Our approach to marketing strategy
Many organisations follow a very tactical approach to marketing, not taking time out to formulate a strategic marketing plan. This is often the result of a “profit is everything” organisation where the main drive and focus is on achieving the annual sales target. This typically results in getting bogged down with urgent tasks and requests by sales for a specific email campaign or collateral for their next sales pitch. Profit is important, but a well thought through marketing strategy and execution plan will result in much higher measurable return on investment.
At BlueOceans we follow a very systematic process to determine and formulate an achievable strategy and plan which supports both sales and operations and ties in with the future and vision of the company.
Marketing Strategy Steps
Here’s a summary of the steps we follow towards a working strategy:
1. Company Vision/Mission statement: Determine the vision of the organisation. A lack of vision results in poor strategy which results in stagnant growth. A simple, easy to remember vision statement says where you’re headed as an organisation and it gives employees a sense of purpose. Here are a few examples of good vision statements:
2. Determine the Value proposition: We first look at the “as is” value position. Which products and services are currently being sold and who buys them? Then the future value proposition. Which new products and services are planned to be released in the next 6 to 24 months.
3. Understanding the customer: Who are the key customers? Where are they? What do they like? How do currently engage with them?
4. Business strategy and sales pipelines. We then look at the existing overarching company strategy and sales pipelines.
5. Revisit and Refine above findings: This might not be a single step but we look at the above outcomes and make sure the vision statement, value proposition, business strategy and customer needs still line up. If not, this has to be revisited and refined.
6. Formulate marketing strategy: At this point we have a proper brainstorm session and having gathered above information, we can help to define a marketing strategy and execution plan which will serve the organisation to achieve their short, medium and long term goals.
To reiterate, defining a proper marketing strategy is not thought out in 5 minutes or jotted down on the back of a napkin. It could be a good start, but a well thought through strategy takes time and requires input from all the key stakeholders in the organisation. One thing is for certain, spending the time and effort to determine a marketing strategy is worth every cent and we would love to be part of that process.