How to Create a Marketing Strategy
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A workshop that looks at the key elements of developing a marketing strategy: goals, target audiences, stories, channels, budgeting, measurement, and optimization. It's a look at how to creating a marketing plan for success.
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How to Create a Marketing Strategy
- 1. STRATEGY: CREATING A ROADMAP FOR MARKETING SUCCESS
- 2. “Plans are useless, but planning is indispensible.” - Dwight Eisenhower
- 3. This is how many fast- growing companies do marketing
- 6. ROCKETSHIPS: SALES OUTSTRIP MARKETING
- 7. FULL STEAM AHEAD LET’S MAKE MARKETING HAPPEN NOW
- 9. WHAT’S YOUR STRATEGIC PLAN? (DOES IT LIVE ANYWHERE?)
- 11. IT’S A ROADMAP
- 12. WHAT
- 13. WHEN
- 14. WHO
- 17. MARKETING STRATEGY CIRCLE 02 05 01 04 03 06 07 Measure/Optimize Measure how marketing is performing against KPIs and benchmarks. Then, optimize to improve results. Tactical Plan Develop a tactical implementation plan for who does what, when and how, as well as tools, processes and best practices. Channels Identify and focus on the most effective channels to engage, educate and entertain customers. Your Story Create positioning statements, value propositions, boilerplates, elevator pitches, vision and missions statements to share your story. Goals Clearly articulate what you want to achieve, how and when. How much of a commitment will it take: time, money, people? Target Audiences Focus on who matters to you. Create buyer personas to get insight about your customers: their needs, problems and buying behaviour. Competitive Landscape Do a situation analysis to assess how your brand/product is performing. Do a competitive audit to assess rivals’ strengths and weaknesses.
- 19. S.M.A.R.T MARKETING Time-bound Create a timeline for each marketing project, including status updates. Realistic Be pragmatic about what your team can achieve based on resources, time and people. Specific Be clear about what type of marketing that you are doing. Measurable Be sure your goals can be tracked goals. Apply quantitative and qualitative attributes. Achievable Your goals are possible, not based on aspirations. 05 01 02 03 04
- 20. What Are Your Three Biggest Goals
- 25. BUYER PERSONAS
- 26. A semi-fictional representation of your ideal customer based on market research and real data about your existing customers.
- 27. A buyer persona includes in-depth details
- 28. ….or it can be less formal like these ones by MailChimp
- 32. A framework that acknowledges a buyer’s progression through a research and decision process that ultimately (hopefully!) ends with a purchase.
- 33. KEY QUESTIONS 1. How do customers make buying decisions? 2. What are their competitive options? 3. How do they research and get information? 4. Who’s involved in the decision-making process? 5. How long does it take to make a purchase?
- 35. WHERE DO YOU STAND? (SITUATION ANALYSIS)
- 39. THE COMPETITION
- 40. Who are your biggest competitors?
- 43. YOUR STORY
- 44. word stories (A mini-company description)
- 48. It’s how people meet.
- 53. BE IN THE RIGHT PLACES (FOR YOU)
- 55. List all your marketing activities
- 57. PRIORITIZE After ranking marketing channels, split them into three buckets: now, soon and later to determine next moves. LIST Write down all the marketing channels and activities that could be used to engage target audiences, regardless of their potential. RANK Rank all your marketing channels based on required resources, costs and expected success/ROI. 0203 01 LIST, RANK, PRIORITIZE FRAMEWORK
- 62. Case studies Social media Blogs eBooks White papers Conferences Webinars Direct mail SOON (3 to 9 months) ( 9 months to never) LATER
- 64. Reality Check Can you tactically execute? Do you have the right people? Do you have a large enough budget? Do you have a marketing champion?
- 65. TACTICS How will your strategy be implemented? Goals Sales
- 66. BUDGETING
- 67. Marketing Expenses Direct selling costs Advertising Sales promotion (print, direct mail, electronic) PR/media outreach Marketing administration Indirect costs (training, subscriptions)
- 69. EXERCISE Create a mock budget
- 72. Key Metrics Content marketing: downloads/views, # of prospects, opportunities or deals Website: conversation rates, leads generated, content traffic, visitors, sales SEM/PPC: # of leads, cost/lead, cost/click, sales Social media: leads, followers, engagement rate, referrals Email marketing: # of subscribers, open rate, click- through rate, # of clicks
- 75. But wait, there’s more……. Story Spark video course: www.growevenfaster.com Coaching: www.markevans.ca/marketing-coaching Story Spark (the book): www.subscribepage.com/storysparkthebook
Editor's Notes
- No marketing strategy is a road to nowhere. It wastes time, money and resources because there’s no guarantee what you’re doing is relevant or right. It puts the cart before the horse.
- No marketing strategy is a road to nowhere. It wastes time, money and resources because there’s no guarantee what you’re doing is relevant or right. It puts the cart before the horse.
- These products are so compelling and meet an obvious need, they have hit the product-market fit jackpot.
- A discussion around whether people in the room have strategic marketing plans. Do you have one? If not, why not? If you do, where does it live? How often is it updated?
- What you’re going to do Who’s going to do it When it’s going to happen How much will it cost Goals?
- What you’re going to do Who’s going to do it When it’s going to happen How much will it cost Goals?
- What you’re going to do Who’s going to do it When it’s going to happen How much will it cost Goals?
- What you’re going to do Who’s going to do it When it’s going to happen How much will it cost Goals?
- Make sure everyone on your team is onboard.
- Walk around the wheel to the place where you’re the most confident – the places where you’re doing well. Why are you confident about being here? What are doing you doing right? Now, walk around the wheel to the place where you’re least confident? Why are unconfident?
- One primary, two secondary
- One to two core goals, three to five supporting goals Sales dollars Units sold Market share Mix of products or services ROI on advertising expenditures Awareness Public relations placements Number of new accounts/relationships Share of customer's business Sales conversion rates
- What problem are you solving? What is your customer thinking of how the problem is being solved? How do other (competitors) say this problem is being solved? How do you – the hero - believe this problem is being solved?
- Tools: Persona App HubSpot
- Awareness, consideration, decision
- THE FACTS – SWOT Internal: how well is your product meeting the needs of customers? How are you getting your product to market? External: What external factors do you need to take into consideration – trends, new technologies, economic? Who are your biggest competitors?
- A simple framework to analyze your company’s strengths and weaknesses, opportunities and threats. Helps you focus on your strengths, minimize threats and take advantage of opportunities. Strengths: things you do well, things under your control: product, people, brand, network, advantages over rivals, R&D Weaknesses: [internal] things preventing your from performing at an optimal level: lack of technologies, lack of capital, poor location, things you lack Opportunities: economic/competitive conditions, marketing growth Threats: competition, regulation, supply prices, shifts in consumer behaviour, new technology Goal: take advantage of your strengths and opportunities that you can capitalize on, while minimizing weaknesses.
- Direct, indirect, new and emerging
- Select a competitor. Do a SWOT analysis on them.
- The Pareto Rules – 20% of the work generates 80% of the results.
- List all your marketing activities Then, rank how well you’re doing. Be honest! How could you improve Compare with the group. Ask people doing well why they’re doing well. Ask people why they are struggling.