Marketing tips and tricks: Formulating your marketing strategy
Last week we talked about setting your marketing objectives in other words the ‘Why’. Today we’re going to have a quick fly through formulating your marketing strategy.
Strategy is really the plan, the ‘What’, ‘Where’, ‘When’ and ‘How’ you are going to achieve your objectives. Let’s use the example of the printer from last week.
What = I’m going to target the top 5 printer resellers to promote my product, I need to offer them an incentive for example 10% commission for every individual sale or 30% for a trade sale.
When = I need the sales to start from 6th April 2013, so I need to get the programme running, resellers on board and trained, brochures and flyers distributed etc by February/March.
Where = I want an even geographical spread so my top resellers cover 5 different regions ie South West, South East, London, Midlands and North of England. Should I offer the printer for sale direct from my website too or is my site more information based?
How = How do I select the top 5 resellers? If I choose by sales generated what happens if they are all in the same region? If I choose by region what happens if I have resellers who all generate about the same amount of sales? How do I generate the materials – do I have all the info I need? Should I outsource the design or use an internal team?
Why don’t you think about your product or service and map out your ‘What’, ‘Where’, ‘When’ and ‘How’?
Now you have your marketing objective and marketing strategy in place – what come’s next?
Well it’s back to our friends the 4 or 7 P’s but this time armed with your plan and ready for action!