What is Marketing Strategy Process
The marketing strategy process helps to ensure that your marketing activities remain associated with your business goals, maximizing the business return from your marketing efforts.
The picture shows the process for developing and supporting marketing strategy.
These are the steps you should follow to create and execute a winning marketing strategy.
The following seven steps will helps you to understand marketing strategy process;
1.Understand Your Customer
Develop a clear picture of your target customer using market research and analysis. Understand their pain points and the benefits of your solution..
2.Analyze the Market
Some basic market research should allow you to find market data such as total available market, market growth (historical numbers and projections), market trends, etc.
3.Analyze the Competition
Ask yourself what other choices your target customers have to solve their pain point. Research and assess the strengths and weaknesses of each. Take a look at this article for more info on competitive marketing strategy.
4.Research Distribution Channels
What is the best way to deliver your product or service to your target customers? This will impact your sales strategy and your financials, as well as your marketing mix.
5.Define Your Marketing Mix
Check out this article about defining your marketing mix: Product, Price, Place and Promotion.
6.Analyze the Financials
Put together your marketing budget and evaluate projected marketing ROI, customer acquisition costs, etc.
7.Review and Revise
Continuously evaluate the effectiveness of your marketing strategy, and revise or extend as needed.
