So far we have discussed two of the five critical steps in transforming you and your business on the journey to world-class / high performance / best-in-class.
The third step is introducing a Marketing Planning Process (MPP) and producing a strategic marketing plan.
There are four phases to the MPP. The first is goal setting where you agree the mission, vision and corporate goals.
The second phase is addressing where you should compete. This involves an audit identifying key products and key markets i.e. segment your market, find out why customers buy and how they rate you compared to your competitors. Most organisations cannot describe their markets, how those markets work, what position their business has in the market compared to that of their competitors and what market segments are available. If businesses cannot do that, how can they create competitive advantage? How can they generate superior profits (over the long term)?
The third phase is formulating strategies for each key product-key market segment and within this agree the promotional plan sometimes known as the communication plan. Too many organisations dive straight to the output of the promotional plan - website, brochure etc. missing out on the crucial strategic thinking often wasting money.
The final phase allocates resources (budget), agrees measures and a timescales to review progress and amend the plan as necessary.
We recommend that an organisation does this every year.
At QuoLux, our role is to help you step-back from the day-to-day activities so that you create the time to properly plan.