Marketers have a tendency to focus on immediate tactical needs to the detriment of long term, high value strategic market planning. Its always disappointing when we are approached by clients when they decide to skip the strategic marketing phase of a project. In order to keep costs down and speed a project along, they always assume they “know their market and customers”. They believe what is missing is one piece of key evidence to prove their assumptions about the release of a new product. This is rarely true. So if you are thinking about skipping strategy development, please read on and understand the importance of market strategy.
Formulating a Marketing and Go-to-Market Strategy
Not every potential customer will have the same needs, seek the same product, features and benefits, or be influenced in the same way by the same marketing message. Strategic planning identifies what market segments will respond differently to products, services and marketing messages.
When developing Marketing Strategy, Ask the three top development questions
- What markets should you be in?
- What markets should you enter? and just as importantly,
- When should you exit?
Should you engage in:
- Market Expansion
- Growing Market Share
- Niche Markets
- Market Status Quo
- Exit a Market
What does Formulating a Marketing Strategy Require?
Exploring and analyzing opportunities and threats from your external environment.
- Identifying you capabilities and in order to determine your value proposition and how well you will deliver.
- Discovering and analysis of the motivations and behaviors of present and potential customers.
- Predicting the impact of trends in all of your markets.
Marketing Strategy Success
Marketing strategies are dynamic and interactive. They are planned and partially unplanned. As demand and competitive conditions change marketing strategy should be adjusted.
A major factor in the success or failure of a strategy is whether it fits the realities of the external environment. Remember the purpose of strategy is to stay competitive to view your products, services, messaging relative to the competition in order to plan your marketing tactics and win customers.