Friday, March 24

5 Steps Of Marketing Strategy Process

A marketing strategy process is a series of steps that helps you identify your audience and reach your targeted goals. First, you discover what your customer wants and then develop those products according to their needs. A Good marketing strategy plays a vital role in healthy cash flow and a company’s rapid growth. 

Strategic marketing planning

Before eCommerce development, setting specific objectives and goals, analyzing your business’s external and internal factors, product planning, brand policy, implementation, and how to track your progress is the successful marketing planning that every growing business in the world chase. If you want successful strategic marketing steps, then here is the list to follow.

Mission & objective

The very first step is to identify and understand what the mission of a company is. This mission statement should be written or promoted in the whole organization. It is a core message that explains why your company is in business and how it benefits customers. This statement inspires and motivates staff and consumers also. This is the first and most crucial step; otherwise, your marketing strategy cannot work well without knowing the mission and objective of your business.

Analyze situation

The second step is you should evaluate your business’s external and internal factors, strengths, and weaknesses. It helps to understand better your strong points and what challenges you face. Situation analysis gives a clear picture of the health of your business. An excellent situational analysis also includes weaknesses, strengths, opportunities, and threats. The major questions that arise when we do the analysis are 

  • What are our competitive advantages?
  • How do we get better?
  • Whether we take advantage of new market trends?
  • What are the hurdles that stop us from growing?

Comprehensive marketing plan

After the complete analysis, you will identify your opportunities. Now point out what your priority is and which step you are going to pursue. Write a comprehensive marketing plan with specifications of your targeted customer and how to reach them. For a valuable marketing plan, follow the steps that are described below.

  1. Define your target audience by splitting them into segments according to their behavior, characteristics, and demographics. Your ultimate goal is to identify the right target audience for your product.
  2. Measurement is the key to success in marketing. Set your measurement goals to specify how much growth you want in sales number and whether it meets the target of the timeframe you selected.
  3. Now it’s time to implement what you have planned. Your budget is the outline of how you implement your marketing plan. Keep in mind advertising, content, branding, staff, and public relations while working on your budget strategy.

Focus on marketing mix decision

Your marketing mix decision includes 4PS of marketing product, price, promotion, and place. These 4 points guide how to convey your product’s values to your consumer, position your product, and keep its competitive advantages in mind. A clear idea of what product you are marketing, convenience strategy, and quality. It also gives an idea of who will likely buy a product or service.

Implementation

Execute your plan and launch your first campaign. It is time you reach your customer and inform them about your product and services. After implementation, the process never stops. In order to get permanent success, you have to evaluate and measure your strategic planning permanently because the strategic marketing process is dynamic.

Conclusion

I hope this article related to the five important marketing strategy steps will help you make your business successful. Hire a digital marketing agency like Magic Logix if you want the best professional approach and fault-free work.