What are the steps to develop a Strategic Marketing Plan?
Rapid change, escalating overhead costs, slower growth, fierce competition, new technological advances and a highly competitive global economy comprise the business environment today. Having a Strategic Marketing Plan to Improve Market Penetration and Increase Market Share is a must in order to survive.
My methodology to create a Strategic Marketing Plan has evolved through 25 years of analyzing niche market segments for clients in manufacturing of raw materials, components, ingredients, capital equipment, and fabrication and finished products, but applies to any B-to-B business.
The development of the Plan involves input from all management areas, and focuses on six categories and fourteen steps. The categories to help you implement a program for your sales and marketing team are;
1. Observation
2. Objectives
3. Rank
4. Strategy
5. Tasks
6. Evaluation
These are described further here.
Also, as part of Observation reported in “Elements of the Situational Analysis,” by Alex Margarit.
Identifying Objectives and Ranking them requires reviewing any current marketing plan, sales process, and market segments to identify opportunities or problems. This process focuses upon the unique sales and marketing system within a particular company. Read more here on the fourteen steps.
Once your Objectives are identified and prioritized, it is helpful to outline a Market Segmentation Plan to aid in strategizing next steps and gain acceptance from Sales and Management. The outline may include your niche market segments, priority, focus, objective(s), and a method of measuring success, timing, product applications, trade shows, dates, and locations.
The chart on this page from Dummies.com, titled, “Set Business Marketing Goals and Objectives,” is also a helpful way to look at the process.
Moreover, companies have had to substantially increase the number of products they have to offer. The diversification of product lines has created a larger number of potential customers that need to be reached in an economical way. Market research is also an important component of developing objectives and defining strategies. This is described here.
You are now ready for creating a pilot or test program to provide niche market feedback and to refine your objectives to customize a specific sales and marketing strategy. This becomes essential to maintain a robust prospect pipeline flowing.
A customized Strategic Marketing Plan provides a path to leverage your Customer Relationships, product development, staff training, competitive advantages, and distribution channels to increase revenue, and to maintain a pulse on prospects and customers.
More details in future articles on twenty-two applications of Telemarketing in industrial selling, speaking and listening training techniques, and the integration of Social Media and Prospecting.