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The purpose of developing a marketing strategy is to focus on target markets that present the best opportunities. The most effective marketing strategies promote the things that differentiate a company from the competition. Once you’ve identified one or more competitive advantages the next step is to identify those who will be the most interested in them.
Once you’ve identified your competitive advantage and those who will be interested in the benefits it can provide the next step is to define how to tell them about it. Knowing your competitive advantage, your target market and developing an effective way to communicate your offering will not bring the desired results if you don’t determine the best way to reach your audience. Know your competitive advantage, define your target market, create your message and deliver your message the right way and you will have an effective marketing strategy. Get the latest tips and best practices for running your auto repair shop or tire shop with our monthly newsletter.
This is a€?Developing a Marketing Plana€?, section 19.3 from the book Online Marketing Essentials (v. This content was accessible as of December 29, 2012, and it was downloaded then by Andy Schmitz in an effort to preserve the availability of this book. PDF copies of this book were generated using Prince, a great tool for making PDFs out of HTML and CSS.
For more information on the source of this book, or why it is available for free, please see the project's home page. DonorsChoose.org helps people like you help teachers fund their classroom projects, from art supplies to books to calculators.
With a solid understanding of where the organization is right now, further analysis systematically evaluates the organizationa€™s environmental and social context, objectives, and strategies so as to identify weaknesses and opportunities. Portera€™s five forces analysis is useful in understanding the attractiveness of the market in which an organization is transacting.
Production and distribution costs in many industries have been drastically lowered; the barriers to entry and costs of switching are reduced. When analyzing competitors, it is not only product and price that lead the discovery process. In identifying competitors, analyze the needs of your customers and determine how else customers might fulfill those needs. Considering the customized Converse shoes, the customersa€™ needs are not likely to be that they have to cover bare feet. Marketing objectives are the desired outcomes of the marketing planA written document detailing the actions necessary to achieve marketing objectives.. These should be unique to an organization and are based around the outcomes that will make money for the organization.
After generating strategies, they need to be evaluated against the needs and resources of your organization. For each strategy, a SWOT analysis reveals the strengths, weaknesses, opportunities, and threats afforded by a strategy (and of course can be used to evaluate the plan in its entirety). SWOT analysis will reveal the feasibility and the attractiveness of the strategies generated. The Internet allows you to track each tactic on its own, and then intelligent analysis should allow you to consider how these tactics work together. An eMarketing strategy should not be created in isolation to an offline strategy but rather take a holistic view of all objectives. The textbook stresses the important of tracking, analyzing, and optimizing for any eMarketing campaign. Profile market segments involve market share potential, lifetime customer value, revenue potential and profitability potential. Defining the business objectives for shorter and longer term is necessary for a successful business.
Meetings should be held for reviewing information and make a strategy for touching market and deploying tactics.
After these four steps are completed, it is time to assemble a full-fledged marketing plan.
A well organized and planned out strategy can make the difference between success and failure. Having a marketing strategy serves as a plan that outlines your goals and functions as a foundation for your marketing efforts. SWOT Analysis: What are your organizationa€™s strengths, weaknesses, opportunities, and threats?
Define Marketing Mix: Do you have all of the elements of your marketing mix clearly defined?
Innovation Tools - (Digital) tools that will increase the innovation potential of your team or company.
From our talks with innovation management practitioners and business executives it seems that not many organizations have a well-defined and integrated innovation strategy. The innovation strategy defines the role of innovation and sets the direction for innovation execution. Once we start to work with a client to develop an innovation strategy, we seek to develop a common understanding of the definition of the innovation strategy’s purpose. First, an innovation strategy needs to be truly inspiring and should describe a desirable future state for the company. This is a high bar as it rules out a single-minded focus on incremental add-ons to the business.
Second, the innovation strategy needs to be ambitious in terms of providing the basis to break away from the competition, beat the competition, and create new spaces. Again, the innovation strategy should aim higher and help the company outpace anybody else in a contested space. The statement above gives you a good idea of how hard it is for companies to open up and avoid merely settling.  At the same time, this should not be mistaken as an excuse for failing to come up with a great innovation strategy based on internal ideas and conviction. Fourth, an innovation strategy must also be specific to the time in which it is developed, as it is grounded in the reality of a company’s environment, and it reflects the available capabilities, technologies and gaps that may need to be filled. The innovation strategy also needs to explore possible market developments and scenarios while defining the most attractive market opportunities.
This question may actually imply an approach for developing an innovation strategy that we believe would not be very promising. Second, the execution of an innovation strategy needs a home in or outside the organization.
Corporations should face the reality that innovating in the context of running an important daily business is virtually impossible. The third step is about focus and being realistic about how many and which kind of innovation initiatives a company can drive simultaneously. To conclude, we do not want to create the impression that successfully executing an innovation strategy is deterministically plannable. Wouter Koetzier is the global managing director of the Innovation and Product Development practice at Accenture, a global management consulting, technology and outsourcing company.


Christopher Schorling is the European managing director of Accenture’s Innovation and Product Development practice at Accenture. So,  the article should have included components on how you appraoch and iontegrate various types of in novation (and to some extent innovation degrees)  when designing a corporate  innovation strategy. Types of innovation include product, service, customer service, process and market  strategy innovation. So, the article should have included components on how you appraoch and integrate various types of in novation (and to some extent innovation degrees) when designing a corporate innovation strategy. A useful guide to this important topic.  Every large organisation needs an innovation strategy and innovation metrics. Marketing without a defined strategy may be effective but focused marketing will always bring the best results.
The offering and target market should be as specific as possible without limiting the effectiveness of the strategy. See the license for more details, but that basically means you can share this book as long as you credit the author (but see below), don't make money from it, and do make it available to everyone else under the same terms. However, the publisher has asked for the customary Creative Commons attribution to the original publisher, authors, title, and book URI to be removed. Instead, marketers need to take a holistic view of all business objectives and marketing opportunities. However, this framework for analysis was developed before the Internet, which has disrupted the markets in which we operate. This means that there are more competitors in the market as the barriers to entry for new organizations are reduced and that cost is less likely to inhibit customers from switching to a competing product as there are less likely to be high costs associated with doing so. While there may be obvious competitors in the same industry, an organization needs to consider what (or who) else may be vying for consumersa€™ attention and valuable search engine traffic. Products and services are not only competing for customersa€™ money: they are fundamentally competing for customersa€™ attention.
Instead, the shoes are fulfilling a customera€™s need for individuality and self-expression. Based on your analysis of your organization and its objectives, consider strategies and tactics that will help you to meet these objectives. A tactic could be the display of advertising on content Web sites that reflect your target market. At this stage, it can be useful to follow Humphreya€™s SWOT (strengths, weaknesses, opportunities, and threats) analysis for a full analysis of the strategies generated.
Small businesses often don't have a marketing strategy in place because they dona€™t have a marketing background and lack the experience. It will help you identify your market and opportunities to give you a competitive advantage that will increase sales. Each step assists in helping businesses establish a clear direction and optimize marketing effectiveness. Some goals and objectives may include: increase brand awareness, develop new markets for products or services, or boost sales.
Some advantages may be: brand equity, experience, organization network and alliances, innovative products or services, or a convenient location for your customers. Weaknesses may include: lack of product differentiation, weak distribution channels, deficiencies in resources and skills, or an inadequate online presence.
Some of these obstacles may be: changes in the market or economy, monopolies, cash flow problems, poor public reviews, a new competitor in the marketplace or competitors have better products or lower prices. Ita€™s important to know and understand who your customers are and how to satisfy their needs.
The elements of the 7 Ps of Marketing include: product, place, price, promotion, people, process and physical evidence (physical environment). To find out more about how to go about creating and executing such a strategy, we spoke to Wouter Koetzier and Christopher Schorling at Acceture who encourage a very pragmatic and execution-oriented approach. When an organization realizes that they need an innovation strategy, what are the five key things they need to consider very carefully when starting to develop it? However, the role of innovation in helping organizations achieve growth targets is often unclear and the revenue growth from innovation is insufficient, unless managed with great rigor. When we speak about innovation at Accenture, we speak about successfully commercializing new ideas, i.e. Too many innovation strategies that we have seen tend to be “me too” (and mostly incremental). If the so-called strategy does not seek to push those boundaries, the strategy in all practicality is probably just a product roadmap of business extensions, not an innovation strategy.
Open means bringing the outside in and working under the assumption that the other seven billion people on our planet may have insights that do not exist within a particular company’s boundaries.
Being open is just a great way to raise the bar in terms of ambition and to more quickly get to more mature plans.
The strategy should answer a number of questions like: What growth platforms represent the best chances for the company to win in the market?
How should organizations use an innovation strategy to avoid it just collecting dust on a shelf or simply filling memory on a computer? Sorry for breaking this up, but to some extent it seems to indicate a sequential approach consisting of a strategy development phase decoupled from the execution of the strategy.  The criteria associated with a strong innovation strategy as we outlined above consists of being inspirational, ambitious, grounded in reality and adaptive. This may sound obvious, but in our experience it is the number one reason for success or failure.
Many believe that innovation is better done in a start-up environment, rather than in a corporation. Also, corporations should face the reality that innovating in the context of running an important daily business is virtually impossible. Even though we recommend paying particular attention to big ideas, we know that the success of disruptive innovations is highly uncertain and understand that it is important for companies, especially large organizations, to have a clear picture of predictable outcomes.
When Apple developed the first iPhone, they were enthusiastic and obsessed with the idea of how they could transform the mobile phone market, even if they could not predict how successful the product could be. Leading innovators run a focused portfolio of innovation projects with a conscious risk-growth potential trade-off decision. The mix of people required strongly depends on the specifics of the strategy to be executed, but there are a few common requirements – next to the leadership profile already mentioned. However, adhering to the principles described above increases the odds of success, even if it does not guarantee success. Target markets that will be most responsive to your unique service and product offerings will achieve the best results for you and your customer. Mapping your competitive advantage to prospective customers will maximize the impact of your marketing efforts. The message itself should draw attention and highlight your competitive advantage in such a way as to pique the interest of your target market.
You may also download a PDF copy of this book (26 MB) or just this chapter (2 MB), suitable for printing or most e-readers, or a .zip file containing this book's HTML files (for use in a web browser offline). Offline and online activities should complement each other, both having the potential to reach different audiences in different ways.


Perhaps most importantly, the bargaining power of end users is increased as they have greater access to information when making a purchase decision. If customer retention is the objective, an e-mail newsletter strategy can help build relationships with an existing interested database of prospects.
This means that eMarketing can be tracked, the data can be analyzed, and this can then feed back into the planning to optimize the marketing strategy.
Businesses in this situation tend to end up creating a lot of noise in hopes that their efforts will increase sales and generate revenue but it actually results in wasted time and money. The five steps in developing a marketing strategy described below are: identifying clear goals and objectives, analyzing the situation or SWOT analysis, identifying and understanding your market, defining your marketing mix, and evaluating and adjusting your marketing efforts.
Markets can be segmented based on the following consumer characteristics: geographic, demographic, psychographic and behavioristic. While there is lots of theory about and many good (and not so good) books on innovation strategy, many companies fail to develop and execute an innovation strategy.We work with clients to help them take a very pragmatic and execution-oriented view on this.
You have probably often read in literature that the innovation strategy should be derived from the corporate strategy to clearly define how the organization sees opportunities for growth and makes explicit choices about the role of innovation, which is absolutely not wrong.
Even if executed according to plan, they fail to deliver the truly sustainable competitive advantages that can only be derived by performing above the overall market growth level and exceeding average profit margins. By the way, as opening up the innovation pipeline is not just a matter of mindset, new technologies play an important role in making openness commercially feasible. It is important to describe with great precision which specific innovation initiatives should be pursued, and where to invest and compete. For example, what can you tell us about steps an organization can take to create the required momentum for executing on the innovation strategy? We like to think of innovation strategy development and execution as a highly overlapping if not integrated process. The leadership should come from the top – at the very least in the form of active top management sponsorship but better in form of active personal involvement, guidance and inspiration for the respective innovation teams. Indeed, there are many reasons why innovation is not easily executed within a corporate environment, but entrepreneurs know that it is not easy in a start-up either. In contrast, management is strongly focused on today’s sales targets and this quarter’s financial results.
No automotive supplier will develop a new product out-of-the-box without already having the demand of an automotive OEM. But, what they did is focus and put the effort on one project, the iPhone (‘Steve Jobs’ by Isaacson, 2011). The opportunity cost of closed innovation is low access to brain power, expertise, existing solutions and problem solving capacity. The people involved need to find a certain level of excitement and thrill in taking a risk to achieve something big. If there is a product or service that you offer but your competitors don’t, you have a unique advantage.
Knowing the shopping methods your target audience uses is critical to delivering your message. The benefit of the marketing strategy must justify the anticipated costs in order to be worthwhile.
However, the Internet is exceptionally useful as a research and information tool in the strategy process. This means that organizations seek to attract and retain customers solely through offering services and goods at a lower price, though this is not necessarily the best strategy for companies to follow. Different customers have different needs and you cana€™t satisfy all customers by treating them all alike.
However, ‘new’ can have different meanings, ranging from new on the world market to new in one specific industry, but already established in another industry, to new to a company or maybe even just new to some of us. This is the step where the overall risk related to the execution of the innovation strategy should be assessed in the context of the overall company situation.
An innovation strategy and the respective execution should be capable of adapting the moment there are new insights, even if that requires moving in multiple directions to raise the aspiration you had at the beginning.
So, if the innovation strategy meets the criteria above, we believe the strategy is not likely to collect dust on a shelf.
But, leadership, which can come in different shapes and forms, also is supposed to come from all key members of the innovation team. Overcoming this reality may be the most difficult step an organization must take to successfully execute the innovation strategy. By contrast, a paradigm shift to open innovation, where companies invite external experts to participate in the innovation process, accelerates and de-risks innovation programs and creates innovation at much lower costs and with a higher probability of finding the right solution.
When one of our clients tried to form a team to go after a substantial technology innovation opportunity in a separate organization the main concern among some of the internal researchers interviewed was, how would the newly created entity pay contributions to their retirement plan.
Steve Jobs, one of the most gifted innovators of our time, put it like this: “You have to trust in something.
The word ‘strategy’ implies that we are talking about something with a potentially large impact on the company, i.e. Opportunities and possibilities formulated in an innovation strategy should actually provide input and shape the overall corporate strategy.
It is not by coincidence but due to the inherent uncertainty that venture capital funds place a portfolio of bets. But of course, it is not that simple.  There are more steps a company should take to create the required momentum. Not even the most brilliantly articulated innovation idea or plan can compensate the active involvement of a dedicated innovation team. Apple and Proctor & Gamble) and for every successful startup there are probably five to ten that failed.
Another interesting question in this context is: How much experience should such a team have? This approach has never let me down, and it has made all the difference in my life” (Stanford Commencement Speech, 2005). In fact, the value that is derived for many large companies by scouting inventions, connecting the dots between many singular ideas and inventions into one big platform innovation and fully scaling it to maximize potential benefits. Too much “relevant experience” sometimes stands in the way of approaching something in a new way. For example, proximity to the core business, availability of critical talent, and cost synergies should all be considered.
So it may be more advantageous to place more experienced people in advisory roles so that the innovation team can take what it believes it needs but is not slowed down in its zeal to explore new paths.



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