How to Build a Marketing Strategy

Building a marketing strategy is a team effort that outlines a process for promoting your product or service.

A marketing strategy consists of a series of steps that will help you map out your company's marketing goals and your plan for achieving them. When writing your marketing strategy, include a section that describes your target market; one that explains how you will differentiate your product or service in the marketplace; one that communicates your marketing mix; and one that outlines a plan for how you will allocate your resources.

Instructions

1. Research the target customers for your competitors. Identify the demographic characteristics of their customers, such as age, gender and ethnicity. Also, talk to trade groups, small business organizations and your local chamber of commerce about target markets for similar industries. Then, conduct online research related to your industry. Search for demographic and psychographic information such as household income, media use and technology preferences for your target market.

2. Determine how your product or service is different than your competitors' products and services. Answer the question "How does my product or service solve the problems my target customers have?" Then, write a list of your product's features and benefits. Features are a product attribute, or what a product does. An example of a feature is "anti-lock brakes." Benefits are what those product attributes do for the customer. An example of a benefit is "anti-lock brakes that keep you and your family safe in all weather conditions."

3. Describe the elements of your marketing mix. The marketing mix is comprised of the "four P's," which are price, product, place and promotion. First, describe the pricing strategy for your product. Then, identify key product attributes. Next, write down the place and distribution channels where your product will be located. Finally, communicate the tactics you will use to promote your product.

4. Write your marketing plan and strategy. Describe your marketing strategy goals and objectives. Include a section for your target market, key differentiating factors and marketing mix. Communicate which marketing tactics you will use, and outline a timetable for when you will use each of them. Outline your plan for measuring and testing the return on investment for each of your marketing tactics.

References

• Inc. Magazine: How to Write a Marketing Plan
• The Business Plan Guide: Marketing Strategy