Well-conducted market research will generate vital data that will be the source for your strategic marketing plan. A well-crafted strategic plan is one that has clearly outlined priorities, short and long-term objectives, and daily/weekly actionable items, all related to the critical elements that contribute to your business's overall marketing and sales mission. It requires that everyone in your business, from the C.E.O. to the front line worker, adopt the plan and contribute in some way in its execution.
When should you develop a strategic plan?
An effective marketing plan cannot be developed without proper market research; the two go hand in hand. For this reason, the time to develop a strategic marketing plan is any time you conduct market research, which is when:
What should a strategic marketing plan achieve?
- starting a new business
- expanding your existing business (eg. new location)
- rebranding your current business identity
- launching a new product or service
- measuring the success of newly launched or existing products and services
- looking for ways to increase sales, or production
A strategic marketing plan should:
- establish who and where you are in the eyes of the public
- identify your objectives
- establish your priorities
- determine who are the key people responsible for achieving your business’s objective
- measure your success often throughout the execution phase, at key intervals