The increased use of digital, social media and technology has surpassed the intellectual capabilities of most marketers. Therefore, as a result most brands and companies are not maximizing nor understand how to effectively utilize the application and integration of these channels, communication platforms and resources to support strategic initiatives. There is not a template for developing the best strategy, however, there are some key fundamentals that we must first understand and apply when developing a plan.
Things You Must Do, Know and Understand:
1. Conduct a SWOT and Competitive Analysis.
SWOT Analysis to better understand the internal and external challenges and opportunities of your business (brand) - Strengths, Weakness, Opportunities and Threats.
Competitive Analysis will help you (1) understand how your brand or company may be perceived relatively to the competition, (2) provide insights on how to best differentiate your brand, product or company from the competition while (3) helping to establish or enhance your positioning in the industry and marketplace.
2. Define and understand your target audience - psychographics, not just demographics! Here is where you want to clearly understand their attitudes and behaviors about your brand, how they approach the category and purchasing behaviors; and, media habits and barriers.
3. Media landscape: Understand how your target audience uses and engages with new media, social media and traditional media to develop the most relevant and engaging advertising, media, marketing, communications and promotional plans. I am sure based on my experience you will uncover, re-affirm and gather some new insights about your audience and key trends in your industry. For example, understanding consumer touch points involved with social media is critical, however many pretend to know or think they know what's involved, but in reality they do not and most brands and companies end up getting the short end of the stick - - objectives are not defined or aligned to address business needs, therefore goals are not accomplished.
4. What's your REAL Market Potential? Conduct an analysis to determine your brand or company's real growth potential. This is most valuable in helping you to develop a projected forecast and in taking a deeper dive into how to maximize your market segments.
5. Develop realistic objectives and business goals based on audience needs and desires, market potential and opportunities.
This is just a start to help you think about strategy versus tactics. Once you are able to define your target audience, understand your audience needs and define real market potential and opportunities then you are now in a much better place to start developing an overarching strategy whether it is for a non-profit or for-profit. This approach has been used in all of my experiences whether CPG, media, entertainment, digital, sports, travel, hospitality, automotive, fashion & beauty and with non profits to name a few.
Having a clear understanding of your Company, Brand and Target Audience is the first step to engaging all the right key stakeholders and partners. You may also be required to invest in some primary research or conduct secondary research to help you better understand your brand and the competition, perceptions about your brand, key consumer and industry trends and to help you further define the profile of your desired target audience. Once you are able to clearly define who you are and your target audience, you can start to apply these findings and insights to developing a business plan, integrated marketing and communications plan, digital or social media strategy, brand strategy and or community outreach initiatives.
In essence, protect your core base while gaining your fair share of the project market growth.
Now Get To work! And Make The Most of Your Assets!
We want to hear your thoughts and your ideas, so please join in the conversation and let me know what you think.
Follow Melvin on twitter @Hollywood1906
Email: MyStrategyHouse@gmail.com
