Use the following process to develop a marketing strategy and plan for your business.
- USP – firstly, identify your business’ unique selling proposition. What does your business’ products and/or services do for your customers that your competitors do not. What is your competitive edge? Why do your current customers choose you over your competition? What problem do you solve for your customers?
- Ideal customer – identify your target market. Use your most profitable customers to create a profile of your target customer. How does your USP meet the needs of your ideal customer?
- Competitor analysis – investigate your competitors thoroughly. Identify your direct (compete in the exact space as your business) and indirect (compete in a small area of your business) competitors. Identify gaps in the market that your business could capitalise on.
- Strategy – develop a strategy that will maximise your USP. Using a SWOT (strengths / weaknesses / opportunities / threats) matrix is a simple way to start building your strategy by identifying potential areas for growth and show threats and/or weaknesses in your business that you can work on minimising.
- Marketing tools – choose the marketing tools that will help you achieve your strategy.
- Marketing plan – develop a plan including a timeline and budget to implement the marketing tools that will achieve your strategy. Use our guide to create your own marketing plan.
- Campaigns/promotions – consider a calendar of marketing campaigns or promotions as part of your marketing plan where you target a specific product or service or seasonal event to increase sales.