Strategic marketing planning – the key to making marketing really work

Strategic marketing planning is vital for small and midsize businesses (SMBs) to achieve desirable and sustainable growth that you, as the owner, operator, President or CEO, controls. It involves creating a roadmap to achieve business goals by aligning marketing efforts with organizational and business goals and objectives.  It  ensures that you consider the numerous options that you have available and ensures that you make well-educated decisions to guarantee success.

This article combines both strategic insights and actionable steps that will enable you to get started very quickly.

In a changing world, which is really our current reality, none of these steps should be seen as a waste of time.  There is no simple quick-fix – just apply these ideas in a disciplined fashion and you will reap the rewards that you have set forth as deliverables.

Truly get to Understand Your Market

SMBs must conduct thorough market research to identify target audiences, understand customer needs, and analyze competitors. This includes creating detailed customer personas and pinpointing gaps in the market that your business can fill.

Action Step: Use tools like Google Analytics or customer surveys/market data to gather data on your target audience. Identify their preferences, pain points, and buying behaviors.

Implementation Tip: Segment your audience into groups based on shared characteristics to tailor your marketing efforts effectively.

Set Clear Objectives

Define SMART and measurable goals, such as increasing sales by a specific percentage or expanding into new markets. These objectives should be realistic and aligned with your overall business strategy.

Action Step: SMART = Specific, Measurable, Achievable, Relevant, and Time-bound (SMART) objectives. For example, aim to increase website traffic by 20% in six months.

Implementation Tip: Break down these goals into smaller milestones and assign responsibilities, and timelines to responsible team members. You must hold them accountable to deliverables once they have been agreed with your team members.

Revisit or Create a Unique Value Proposition (UVP)

A strong UVP differentiates your business from competitors. It communicates the unique benefits your products or services offer, addressing customer pain points effectively. Remember you should never be the same as your competition because the only differentiator then is price, and competing on that alone is a lose-lose strategy for all participants.

Action Step: Really look for a few things that make you unique but relevant to your customers. Know your competitors so that you can compare and identify what makes you stronger than them. Turn that into a clear and compelling UVP that highlights what sets your business apart. For instance, emphasize faster delivery or superior customer service.

Implementation Tip: Test your UVP with a focus group or through A/B testing on your website. Perhaps even test it 1:1 with a handful of your best customers and see if it will encourage them to buy more from you.

Choose the Right Marketing Channels

SMBs should focus on channels that provide the best return on investment. Digital platforms like social media, email marketing, and search engine optimization (SEO) are cost-effective ways to reach and engage customers, but they are not the only channels you should consider. However, be open-minded and look for ways that not everyone is using – this is one way to set yourself apart from your competitors.

Action Step: Select channels that align with your audience’s preferences, such as social media, email marketing, or local events. Remember, online is not the only way to market, so if trade shows is an option, try that instead, or find wholesaler channels as another option.

Implementation Tip: Use scheduling tools like Hootsuite or Buffer to maintain a consistent posting schedule on social media.

Budget Wisely

Allocate resources strategically, ensuring that every dollar spent contributes to achieving your marketing goals. SMBs often dedicate 5-10% of their revenue to marketing activities.

Action Step: Allocate a percentage of your revenue (typically 5-10%) to marketing activities. Prioritize high-ROI channels.

Implementation Tip: Track expenses closely using tools like QuickBooks to ensure you stay within budget.

Measure Success Closely

Use key performance indicators (KPIs) to track the effectiveness of your marketing efforts. Regularly analyze data to refine strategies and improve outcomes.

Action Step: Use analytics tools to measure the performance of your campaigns against KPIs like conversion rates or customer acquisition costs.

Implementation Tip: Regularly review data (monthly, at least) and adjust strategies to improve outcomes.

Team Collaboration and Training

A team approach is always best, so make sure you engage your team and ensure buy-in very early on. Without them, you cannot possibly succeed.

Action Step: Conduct regular team meetings to align on goals and progress.

Implementation Tip: Provide training on new tools or techniques to enhance your team’s capabilities.

Strategic Marketing Planning  Conclusion

By integrating these practical steps into your strategic marketing plan, SMBs can effectively bridge the gap between planning and execution, ensuring measurable success and adaptability in a dynamic market.

Remember, the business environment is dynamic, so SMBs must stay agile. Monitor industry trends and customer preferences to adjust your strategic marketing plan as needed. The key is not the size of your budget but the effectiveness of your strategy.

Finally, ask for help from a professional if you are unsure about this process.  To get help, just complete the form on this page and we’ll reach out to have a no-strings attached discussion.