Building an operational marketing strategy cannot be overemphasized & is highly critical for growth but is unfortunately often overlooked or undervalued. For any marketing effort to succeed, the strategy is paramount and takes precedence over tactics. Any marketing activity without strategy leads to chaos and growth can never come from chaos. The important elements of building a strategy are as follows:
- Creating a Vision
- Identify the ideal client
- Establishing the Unique Core Difference
- Brand & Identity Building
Any customer buying your product or service need not be suitable for your business. It’s not possible to be everything for everyone and trying to please everyone. That approach makes yourself spread very thin and take up a lot of resources.
It’s extremely important to communicate your unique core difference to establish a connection with your ideal customers who are looking for that particular attribute in a product or service.
It’s equally important to evaluate and review the brand identity as a part of the marketing strategy to ensure that they are consistent and attuned.
Building a marketing strategy needs a disciplined approach and a wide range of analytical tools for mapping customer expectations and then aligning the offerings accordingly. The stages of developing a successful marketing strategy involve the following:
- Market Research – to source deep customer insights to provide a platform for building a marketing strategy
- Market Assessment – involves performing 3C analysis (Customer, Competitor, Company) to determine strategic opportunities.
- Market Segmentation – involves developing a proprietary customer framework to map market segments and discover potential opportunities.
- Target Marketing – involves identifying the most attractive market segments depending on size, growth potential, benefit orientation, and internal fit.
- Strategic Positioning – is done for the most relevant, differentiated, and credible manifestation of the core offering.
- Marketing Plan Development – includes the marketing mix (the 4 Ps) definition, including customer acquisition & retention.