The Essentials of Marketing Planning and Strategy
As part of our “Inside Word” Series, in this blog we share tips on marketing strategy from our Adelaide Marketing agency. All effective marketing campaigns start with diligent marketing planning and strategy development.
Before we dive in deeper, we must first recognise that a marketing plan and a marketing strategy are two different things. A marketing strategy is an explanation of the goals you want to accomplish through marketing efforts. Your marketing plan is how you achieve your set marketing goals.
It is essential to know that while they are different, they are similar in the way that they create an extremely significant impact in the overall business success.
Developing a marketing plan and strategy requires research, time and commitment, but here is why you need both:
#1: It Helps You Reach Your Goals
A good marketing plan and strategy coherently work together to help you establish your vision, mission and goals, and outlines the steps you need to take to fulfill them.
There are a significant number of marketing tools and technologies available today, and it is easy to lose sight of your intended business goals. A well-written marketing plan and strategy can keep you focused on what you really need, ensures that your marketing objectives are still aligned with your business goals and provides the business with direction and focus by identifying the best opportunities worth pursuing as well as the threats to be avoided.
#2: Profiles Your Target Audience and Competition
Your marketing plans and strategies can help you develop a profile of the audience you are targeting and will help you to easily identify their needs. The profile will reveal their buying patterns, including how they buy, where they buy and what they buy. Your marketing planning and strategy can gear you towards finding new clients and still make sure to maintain the relationships with your existing customers.
A good marketing plan also includes a plan to help your customers understand why your product or service is better than, or different from, the competition and will identify what sets you apart, what your strengths and weaknesses are and what opportunities and threats you might have. In this case, it is always important to regularly review trends so you do not miss out on new marketing opportunities or become irrelevant with your marketing message.
#3: It Builds Your Brand
Your marketing planning and strategy will help you create your brand or the image you want to associate with your business and the benefits you want your customers to think of whenever they think of your brand. With a strong, research-oriented understanding of the market, and alignment across the organisation through a solid marketing plan and strategy, your business can then establish a brand that presents a clear message of your vision as you address the core needs in the market.
Establishing Your Own Plan and Strategy with Help from an Adelaide Marketing Agency
Many marketing initiatives are still not fully efficient due to the absence of a well-crafted marketing plan and strategy. Whether your business is a modest start-up or a multinational giant, having a coherent and effective marketing strategy and plan, especially ones that are developed with a credible and experienced marketing agency, can work as a crucial road map for the entire business and its overall success.
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