What makes a great marketing strategy?
At Motherlode we believe it starts with understanding your customer.
What are their problems? How can you solve them better than anyone else? What are they willing to pay for having their problems solved? These are the fundamental questions that every business needs to be able to answer conclusively before their marketing strategy can truly work well. Understanding your customer involves conducting some market research – talking to your existing customers, talking to your prospects, and talking to lost customers. This is a function we can perform for our clients – they will often tell a third party things they won’t tell you directly.
How do we write a marketing strategy?
Before we even begin the strategy, we highly recommend running one of our one-day marketing review workshops with the senior staff of your business to help us get a fast and deep understanding of your business.
The first step in producing a marketing strategy is to do some primary research. We can’t recommend tactics until we know where you are right now. To achieve this, we spend a serious amount of time researching the following:
- Industry Analysis – We examine the trends affecting your industry.
- Sales Analysis – We look at your sales history and compare it to industry trends.
- Competitive Analysis – We analyse your competitors and their marketing.
- Customer Analysis – If possible, we interview a range of your customers so we can better understand what they like and dislike about you and your competitors.
- SWOT Analysis – We analyse your strengths and weaknesses to determine where your Unique Value Proposition might be found.
- Analysis of your past Marketing Activities – We look at what you’ve been doing (online and offline) and look for ways to improve.
Once the research has been completed, we write the first draft of the strategy.
This has several sections, including:
- Brand Values – We map out what we think your brand values are and how to best articulate those to the customers.
- Targeting Strategy – How to align your UVP with the right customers.
- Positioning Strategy – How to position your brand against the competition.
- Branding & Logo – Recommendations on how to strengthen your brand in the market.
- Marketing Programs – An evaluation of the complete set of marketing channels (online and offline) and how to leverage them.
- Implementation Plan – A project plan and Gantt chart for 4 x quarterly campaigns, broken down to a task level and with accompanying recommended budget.
- Performance Evaluation & Monitoring – Tactics to measure the performance of the campaigns.
Our strategies usually run somewhere between 60 – 100 pages. Ninety percent of the document is customised to your business (ie they aren’t cut & paste). Here’s one we did recently.
3. REVIEW / FINAL DRAFT
Once we deliver the first draft of the marketing strategy, we expect to get feedback from you about any aspects you think are not going to work for your brand, industry or clients. We will then integrate that feedback into a second and final draft of the strategy.
After the strategy has been finalised, we will work with you to determine which aspects of it you can handle in-house and which need our assistance.
We will then provide a plan for how we will project manage the execution of the strategy on your behalf and create a budget for your approval.