Five steps to developing a marketing strategy for any industry

Marketing strategy for any industry

Developing a communication and marketing strategy is one of the best ways for businesses to create a vision and direction for the whole organisation for the next 12 months. A well-crafted marketing strategy will provide a plan of action that will help you reach your target audience and enhance your corporate profile. It also allows you to map out your activities and identify what your business can leverage for both its external and internal stakeholders to achieve specific goals and objectives. But perhaps most importantly, it provides a key opportunity for your business to identify gaps in its plan and how it can overcome any issues. So how do you get started?

Step 1 – Vision

Your vision should outline your future plan for the business and clearly state what your overall goals for the business are.

Step 2 – Objectives

What are your short and long-term objectives for achieving your vision? Goals should not be too general or vague, it’s important that they are clear, precise and measurable.

Step 3 – Stakeholders

Identifying who your target audience is will be critical to the success of the strategy.

What are the demographics of your target market? What age are they, what do they do in their spare time and what channels do they prefer to communicate through? Do they live in a metropolitan area or do they live in a regional area?

Step 4 – Activities

Once you have determined your goals and objectives, as well as your target audience, you will need to give some consideration to the type of tactics you may want to implement.

Step 5 – Budget

Do you have a budget for advertising or marketing activities or would you prefer to target your audience through earned media? Are you more comfortable with targeting your audience through traditional public relations such as press releases and press conferences or have you considered social media as a tool to promote your product or message? What is the timeframe that you need to implement the tactics for your strategy?

Developing any business strategy takes time, research and preparation. Providing your team with a clear and considered brief taking into account your vision, objectives, stakeholders and activities, will ensure your strategy has a strong foundation for success.

Need help? 

Phillips Group can help support your team in creating a tailored marketing strategy for your company. If you required support contact Managing Director Stephanie Paul.

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