The Three 'P's Of A Successful Marketing Strategy
There are many benefits to creating a marketing plan before you launch an initiative. A plan serves as an invaluable tool for thought organization and helps establish a course of action for the company to follow. What’s more, it provides you with valuable insights and knowledge to draw from as you design your campaign, starting with an improved perspective of your market.
Creating a marketing plan gives you perspective into your market, mainly because putting the plan together properly requires a considerable amount of research. Since the plan is tailored to your company’s attributes and the conditions of your environment, you are able to apply this research directly into the planning process. As a result, you will be able to more accurately determine which initiatives will have the most effect for your company, given your circumstances, allowing you to adjust your strategy for maximum efficacy.
Casting a deeper examination into a market will not only reveal its needs, but also the pain points that are commonly held by your audience. On the subject, the plan also outlines whom your audience should consist of and where and how your marketing should be focused. While creating the plan, you are able to identify the assorted industries present in your target area and which of them would be your best option as a source of clients.
Finally, once all of these variables have been accounted for and determined, you are able to compose a big-picture assessment of your situation, with a complete view of your company’s abilities as compared to your local industry and how those abilities might be presented to prove your value as a provider. This assessment will be a vital tool to ensuring your success as your marketing proceeds, as it will need to factor into each decision you make during your initiative.
Another advantage of composing a marketing plan is the fact that it demands the completion of a SWOT analysis, evaluating the strengths, weaknesses, opportunities and threats that have arisen from the circumstances. What about your situation serves your company with an advantage that you can exploit in your marketing? Alternatively, what about your situation reduces the potency of your marketing by encouraging prospects to take their business elsewhere? Where do your opportunities for marketing lie based on your situation and environment, and on the flip side, what threats does your situation and environment pose against your success?
As a result, the SWOT gives you the lay of the land, giving you a better reference to creating the most effective marketing strategy for your circumstances. It also gives you the advantage of witnessing how your competitors handle their situations, and what problems that their approach could potentially cause for you. As a result, you are given a more comprehensive understanding of your industry’s current pecking order and where your business stands.
Of course, we’re talking about business, so financial matters need to factor into the discussion. A marketing plan, while requiring an investment of time and a sacrifice of revenue that your resource may have generated by completing some other task, ultimately provides greater benefit to your budget than an off-the-cuff approach ever would. By creating a plan, you may therefore also create a budget to follow. This budget will show you where your largest capital expenditures are in your approach, which in turn allows you to determine your return on investment for your numerous initiatives. From there, you can judge whether or not an initiative’s ROI is acceptable and adjust your spending to get the most bang for your buck.
So it’s pretty safe to say that the benefits of laying out a strategy to your marketing before starting out are worth it, at least if you want your marketing to be as effective as possible. By establishing which initiatives will be most effective in a given area and budgeting accordingly, you are able to produce a campaign that is effective in both costs and outcomes.
For help actually creating a plan or with any of your marketing concerns, reach out to us. Expert advice is available at http://jmct.io/letstalk.