Financial Analytics, 8th and Main local furniture store

Strategic Marketing System™

Identify an EXISTING Cache Valley business for whom you want to create its 2020 Marketing Plan.

Strategic Marketing System:

1) Develop their working Mission Statement / Operating Charter

2) Conduct Primary / Secondary Research

Primary Research:

Visit stores, talk to consumers & store clerks; analyze the competitive environment. Figure out the things every business in this segment must do in order to compete effectively; the things market leaders do to set themselves apart; the things that some competitors are doing that aren’t moving the sales needle.

Secondary Research:

Gain knowledge by mining online for research and insights available in the marketplace. Scour the Internet for INSIGHTS, MARKET share and competitive information, search for applicable TECHNOLOGY, and look to the FUTURE for emerging opportunities.

3) Perform Market Segmentation

Create a visual map (or maps) of the competitive landscape and the consumer.

4) Identify Target Audience

Identify as clearly as possible the target audience for your business.  The more precisely you can paint a picture of the person we are talking to, the more effective your brand promotion ideas will be.

5) Three-Circle Analysis

Perform a three-circle analysis from the point-of-view of the target audience.

IMPORTANT:

TO FIND YOUR WINNING ZONE, IDENTIFY THE THINGS THAT WILL MAKE YOUR PRODUCT / SERVICE STAND OUT IN THE MARKETPLACE AS DIFFERENT, BETTER, AND SPECIAL IN THE MINDS OF CONSUMERS. USE THESE THINGS AS STIMULUS TO CREATE YOUR PROMOTIONAL IDEAS!

6) Brand Positioning Statement

Write the brand positioning statement for the business – leveraging the “winning zone” as the key benefit / point of differentiation.

7) Brand Platform

Identify the brands:

Core Values (Drives Focus): Relevant foundational values

Brand Promise (Drives Actions): What we commit to deliver (benefit/reason why)

Brand Essence (Drives Communication): The one thing we want to be known for

Brand Personality (Drives Relationships): The tone and manner of the brand

8) Brainstorm Marketing Plan Ideas

USING BRAND POSITIONING STRATEGY AS YOUR GUIDE, utilize stimulus response brainstorming to create ideas for promoting your brand in the marketplace. Use the Octopus Planning Matrix and other relevant tools in your Smart Marketer’s Toolbox to spark your thinking:

· Consumer Promotions

· Social Media Campaigns

· Advertising (Online and Traditional)

· Internet (Website, SEO, Blogs)

And if applicable:

· Packaging Modifications

· Merchandising (Displays) / Product Mix

· Distribution

· Partnerships and Alliances

· Special Events

· Public Relations

· Sponsorships

· Advertising (Traditional and Digital)

9) Concept Test Your Promotional Ideas

Using concept testing, create several concepts that communicate your consumer promotion marketing ideas and survey a sample of consumers to gather INSIGHT. Use the data to justify the ideas you are recommending for your marketing plans.

10) Recommend Annual Marketing Plan

Describe the key promotional elements of the marketing plan: recommended timing, and present annual marketing calendar. Make sure the product is the HERO! Use brand strategy and bring the benefit / reason why to life!

11) Marketing Budget

Create a projected annual marketing budget -- marketing costs. Be specific. Everything in your plan needs to be itemized here. (Make this the far right column on your marketing plan grid (see above).

12) Financial Analytics

Perform modeling / analysis to justify your spending recommendations. Cost / benefit; breakeven analysis.

Remember, the objective here is to create a document by which you lead the audience through your thinking – from consumer insights to the plan itself - to arrive at thoughtful, well-articulated, and DATA-SUPPORTED plans!