Writing a marketing strategy and plan – video transcript
In this Writing a marketing strategy and plan video, find guidance on drafting a marketing strategy and plan.
You've worked hard to build your business. But what's worked well in the past might not continue to work in to the future. Competition might be muscling their way in, or technology could be disrupting the way your customers want to get similar products and services.
So down tools for a moment and cast your mind towards your marketing strategy. The key to marketing is uncovering your customers needs and designing solutions that meet those needs. Getting these product and service solutions right and then telling your customers about them is essential in increasing sales and growing your business.
In the busyness of running your business, it can be hard to find time to stop and think and learn new skills and technologies. But in an increasingly connected, hyper informed world, customers have greater expectations and greater choice than ever before. So it's important to be customer focused and to make your business and brand stand out from the crowd.
But before diving headfirst into printing flyers or running advertisements, it pays to spend some time thinking through your strategy and planning your activities. Not having a strategy or plan can mean you don't achieve what you'd hoped for, and you risk burning time and money.
A helpful framework for understanding marketing is known as the 7 Ps. It helps you to consider the elements that make up your marketing mix. The 7 Ps stand for product and services. What you create or deliver in order to meet the needs of your customers.
Price, your pricing strategy and how customers pay for your product or service.
Place where your products or services are made, found, distributed, sold and supported. This could be a physical or digital presence.
Promotion, how you communicate your products and services to your target audience to encourage them to buy from you.
People, the individuals that work for your business, including yourself.
Process, the activities involved in delivering your products or services. In other words, this is how you make it easy for your customers to do business with you.
And physical evidence, which is how your business presents to the world. This includes physical spaces, the look and feel of the brand, your ratings and reviews. And even how your employees show up.
There's a more comprehensive guide on marketing basics and the 7 Ps on the Business Queensland website, along with a step-by-step guide to marketing your business.
Here's a breakdown of the 6 steps to developing a marketing strategy.
1. Know your current situation. This involves understanding your market and knowing your businesses strengths and weaknesses.
2. Set marketing objectives, these are clear, realistic and measurable targets you'll be working towards.
3. Define your target segments. In other words, who are your customers and do you understand their current and future needs?
4. Make sure you look outward. Do a competitive analysis to understand your competitors and how you can gain a sustainable competitive advantage.
5. Define your brand positioning. This is about your business purpose, what you want to be famous for and the place you hold in customers hearts and minds.
And lastly, 6. Identify your priorities.
Thinking through the first five steps should help you to understand how you should prioritise the marketing programs you should focus on.
Again, a comprehensive toolset is available in the Marketing strategy and planning section of the Business Queensland website.
Taking the time to plan a great marketing strategy is really important. So be realistic about how much time you can invest. If you're not confident you have the time or skills, consider using a qualified consultant, freelancer or marketing agency. Check out our guide on using professional marketing services and take the interactive marketing health check, which should take five minutes to complete.
Watch the Writing a marketing strategy and plan video.
- Last reviewed: 29 Aug 2022
- Last updated: 29 Aug 2022