Marketing: Defining your marketing strategy and writing a plan

Marketing: Defining your marketing strategy and writing a plan

Marketing is about getting the right product or service to the customer at the right price, in the right place, at the right time. With so many channels available today and some tried and tested marketing tactics not delivering what they used to it's important to keep your marketing fresh and up-to-date.

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Communication is key in marketing but first you need to know what motivates and satisfies the needs of your customers today. Insight, understanding and research all play a part but with the ever changing economy new and innovative ways of marketing are sought and seen on a daily basis.

The Chartered Institute of Marketing's definition states that “marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.”

Marketing is about many things, but above all else it is about commitment. It's not something you do for a few days and forget about. As long as you are in business, you are in marketing. Every person in your organisation has a role to play in marketing keeping their eyes and ears open for new ideas and ways to communicate.

What is the difference between marketing and selling?

Marketing is the process of attracting attention, raising the interest of your target market, and influencing their decision-making process. It is the tool that educates and prepares your prospects and then compels them to respond. Your marketing gives your sales team the opportunity to close sales rather than chasing them down.

What does marketing include?
Marketing includes identifying unmet needs; producing products and services to meet those needs: and pricing, distributing, and promoting those products and services to produce a profit.

How can I double the effectiveness of my marketing?

Once you have launched your marketing strategies and tactics, you must keep track of what is working and what is not working. Simply knowing can double the effectiveness of your marketing budget – eliminate the tactics that are not working, and optimise the tactics that do work.

Why do I need a marketing plan?

A marketing plan saves you time and money. Without a plan, it is difficult to know which activity to do and when. It saves you time and keeps you focused. It saves you money because you have identified your target market and strategy, and following the plan, you will engage in the right activities to accomplish your goals.

How much should I budget?

As rule of thumb, 10% of your turnover figure will give you a starting point for your budget.

Where to start

Our clients would recommend that you consider one of Peek's strategic marketing workshops for your business. They are fun, productive and highly effective.