Strategy made simple - Part 1
How often have I heard 'strategic marketing' used to make something sound more complex than it really is? More times than I can remember. This is sad because it's another use of jargon to exclude those not 'on the inside'.
A strategy is nothing more than a future plan. If an action is 'strategic', then it is an action based on that future plan.
Too often (in big business and SMEs alike) The Image 7 team sees marketing and communications plans that are just too big to be digested, understood or implemented by the teams entrusted with the task. Files that are 60 mm thick, full of research, analysis and yes, some strategy.
Image 7 Group has developed a way to communicate strategic plans that can be easily understood and implemented. More importantly, the plans can be condensed into two or three A3 sheets, readily absorbed and actioned.
There are many ways to examine and slice a strategy. Every company is different, but there are a few common elements that need to be considered ...
Essential Element #1 - Your Goals
Work out your business, sales and marketing, and operational goals for the period being covered (usually one year). Be as precise as possible, and include only the critical goals (things like revenue, new product or service launches or entering a new market). This is the centre of your plan and the tool by which you can measure its effectiveness.
Essential Element #2 - Your Market
Analyse your industry in your geographic market. Gather as much information (quantitative and qualitative) as possible on conditions, trends and your competition. Be careful not to get caught in analysis paralysis.
Essential Element #3 - Your Identity
Your identity is not your logo. Develop a clear and concise description of your company. What is your one key brand promise to customers, or the company's key personality traits. Think about what your organisation stands for and how you want clients to feel about the company and its products or services. What can prospects, clients and your team always expect from your organisation? It will help to have prepared positioning statements. Start with 25, 50, and 100-word versions.
Essential Element #4 - Your Products/Services
Examine how your products or services are packaged and categorised. Create an overview description and a detailed features and benefits statement for each of your products or services. Concentrate on what sets your offerings apart - the differentiators - and not the elements you have in common with your competitors.
Elements 5 to 10 in Strategy made simple - Part 2.
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