In order to convert ideas into strategies, and strategies into action, we often recommend a structured Strategic Marketing Plan. This would include a full evaluation of client and competitor analysis, product and pricing strategies, market segmentation and positioning strategies as well as clearly targeted promotional, exhibition and PR activity. Marketing can be much cost effective providing it is focused properly, and the Strategic Marketing Plan provides that focus.
We offer a Marketing Strategy Consultation to review your current marketing strategies if we think that your strategies and tactics are sound, we will say so and you will have the benefit of knowing that an experienced, objective assessment has backed up your approach. But, if we think there are some areas in which we could help, we will advise you by setting out where we feel the opportunities lie and what we think the approach should be.
A Strategic Marketing Plan fundamentally differs from a Business Plan as it looks in depth at the Marketing function. Its similarity is the "strategic" element in particular linking objectives, strategies and tactics together with measurements, monitoring and controls to ensure thorough implementation.
The starting points for a Strategic Marketing Plan are often a S.W.O.T Analysis (Strengths, Weaknesses, Opportunities and Threats) and a M.O.S.T Analysis.
The main areas covered in a Strategic Marketing Plan include the following:
Product and branding strategies
Channels of distribution
Sales promotion strategies
Internet marketing strategies
Trade show strategies
Public Relations strategies
Overall marketing objectives and strategies
Marketing tactics, time scales and responsibilities
Monitoring and control procedures
An overview of your market - mapping out your clients' needs and how best to fulfill them
Perspective on your competitors - checking their offer, seeing what they do well, realising what you can do better
Understanding of business dynamics - exploring business cycles and realising how to optimise your business position
A comprehensive SWOT analysis - putting your company's strengths, weaknesses, opportunities and threats into context, furnishing you with an invaluable tool for strategic planning
Expert guidance on processes and procedures - helping you set in place the systems to ensure that the strategy is delivered effectively
Prompt planning for increased profits - putting in place a corporate strategy which can enhance your chances for a better bottom line
Many different types of market research can be conducted by Worldlink including:
Competitor Research - market share, products and services, financial, market positioning etc.
Customer Research - what your customers really think about your goods and services, complaints handling, quality control, response times etc.
New Markets - where your products or services could be marketed to in the future.
Staff Research - what your staff really think about pay, conditions, prospects etc. and what improvements they think could be made.
Exploring Corporate Strategy Using M.O.S.T. Analysis
How M.O.S.T. Analysis can help your business achieve goals
One of the key tools used in exploring Corporate Strategy and Strategic Planning is the M.O.S.T. Analysis. This superior strategic planning tool helps to clarify where the business intends to go (Mission), the key goals which will help to achieve this (Objectives), analyses what options there are for proceeding forward (Strategies) and how these strategies are going to be put into action (Tactics).
The key is for this whole process to hang together from top to bottom and also in reverse. From the top, clarifying the mission drives the objectives which creates strategic options which forces tactical actions to be taken. From the bottom, every action at tactical level should help to make the strategies work, all strategies should help to achieve the objectives, and all the objectives should take the business towards the mission.