Creating an effective marketing strategy
YOUR GAME PLAN
A marketing strategy in 6 steps!
In corporate and entrepreneurial circles, the word ‘strategy’ is overused but very rarely explained. Many of us can get stuck wondering what exactly constitutes a strategy, how to go about creating one and what it should include.
It's my belief that every business that invests in marketing ought to have the outline of a strategy that can be referred back to - an anchor to guide decision-making - that encompasses the big-picture thinking that's required to grow a retail brand or small business.
This is something that I've been helping clients to think about over the past few months and it really is the best part of my job!
I'm going to go through this, step by step, and prompt you to think about the decisions that you may need to make for your business when planning for growth. It really does come down to understanding the market and answering a few key questions!
STEP 1: ANALYSE THE MARKET
MARKET RESEARCH:
Who’s buying in your market?
How can we group them?
Who are the customer groups (or segments, if we’re getting posh) that make up your market?
For home improvement retailing, the customer groups broadly fall into Homeowners, Trade and Contract customers. There are important sub-groups within these segments too.
Who are the current players, both on a national and on a local level? Why do people buy from them? What is their ‘value proposition’?
STEP 2: BE CLEAR ABOUT WHO YOU ARE TARGETING
TARGETING:
Which of these groups does it feel right to target & what is it about your business that you want to be known for?
From the above analysis, which of these groups does it feel right to target?
Ask yourself: What is it about your business that means you have an advantage with this group, against the solutions already available to them?
It probably makes sense to narrow this as much as you can, while still having a broad enough group to meet your goals.
STEP 3: THINK ABOUT YOUR POSITIONING
POSITIONING:
Stand for something..
Which USPs will resonate with your target audience?
How do you want your chosen groups to feel about you?
What can you offer that others cannot? It doesn't have to be completely unique but the best brands always stand for something.
What’s your elevator pitch and is it a compelling enough message for your salespeople or marketers?
STEP 4: GET CLEAR ON YOUR MARKETING GOALS
YOUR MARKETING GOALS:
Be specific…
Different marketing activities do different jobs.
What’s your ambition for the business and what exactly are you trying to achieve with your marketing efforts?
Different activities do different jobs. Do you need to raise awareness? Or does it make sense to focus efforts on converting the customers that are already aware of you?
You may have multiple objectives running simultaneously.
Note: If the answer is simply ‘more leads’ or ‘more sales’, you’re likely going to run into some trouble! Your budget will play a big part in what you decide to do here.
STEP 5: CREATE YOUR TACTICAL PLAN
THE TACTICS:
Now for the ‘how’..
What’s the best way to reach people with your messages?
OK, so now you’re clear on who you’re talking to and why you’re different. Now it’s a question of ‘how’ are you going reach them with your message?
Which USPs are you going to really focus on? Your product range? Your prices/offers? The knowledge of you and your team. Are you going to do something different or show up somewhere different to capture attention that others are not?
If the answer is all of the above, again, you might struggle to get cut through with your target customer.
This stuff is often called the ‘Five P’s’ of marketing. Often, people make the mistake of thinking about these things before they're clear on their targeting & positioning.
STEP 6: DEVELOP YOUR CAMPAIGNS
CAMPAIGNS:
Where are you going to advertise and what will you spend?
Which messages will be used where?
When you have this worked out, you can then start thinking about where you advertise and what exactly what you’re going to say.
This is the time to start thinking about Google, Meta, Print, Business Development etc etc.
You will also be able to set your budgets, in line with the goals laid out in Step 4. Here, you may need to circle back a few times to create a strategy that you can afford to execute. It’s also important to ensure each campaign is aligned with a goal, so you can effectively measure it’s success.
Ambitions must also be aligned with the realities of cash flow & profitability.
Then, my friend, you have yourself a marketing strategy!
If you’d like some help developing or reviewing your strategy, get in touch!
