When creating a business plan, it provides you with an opportunity to clearly define your marketing strategy.
A well-defined strategy is vital for a team to understand what needs to be done and which areas need investment. This will help you to focus your effort, allocate your budget and save money and time.
Strategy refers to the long-term planning and implementation of methods that will help the company achieve its goals. Consider the following points when develop your business goals:
- What demographic is most likely to purchase the product?
- What features are valued by consumers and what features can be removed?
- What support services are needed?
- Are your prospective customers focused more on cost, quality, or great service?
Establishing a clear strategy has many benefits: Teams know where to invest time and resources, and when to say “no.”
Marketing Strategy Template
You need to put your marketing strategy into context, together with other components of your business plan, such as mission, goals, objectives, tactics. Use this template when building your marketing strategy.
- Mission: Where does the company want to go? To become the <<Insert Goal>> + <<Insert Industry/Niche>> + of <<Insert Product/Service/Technology>> + in the <<Market/Location>>.
Not a mission: To increase sales by the year 20##.
- Goals: Broad changes that help build the road map to success.
Not a goal: Email clients/customers monthly for retention
- Strategy: How do you get there?
Not a strategy: To grow our share of the market.
- Objectives: Measurable, concrete steps towards the goal, including a completion date.
Not an objective: To schedule weekly meetings with our top 20 clients.
- Tactics: What methods are we using to get there? Create/Launch/Distribute/Educate/Generate <<Insert Tactic>> on <<Insert Medium/Channel>> to achieve <<Insert Result/KPI>>
Not a tactic: To increase sales.
Defining a strategy is an important step toward creating aligned, internal focus. Writing your goals, strategy, objectives, and tactics within your business plan is an exercise that will help you to confirm that your company is taking the right steps toward meetings its goals.