Week four: 

Define your strategy for growth

Now that you understand your target market and audience in more detail, the next step is to develop your marketing strategy.


The marketing strategy is the foundation for your marketing plan and should provide the detail of what you are trying to achieve in reaching and communicating with your customers. The marketing strategy should set out your goals for the short, medium and long term and enable you to plan the steps you will take to achieve them.


It is worth noting that your marketing strategy may evolve over time and that the first step is to be clear on what you want to achieve. For example:


1.  Take a “Snapshot” of your business
What is your current situation and what do you want to achieve? Look at the numbers and the detail of what is working. Carry out a SWOT analysis to really understand what the opportunities and threats are, so that you can begin to take action to address them.

2. Define your goals

The results from your SWOT analysis should help focus your attention to prioritise your objectives. List what is most important and also what goals will get the best results.


3. Create a plan to achieve your goals

For each goal write the steps you will take to achieve them. Think of them as specific actions that you can break down to help you achieve the goals over a period of time.

 

For example, what areas of the business do you wish to expand? Consider the areas that are not profitable and assess the pros and cons of retaining products and services that aren’t profitable. What opportunities are there to change this situation? Are there any barriers or challenges that you need to address?


Top Tip!: Use our Marketing plan template to help you define and clarify the approach you will take to develop your marketing strategy.



We hope you have enjoyed this 4 week challenge. If you would like to take advantage of our free initial consultation, call us on 07397 158596 or email contact@lyndenconsulting.com