8 Essential Components of the Strategic Marketing Plan
Strategic Marketing Planning
Strategic marketing planning refers to a continuous and ongoing procedure with the help of which an organization develops its marketing strategies and schedules about its implementations in the target market.
Marketing is a complicated and complex process and cannot be planned in a short period of time. Long term and short term view of the market is taken into account at the time of strategic market planning. There are various parameters that are considered at the time of planning according to the target market.
Following are some of the key elements of a successful strategic plan:
- Marketing Opportunities
In every business industry, there are new opportunities for you to make sales but they are to be found first. The marketing team must be involved in wide research of the buyers. It is important for them to identify emerging and existing potential customers that have a main focus on marketing efforts. This will help in determining the type of marketing efforts, the expected sales and the overall lifetime of the customers.
- Goals, Mission and Vision
Each and every action taken in favor to promote your business must reflect on the mission and vision. There are many integral parts of the business that act as the building blocks of the image of the business. The goals of every business are set with the motive of growth and expansion. It is not important to set long term goals; you can always begin with small steps.
- Analysis of the current market position
In order to find out the position of your business brand in the market, you need to review the sales and other analytics reports from the past years. These reports will show the marketing plans that worked in that period of time. To make strong marketing and business decisions, you need to measure the data rightly. This is one way of identifying the strengths and weaknesses of the business.
- Interests of the Stakeholders
There are many people; the investors and stakeholders who take a keen interest in the success of the business they have invested. The shareholders of the business i.e. customers, employees, boards, industry, targeted audience and all others involved must be taken into consideration at the time of developing a strategic marketing plan.
- Complete Description of the Target Market
It is the marketing team of your business that identifies the potential customers who need the products and services of your business. This can be done easily by conducting market and customer research as it provides the required information at the time of preparing marketing plans.
The following information must be included:
- Demands of the customers
- The demographics
- Preferences on various things
- Use of Media
Media is considered to be a critical tool in every marketing plan, as this provides an opportunity for direct communication between you and the potential customers. in this case specifically, media involves both traditional and digital media techniques. Strategic marketing has a main focus on being specific to the target audience.
- Expected Risks
Whenever capital, time and other human efforts are invested in a completely different marketing sector, there are chances that it might not yield expected results. But, with the help of strategic marketing, it becomes easier for the marketers, as the risks can be identified and further planned for. It is s fact, that no brand is complete without mishaps, but, it needs to be proactive about fixing them as early as possible.
- Budget being Allocated
All the expenditures that are to be involved in your business should be taken into account at the time of developing a plan. For this, a strict budget needs to be laid out for all the departments. Every department must be aware of the allocated budget and should work accordingly further fulfilling the needs and reaching the business objectives.