How to Formulate a Simple Marketing Strategy

TOM MCKENNY, Industri Communications reports on the steps generally taken to formulate, execute and measure a strategic marketing plan.

THESE steps I have outlined here are simple and effective and have worked well for industrial sector businesses including quarrying suppliers. It is an approach to marketing that is designed to remove complexity and improve time management and, most importantly ensure that marketing plans are implemented with results or outcomes in mind rather than simply thinking of marketing as the booking of advertising space and “hoping for the best”.

Some of the steps (particularly the section “allocation”) may seem out of order; however the allocation of resources (or the implementation of a budget) can have an impact on the scope of the plan that can be developed.

It often pays to have an initial meeting with all stakeholders to assess what the objective of the marketing strategy is. Stakeholders would include marketing personnel, sales personnel, external agencies (if involved) and others.

This feedback can be used to form the basis of the strategy as I have outlined below.

DEVELOPING A SIMPLE MARKETING STRATEGY – 7 STEPS:

Assessment

The first step is always to consider ‘what are you trying to achieve?’

• What is the objective of the marketing strategy?
• What role will the marketing plan serve?

The marketing strategy might relate to your quest to improve sales of a particular line; to help introduce a new brand, or to increase customer awareness of the business. There’s oft en a range of drivers working to drive the development of a marketing strategy – and some may be unique to your business so it is important that this step is addressed conclusively.

Allocation

I believe it is best to develop a plan with an agreed budget in mind rather than consume time developing plans which would ultimately be too costly to execute, or be inadequate in achieving the objective.

Agreeing to a budget parameter; or alternately costing a marketing plan that is within a budget considered within your business expectations will help reduce the pain factor of trying to build something bigger than you can afford or what you want to spend.

Ask yourself; Is there a budget in mind? Does the budget account for ‘real’ costs? I.e. does the budget include supplied magazine advertising or insertion costs/design costs/agency costs etc?

Strategy

Essentially a marketing strategy is about producing a road map. You have identified the destination and are now working toward ensuring you arrive there.

You will need to consider what marketing methods to use to introduce your new product or service or to build your brand awareness in the market space. There’s advertising components including radio, tv and print advertising. There’s public relations and events, expos, direct mail, direct client contact and there’s a whole new world of the web and social media which may help sell the story.

You’ll need to ask yourself what timing is involved in the strategy and develop an agreed timeline to execute the strategy. Everything should be scheduled so the marketing strategy stays on course – that includes detail such as magazine advertising schedules, radio slots etc.

You need to consider the marketing mix. Will ads run in conjunction with PR/editorial in an interrelated marketing mix and approach? Will direct mail feature? When? etc

Materials

Develop agreed collateral – print ads; dvd scripts/editorial directions/direct mail content. Develop mailing lists. Develop media contact/distribution lists for target audiences.

This is the nuts and bolts of the strategy and will influence results. A poorly managed database will mean resources are wasted.

Execution

Ensure the marketing plan is executed in accordance with the strategy. Who is responsible for booking insertions? Who is contacting media? Who is organising material? Are meetings timetabled? Etc.

Feedback/360

Organise times to analyse and collate feedback. Organise feedback into report form to detail the plan and the outcomes? Use the feedback to refine the plan/vary the strategy accordingly.

If you are running a radio campaign for example, you must analyse whether sales calls are increasing as a result. Did you receive enquiries from your magazine advertising? If not, why not?

Measurement/report

Objectively measure the results of the marketing strategy. What are the measurements – contacts/direct feedback/contracts?

Has the plan been executed successfully in relation to the strategy?

• If so, what worked?
• If not, what failed?

Has the strategy been successful in reaching the target audience?

• What component ‘delivered’?
• What failed?
• Why?

Report the findings and measurements to appropriate management and staff and lock the results into the next marketing strategy you roll out.

The seven step program is simple and easy to follow, doesn’t require a marketing genius to implement, and can deliver results if followed. It’s your money you are spending, so it pays to formulate a strategy and spend it wisely.

For further information contact Tom McKenny, Industri Communications 0418 132 911

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