Writing Business Plans With a Powerful Marketing Strategy
Strategy Should Flow From Your Research
The best marketing strategies tie in directly with the results of your marketing research and analysis. For example, if you find that the customer segment you wish to target enjoys luxury items and aspirational brands, you may seek to create a premium brand through special events and sponsorships, but not through sales and coupons as they can lead to a focus on price competition and cheapen your brand. Readers of your plan should see that you took your research to heart and used what you found to better inform your marketing strategy.
Choose the Best Promotional Methods
As you consider your promotional strategy, you may begin with a list of a dozen options of activities. While it may seem like a stronger argument to list them all to show how you will cover every base, there are generally tradeoffs in effectiveness between too many activities. It will split the focus of your sales and marketing staff, at a time when they may be learning many of the marketing methods for the first time. Also, listing too many methods shows readers that you little sense of which will be the most effective to reach your customers and establish your brand.
Pricing By Rules Rather Than By Numbers
It is more important that your pricing strategy show readers the general rules your firm will try to follow when pricing products and services going forward. This gives an idea of the positioning you will seek within the market relative to competitors. The exact prices you will assign your products or services are not as important to explain at this point. They may change by the time you launch if they are based on supplier prices and competitor prices, which are moving targets in themselves. With a general understanding of the rules you intend to follow, readers can see how you will make decisions going forward in a variety of situations.
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