How Do You Create an Effective Strategic Marketing Plan?

Did you know that a strategic marketing plan is one of the most crucial factors in the success of a marketing campaign?

Strategic marketing significantly contributes to the success of an organisation by setting the tone for all marketing strategies that are employed in the firm.  One of the most important factors in an organisation achieving its set goals is creating an effective strategic marketing plan. So, what is a strategic marketing plan, and why is it so important for business success? Let’s find out!

What is Strategic Marketing Planning?

Strategic marketing planning refers to the process of devising long-term marketing strategies and outlining a roadmap to achieve them. It requires analysing and understanding the market and an organisation’s target audience to position a brand, product or service competitively. It is essential to align marketing strategies with overall business objectives to ensure long-term growth and success.

Check out these strategic marketing examples from some of the world’s biggest brands, like Coca-Cola and Sony, here.

Purpose of Strategic Marketing Planning

The purpose and importance of strategic marketing planning is to align marketing efforts with an organisation’s goals and objectives. An effective and focused strategic marketing plan helps organisations identify target markets and understand the needs of their customers to gain a competitive edge in the market.

A strategic marketing plan also ensures resources are allocated efficiently and the work processes are productive. It is important that a strategic marketing plan provides direction and clarity through clear and measurable objectives which can be adapted in line with market changes.

How to Write a Strategic Marketing Plan:

• Analyse the current company situation: A number of factors contribute to designing a strategic marketing process and it is therefore essential that you execute a situation analysis. During this analysis, you must consider parameters such as the strengths and weaknesses of an organisation and potential opportunities available in the market for your genre of product. You will need in-depth knowledge about your product and what your competitors in the same domain are offering. This will help you get a vivid idea of where your company stands in the market and where you need to make amendments to suit market demands. You can also identify and exploit external opportunities that have a high potential for product promotion and increased profits.
• Identify and define the target market: Use demographics, such as age, sex, geographic location and earnings, to define your target audience. Consider conducting surveys about your target audience’s lifestyles, preferences and personalities to understand their mindset. It is also helpful to try to understand their inclination towards the type of product or service you are offering. This process, however, is different for B2B (business-to-business) marketers who will need to concentrate on a different set of characteristics, such as the type of business, size and age group of people working at the firm, as well as their geographical location. This is an important step in the process of creating effective marketing strategies as it will act as a point of reference when you devise plans for public relations and media campaigns.
• Define your marketing goals: Without clearly defined marketing goals, marketing strategies become less effective. Marketing goals are essential as they can be used as the parameter to judge a business plan’s success. Set goals along with a timeline to achieve them will help you track the business’ progress efficiently. These goals can be short-term or long-term, but you should always ensure that they are realistic and specific. This helps in measuring the effectiveness of your strategic plan better.
• Deciding the marketing approach: The marketing approach you employ must be in accordance with the market standards, audience and available resources. This step is critical in order to create an effective strategic marketing plan. The marketing approach is based on two types of people within the target audience – those who are unaware of the product but are likely to be interested (potential customers) and those who are aware of the product or are existing customers. To reach potential customers, marketing techniques such as advertising campaigns, email marketing, newspaper ads and media campaigns are employed. When trying to retain existing customers, you can employ techniques such as loyalty programmes, special offers or discounts and customer appreciation events. You should ensure you have an overview of the marketing strategies you plan to implement and then subsequently define each technique in detail and list the marketing tactics to be used, in order to execute them effectively.
• Develop a unique value proposition (UVP): An organisation’s UVP communicates what sets its brand, product or service apart from competitors. A UVP should highlight the benefits and value a brand offers its customers and ensure consistency in how a brand is perceived across channels, strengthening its position in the market.
• Identify the right marketing channels and smart tactics: Choosing suitable marketing channels, including social media, email and paid advertising, is key to reaching a target audience. Each channel has its strengths, and some brands are more aligned to some than others. It is also important to use data-driven tactics that align with your goals to maximise reach, engagement and ROI.
• Set the budget: A marketing plan will not be effective without the backing of a set budget. When devising a budget plan, keep in mind that marketing is essential for your business’ growth. Therefore, budget management is an important aspect of the implementation of marketing strategies. You may encounter issues when setting the budget such as a lack of capital but you can overcome these challenges by returning to the budgeting plan and adjusting costs on the basis of priority and efficiency of the marketing tactic.
• Strategy Implementation: Once the planning has been completed, it’s time to implement and execute the strategic marketing plan. This involves assigning roles to the teams, setting realistic deadlines, allocating resources and ensuring the team is aligned with the objectives. Implementing a strategy requires regular monitoring, flexibility and effective communication to ensure success.
• Track and measure performance: Monitoring the performance of your marketing efforts is crucial to understanding what needs improvement or adjusting. Using key performance indicators (KPIs) such as engagement, conversion rates and ROI helps the team evaluate success. Regularly analysing these metrics helps the decision-making process and ensures the strategic marketing plan is aligned with the overall business objectives.
• Evaluate and optimise the strategic marketing plan: Regular evaluation is key to ensuring the strategic marketing plan stays relevant and effective. It is important to evaluate performance against the organisation’s goals to identify areas for improvement. The insights gained can be used to adjust your tactics, reallocate resources and enhance the strategic marketing plan for better results and long-term success.

Benefits of Strategic Marketing Planning:

Strategic marketing plays a crucial role in an organisation, as it contributes to the overall success of a firm. Let’s find out why strategic marketing holds such high significance in the business world.

• Strategic planning ensures you are prepared for challenges and risks before they arise, which gives you an advantage over competitors. A solid marketing plan allows you to predict future trends and prepare for unfavourable situations. Importantly, you can also modify your strategic marketing plans based on the constantly changing market trends.
• Having a marketing business plan gives an overall direction to your organisation. Defining marketing goals is an integral part of a marketing plan, and it can help firms carve out the path to achieving goals with effective decision making.
• Effective planning helps to bridge the gap between a company’s functions and predetermined goals, thus contributing to the overall efficiency of an organisation. It also helps companies present their operational activities in a comprehensible manner.

How to Become a Strategic Marketer:

Before starting your career in strategic marketing, it is highly recommended that you obtain a bachelor’s degree in the subject first. A master’s degree in strategic marketing will further ensure you stand out to employers. To become a successful strategic marketer, you must have a fundamental understanding of the following areas:

• Strategic development
• Market research
• Revenue growth
• Product development
• Competitive analysis

Study Strategic Marketing at BSBI!

More and more universities have recognised the increasing demand for strategic management professionals and are offering courses in this field. The Berlin School of Business and Innovation (BSBI) offers an MA in Strategic Marketing programme that focuses on key marketing topics and the practical implementation of theoretical knowledge