10 Elements of a Strategic Marketing Plan – Part 2 of 2

Part 2 of our Strategic Marketing Plan Guide

6.  Unique Competitive Advantage. What would you say if your target customer asked you, “Why should I purchase from you instead of your competition?”  Your answer is your unique competitive advantage – a detailed explanation of why your company is unique, different and better equipped to serve a customer.  How you articulate your value proposition to your customer becomes your UCA statement, which should be at the heart of all your marketing communications.

7.  Marketing Strategy.  Which marketing strategies will work best for your company – advertising? PR? Social media? Email marketing? Trade fairs and exhibitions? Networking?  This part of your strategic marketing plan outlines the strategies you will use to go to market and includes the details on which vehicles you will use and how often you will use them to reach your target customer.

8.  Financial Plan. Each component of the marketing plan should also be scrutinized for return on investment in advance, so programs can be properly prioritized.

9.  Contingency Plan. This is something most business owners neglect because it’s hard to do – figure out what could go wrong.  But figuring out potential obstacles and how to overcome them will give your plan a higher likelihood of success.

10. Personnel. This section of the plan is about your company’s human assets. Be sure to emphasize your employees’ collective professional experience and how they are qualified to serve potential customers.

Follow these 10 steps and you will be well on your way to creating a comprehensive strategic marketing action plan. Follow your plan closely for 90 days, and then to assess it for any changes or updates.