7 Steps of Marketing Strategy Process

A marketing strategy is a plan that outlines how a business will promote its products or services to its target audience. It helps a business achieve its goals, such as increasing sales, brand awareness, customer loyalty, or market share. It also helps a business differentiate itself from its competitors and create a unique value proposition for its customers.

Creating a marketing strategy can be challenging, especially in today’s dynamic and competitive environment. However, by following these 7 Steps of Marketing Strategy Process, You can create a marketing strategy that works for your business and delivers results.

Step 1: Align your marketing goals with overall company objectives

The first step in creating a marketing strategy is to align your marketing goals with your overall company objectives. This will help you ensure that your marketing efforts are aligned with your business vision and mission, and that they support your long-term growth and success.

To align your marketing goals with your company objectives, you need to:

• Review your company’s vision and mission statements, and identify the core values and purpose of your business.
• Analyze your current situation, and identify the strengths, weaknesses, opportunities, and threats (SWOT) of your business.
• Define your SMART (specific, measurable, achievable, relevant, and time-bound) goals for your business, such as increasing revenue, market share, customer satisfaction, or brand awareness.
• Break down your goals into smaller and more manageable objectives, such as generating leads, conversions, retention, referrals, or advocacy.
• Assign roles and responsibilities to your marketing team members, and communicate your expectations and deadlines clearly.

Step 2: Research the market

The second step in creating a marketing strategy is to research the market. This will help you understand the needs, preferences, behaviors, and challenges of your potential and existing customers. It will also help you identify the trends, opportunities, and threats in your industry and niche.

To research the market, you need to:

• Conduct primary research by collecting data directly from your customers or prospects through surveys, interviews, focus groups, feedback forms, or social media.
• Conduct secondary research by gathering data from existing sources such as reports, articles, blogs, podcasts, videos, or webinars.
• Analyze the data using quantitative and qualitative methods such as statistics, charts, graphs, tables, or themes.
• Segment your market into different groups based on their characteristics such as demographics (age, gender, income), psychographics (personality, values), geographic (location), or behavior (usage frequency).
• Create buyer personas for each segment by giving them names, backgrounds, goals, challenges, pain points, motivations, and preferences.

Step 3: Determine your positioning

The third step in creating a marketing strategy is to determine your positioning. This will help you define how you want your customers to perceive your brand in relation to your competitors. It will also help you communicate your unique value proposition (UVP) to your customers.

To determine your positioning, you need to:

• Identify your competitors by conducting a competitive analysis. You can use tools such as Porter’s Five Forces or SWOT analysis to evaluate their strengths and weaknesses.
• Identify your competitive advantage by finding out what makes you different from or better than your competitors. You can use tools such as value proposition canvas or unique selling proposition (USP) to articulate your value proposition.
• Craft your positioning statement by summarizing who you are targeting (segment), what you are offering (product/service), how you are delivering it (channel), why you are different (benefit), and why customers should believe you (proof).

Step 4: Select the tools

The fourth step in creating a marketing strategy is to select the tools. This will help you choose the best platforms and channels to reach your target audience and deliver your message effectively. It will also help you optimize your budget and resources for maximum impact.

To select the tools, you need to:

• Choose the right marketing mix by using the [4Ps] framework: product (what you are offering), price (how much you are charging), place (where you are selling), and promotion (how you are communicating).
• Choose the right marketing channels by using the [owned], [earned], or [paid] media model: owned media (your own platforms such as website, blog, email, or social media), earned media (other people’s platforms such as reviews, testimonials, referrals, or word-of-mouth), or paid media (paid platforms such as ads, sponsorships, or influencer marketing).
• Choose the right marketing tactics by using the [inbound] or [outbound] marketing approach: inbound marketing (attracting customers to your brand by providing valuable and relevant content), or outbound marketing (reaching out to customers with direct and interruptive messages).

Step 5: Set a budget

The fifth step in creating a marketing strategy is to set a budget. This will help you allocate your funds and resources wisely and efficiently. It will also help you measure your return on investment (ROI) and adjust your strategy accordingly.

To set a budget, you need to:

• Estimate your revenue and expenses by using historical data, industry benchmarks, or projections. You can use tools such as [break-even analysis] or [profit margin calculator] to calculate your profitability.
• Allocate your budget by using the [percentage of sales], [objective and task], or [competitive parity] method: percentage of sales (setting your budget as a fixed percentage of your expected sales), objective and task (setting your budget based on your specific objectives and tasks), or competitive parity (setting your budget based on your competitors’ spending).
• Track and monitor your budget by using tools such as [spreadsheets], [dashboards], or [software] to record and analyze your income and expenses.

Step 6: Execute your strategy

The sixth step in creating a marketing strategy is to execute your strategy. This will help you implement your plan and take action. It will also help you test and validate your assumptions and hypotheses.

To execute your strategy, you need to:

• Create a marketing calendar by using tools such as [Google Calendar], [Trello], or [Asana] to schedule and organize your marketing activities and tasks.
• Create a content plan by using tools such as [Google Docs], [Evernote], or [WordPress] to create and publish your content for different platforms and channels.
• Create a campaign plan by using tools such as [Mailchimp], [HubSpot], or [Hootsuite] to create and launch your campaigns for different platforms and channels.

Step 7: Review and update

The seventh and final step in creating a marketing strategy is to review and update. This will help you evaluate your performance and results. It will also help you learn from your successes and failures, and improve your strategy over time.

To review and update, you need to:

• Measure your results by using tools such as [Google Analytics], [Facebook Insights], or [SEMrush] to track and analyze your key performance indicators (KPIs) such as traffic, conversions, retention, revenue, or ROI.
• Report your results by using tools such as [PowerPoint], [Canva], or [Tableau] to create and present your reports for different stakeholders such as management, team members, or clients.
• Optimize your results by using tools such as Google Optimize, Hotjar, or Optimize to conduct experiments and tests such as A/B testing, multivariate testing, or heatmaps to optimize your website, content, or campaigns.

Conclusion of 7 Steps of Marketing Strategy Process

Creating a marketing strategy is not a one-time event, but an ongoing process that requires constant research, planning, execution, evaluation, and improvement. By following these 7 Steps of Marketing Strategy Process, you can create a marketing strategy that works for your business and delivers results.

FAQs

Q: What is a marketing strategy ?

A: A marketing strategy is a plan that outlines how a business will promote its products or services to its target audience.

Q: Why is a marketing strategy important ? 

A: A marketing strategy is important because it helps a business achieve its goals, differentiate itself from its competitors, and create a unique value proposition for its customers.

Q: How do I create a 7 Steps of Marketing Strategy Process ?

A: You can create a marketing strategy by following these 7 steps:

1.Align your marketing goals with overall company objectives

2.Research the market

3.Determine your positioning

4.Select the tools

5.Set a budget

6.Execute your strategy

7.Review and update