? Plan the tactics, the distribution, timescales and how increase virality.

Make sure everyone is involved

The strategy does not only concern customers but also internal communication. The brand identity must pass through all stakeholders. For instance, all employees must follow a precise line of communication with each other and with the public, to maintain a consistent and professional brand profile. Now, we establish who are responsible for each activity and for each element of our agile marketing plan.

BUDGET & FORECAST

It’s important to approach the marketing strategy with an accurate and honest price, that sits comfortably aside the plan’s objectives.

How much can the company’s complete marketing strategy cost?

This is the question we must ask ourselves, based on our business and marketing goals. Calculate the price of the product or service you offer and the expenses.

Then based on this information, we are able to make an assessment of how much to spend on a marketing strategy.

Determine your budget

The key starting point for calculating the available budget is the final profit and loss account for the previous year, making predictions based on the supplies and contracts we already have for the current year.

Establish the goal of revenue and profit we want to get from the marketing strategy.

Make it as realistic as possible: do not write huge and improbable figures because the future of the company depends on the marketing plan.

If possible, divide the predictions by month or quarter. Therefore, we can monitor them more easily and possibly be able to change strategy during the year.

When this process is finished, it realizes a total forecast income statement. We will need to keep track of the various items and make sure that everything is going smoothly.

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DATA ANALYSIS

Define the periodicity of data analysis from the beginning and what methods we will use to measure the results achieved in the marketing strategy.

It is important to check the data at the beginning, during and after the production of a new Marketing Strategy.

Keep track of profits and sales. Compare the forecast balance with the final balance. Continue updating the customer profile we are targeting: fashions come and go so quickly that the ideal customer should be constantly evaluated.

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