The marketing strategy is made to outline where your business is in the industry, and how you will go about promoting your product/service. The strategy is not the specific details of how you will achieve your goals, but it is there to outline exactly what your goals are whilst remaining SMART (Specific, Measurable, Attainable, Relevant and Timely). You can simply break down the contents needed for your strategy by using the process of the 4 Ps of marketing.
Product – This is the physical product or service which your business is offering. Topics to be included in this section include:
- Brand name
- Related products or services
- Functionality
- Quality
- Warranty
- Intended uses
- The market for the product
- Product testing
Promotion – This is the process of how you will promote your chosen product or service. Areas to discuss are:
- Marketing budget
- Promotional strategy
- Publicity and public relations
- Salesforce
- Sales promotion
- Marketing options/resources
- Is an external agency required?
Price – The way you plan on pricing your product or service in relation to manufacturing costs, office costs, advertising costs, distributing costs etc. the true profit. You will need to address:
- Bundling options
- Price flexibility
- Price strategy (supply and demand)
- Retail price
- Stock price
- Seasonal price options
- Wholesale price
- Offers
Place – This is how you will be distributing the product to your customers, e.g. physical shop, online shop, directory, retailers, website, high street, high end etc. You will need to cover:
- Distribution centres
- Distribution channels
- Inventory management
- Logistics
- Order processing
- Transportation
- Warehousing options
- Staffing
Did you know there are 3 more Ps you can include?
Packaging – This is the visual element of the packaging for your product or service. It is important to know, people form their first impression within the first 30 seconds of seeing your product/service- make it count!
Positioning – This is thinking about how you and your product/service are positioned in the minds of your customers. This will alter decision making in the advertising process and improvement stages of your journey.
People – This is the process of considering those inside and outside your business who are responsible for your sales and marketing activities. Their opinions will dictate how to sell the product/service.
For further insights and guidance, we invite you to explore our blog at 07hm.co.uk/blog. Here, you’ll find a wealth of information tailored to the needs and challenges of SMEs navigating the digital landscape. Additionally, if you have specific questions or need personalised advice, don’t hesitate to reach out to us via email at info@07hm.co.uk or telephone on 01702 410663.
