Financially Responsible Marketing

The First Step of Developing a Strategic Marketing Plan

Posted by on Dec 18, 2013

The first step of developing a strategic marketing plan is defining business mission and objectives.  As a marketer, you should already be aware that effective marketing strategies are essential for ultimate financial success of any small or large business. Of course, effective marketing doesn’t just happen by itself.  If you want to strengthen your marketing strategy, you must go beyond what is talked about in your business plan and focus solely on those strategies separately, in the form of a detailed and focused marketing plan.

You will find that there are many benefits to carefully planning marketing strategies for your products and brands. The written document will help your business to reach its goals by ensuring that you are reacting to trends and changes in the environment, the competition, and customers; allowing you to better create and maintain value in the eyes of customers.  You may be wondering, “Well what steps should I take in developing my marketing plan? And where do I begin?”  This month we will look at the first step in your marketing plan that is part of the planning phase.

Step one

Start by clearly defining your business mission and objectives

Before developing the rest of your marketing plan, it is important to have a crystal clear idea of WHAT you would like to accomplish. This step serves as the foundation for the marketing plan as it provides guidance during the later stages that will focus on HOW you are going to fulfill the business objectives in your marketing activities.

To determine marketing objectives, you must outline what is to be accomplished to get the business to where you want it to be.  This can include financial goals such as what sales you are aiming for, or they can be non-monetary goals that focus on enhancing value of the company’s products for its customers by creating superior quality products. Other common examples of key objectives mentioned by businesses is building a sustainable competitive advantage or creating an image of environmental responsibility.

Your mission statement is a broad description of the firm’s objectives and the scope of activities it plans to undertake. It will answer two main questions: What type of business are we, or what is our purpose? And what do we need to do to accomplish our goals and objectives?

By having a mission statement and clearly defined objectives in your marketing plan, you will be reminded at future steps in the marketing plan (such as how you will position yourself and how you will implement your marketing mix) that you always need to support and be consistent with your over all business goals to be effective.

Once your mission and objectives are defined in your marketing plan you are set to move on to step two, which requires conducting a situational analysis and doing market research to identify what opportunities and threats exist that you must respond to with your marketing strategy.  Stay tuned for step 2, completing a situational analysis, coming up in 2014.

Need support developing your business marketing plan?  Looking for new ways to set up your plans for next year?  contact us at hello@imaginisbd.com to start the conversation for your financially responsible marketing efforts.