Marketing Strategy Planning Goes a Long Way

Puzzle

You need to have an action plan. But first, a little marketing strategy planning along with a solid business case will serve you well. It all starts with a total understanding of your customers and the problems they are trying to solve.

Too often, we get caught up in what we think is best for our prospective customers. We convince ourselves that our technology or a new feature is just what our market wants. Then it's brought to market and we find out that sales are disappointing. Or worse, slammed by self-described industry exerts. Hello reality!

It Seemed like A Great Idea At The Time

Taking a little time at the front end of the planning process will help you succeed. That's why I urge you to ask questions and know your customer base and markets as deeply as possible.

The importance of market research cannot be underestimated. But if it's done in a vacuum, misleading information may result. Two points to think about are:

  1. If you don't get out and actually talk to people, you'll never really get to know your customer and obtain needed feedback. Don't leave it to chance;
  2. Yet, don't just accept that feedback. Of course it's important to ask about features and benefits, but you absolutely must also ask how they measure success or failure when using a solution like yours - and what their desired outcomes are when carrying out their job activities.

Reflect on everything you learn, and then formulate your business case. This will ensure that you deliver meaningful value to your customers and success for your company.

7 Questions To Ask Before You Say 'Let's Do It'

In other articles on The Marketing Strategies Guide I'll cover how to survey customers and details on developing a business case study, along with case study examples, some of which will be ugly.

Before signing off on a business case and beginning your marketing strategy planning, there is a ton of footwork needed. Here are seven questions to ask yourself as your begin your revenue journey:

  • Does it fit in with you company's stated strategy, objectives, and core competency?
  • Do you understand the most important unmet needs of your customers?
  • What alternative solutions are currently available and how do your customers believe they fall short?
  • What metrics does your market use to measure success, both as companies and individual managers?
  • Have you thought through all of the resources needed and associated costs, including product development, sales, marketing, manufacturing, and admin?
  • Is there a clear course of action and have you considered alternatives?
  • Does it fit in with you company's stated strategy, objectives, and core competency?

At the heart of any new feature or product offering, is a total understanding of your customer's perspective - the problems you are trying to solve. Make sure your assumptions are based on rock-solid homework.

Doing your homework and marketing strategy planning will pay for itself many times over.

Look for the case study examples I'll be adding, mostly based on my personal experience, as well as business and marketing plan articles to help you with marketing strategy planning.


Other Related Articles You'll Enjoy:

Business Case Example: Are You At Risk Of Having A New Product Fail? 
Without a solid differentiation strategy your product or service will not succeed in the market. This case study shows what happens when a company fails to think through a new product and its target market.

Business Case Example: 5 Things To Avoid If You Want To Keep Your Customers Happy 
Consistent performance can go a long way to improve customer experience altitudes and make sure feelings about your company soar. But that goodwill can easily be reversed in an instant.

How Well Do You Know Your Customers and What They Really Need? 
Amazing things happen when you truly know your customer base and how they measure success. You'll develop better solutions to their problems and understand how to sell them.

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