Writing a Marketing Strategy

A marketing strategy or plan is a document created by a company usually on an annual basis. It explores the successes and failures of that company and its plans for the year ahead. This document is not just about the typical marketing elements such as advertising, promotion and public relations. It’s about everything that makes the company what it is or what it hopes to become. Along with the marketing elements it includes research, company culture, competitor facts, sales and company finances and budgets.

As part of a marketing strategy, the company is required to decide on future objectives and can do this by conducting an analysis of all the factors mentioned above. This strategy will allow a company to have a focus. They will have accurate objectives, a plan to achieve them and a set budget to work with. This will increase the company’s chances of a successful business year.

SWOT Analysis

The word SWOT stands for Strengths, Weaknesses, Opportunities, and Threats

A SWOT analysis is one kind of research technique that can be used to explore your company, your market and your competitors, all of which are important to understand before deciding on the objectives. The word SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.

Strengths and weaknesses are internal factors. This part of the SWOT analysis focuses on the company itself. It examines its corporate and functional strengths and weaknesses over the last number of years. It decides exactly what the company’s strengths and weaknesses are, particularly taking into account the year that has just passed.

Opportunities and threats are the external factors that are examined in the SWOT analysis. Opportunities are usually new developments in the market or within technology that will allow your company to take advantage and grow. Examples of opportunities might be International expansion; competitor closure; or advancements of the Internet. Threats are usually related to competitors. Threats could include new product introduction to the market; shifts in Internet pricing; new Government laws; or changes in taxation.

SWOT is a guide. It allows the company to pick out certain issues that seems to be most relevant. More research can then be conducted into these issues to establish whether an objective needs to be created in order to solve this issue.

Buying Research

All of these research elements… will provide you with a better understanding of your company, customers, competitors and market.

There are many marketing research companies out there that are constantly conducting research into all kinds of industries, finding out all kinds of things. This information can often be very valuable to a company particularly in terms of the competitor and the market itself. This research can often allow you to see windows of opportunity within the market and also an abundance of information about how your competitors are performing. You can also contract a research company to conduct tailored market research for your specific company. Unlike the general report, which your competitors can purchase, this document is for your company only. It will allow you to ask questions that are more specific to your company. You can also conduct focus groups and surveys to add strength to your research. All of these research elements, although often expensive, will provide you with a better understanding of your company, customers, competitors and market. And now you are ready to set your objectives.

Setting Objectives

The aim of the objectives is to meet targets that allow your company to achieve success. This success could be in the area of sales, brand awareness, company culture, brand perception to name but a few. The chosen target area depends on each individual company and their problems and triumphs. If the set objectives do not achieve success for the company then it is likely that the wrong objectives were set usually due to poor research. Setting objectives should lead to business improvement.

Smart Objectives

Specific, Measurable, Achievable, Relevant and Time. These are all factors that should be included in the objectives.

There are a number of elements to take into account when you are sitting down to write your objectives. They should be clear and measurable and include a time frame. There is a word that allows us to easily remember all the criteria to keep in mind in order to write good objectives. This word is SMART. The letters of this word stand for Specific, Measurable, Achievable, Relevant and Time. These are all factors that should be included in the objectives.

SMART objectives are far more detailed and specific than general goals and aims and this is why a lot of time needs to be given when setting them. If the objectives are incorrect or badly written the company will suffer.

Conclusion

The objectives are the key element to any marketing strategy. The investment of time and money into high quality market research will enable you to secure accurate objectives. Using the SMART criteria when writing these objectives will ensure that they are well written and specific. Professional objectives make it easy for all staff to understand what the goals are and the best ways to achieve the sought after success.