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. Previously we look at Step 1 (Building the Team) and Step 2 (Measure, Control and Improve).
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, purpose, 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 and often wasting money.
The final phase allocates resources (budget), agrees measures and 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. Understanding the Marketing Planning Process, as well as building the team and measures and controls to create high performance, are subjects we explore on our leadership and business development program, LEAD™. Our Masterclass on the subject of Step 3 is delivered by world-authority on marketing planning, Professor Malcolm McDonald.
As you consider the opportunities and challenges you are currently facing, why not get in touch to find out more about LEAD™ and how we may be able to help you. Our next program starts in November.
To read more about marketing planning, download your FREE copy of Dr Stewart Barnes' chapter, "Marketing Planning: Yes, it really works! Experiences from the Real World", as published in Malcolm McDonald's book, "Marketing Plans: how to prepare them, how to profit from them".