How to Create the Ultimate Marketing Strategy

A marketing plan is something every business needs. It’s the basis for future activities. Marketers who document their strategy are 538 percent more likely to report success than those who don’t. But what are the essential elements that provide success? In this blog, we’ll be taking a look at some of the key components.

Data

When looking at environmental factors which affect the business internally and externally, data is essential. Data is what influences decisions for the future. Without researching data, decisions you make have no meaning. Decisions require evidence from data in order to drive better results.

Target Markets

Data is also essential to define your target markets. You need to know who you’re marketing to and why. Without defining this, you’re strategy is likely to have a lack of direction. Rather than casting the net too wide, having a target audience allows you to appeal to smaller and specific groups.

Pricing, Positioning and Branding

A pricing strategy determines how your product or service will compare to the competition. This also decides the level of differentiation from competitors and ultimately how your brand is perceived. Having a positioning strategy also leads to making decisions on whether your focus will be solely on existing products and markets or whether the plan will focus on new markets. Consequently, this develops the marketing and branding messaging which communicates how your brand is perceived.

Budget

We can come up with many extravagant and niche ways of growing our business, but everything falls down to budget. Planned marketing activities need to be broken down into monthly budgets to determine how this will be spent over each month and what it will be spent on. Having this in place also allows you to track your return on investment (ROI) and other key performance indicators (KPIs).

A Contingency Plan

If we take a look at the past year, how many people would have predicted COVID-19? A contingency plan means you take into consideration risk management, and the factors that may alter your marketing plan in the near future. It allows you to be proactive with your marketing strategy. By putting in place measures to overcome the impact of identified risks, you’re ensuring quality control and increasing the probability of meeting marketing targets.

If you’re looking to create the ultimate marketing strategy, get in touch to see how we can support and transform your marketing.