A Comprehensive Guide to Strategic Marketing Planning

Strategic marketing planning is crucial for businesses to align their marketing efforts with their overall objectives and create a roadmap for success. This guide will walk you through the key steps and frameworks for developing a robust marketing strategy.

1. Define Company Mission and Objectives

a. Business Model Canvas

The Business Model Canvas is a strategic tool that helps visualize a company's business model. It consists of nine components: customer segments, value propositions, channels, customer relationships, revenue streams, key resources, key activities, key partnerships, and cost structure. By filling out each section, you can align your company's activities and identify potential tradeoffs.

b. Mission Statement

A mission statement articulates a company's purpose and values. It should be concise, inspiring, and memorable. When crafting your mission statement, consider what your company does, how it does it, and why it matters. For example, Tesla's mission is "to accelerate the world's transition to sustainable energy."

c. Corporate Objectives

Corporate objectives provide direction and help measure progress. They should be SMART: Specific, Measurable, Achievable, Relevant, and Time-bound. Examples might include increasing market share by 10% within two years or launching three new products by the end of the year.

2. Analyze Current Position

a. SWOT Analysis

SWOT analysis assesses a company's Strengths, Weaknesses, Opportunities, and Threats. Strengths and weaknesses are internal factors, while opportunities and threats are external. To conduct a SWOT analysis, list factors in each category and consider how to leverage strengths, address weaknesses, seize opportunities, and mitigate threats.

b. Porter's Five Forces Analysis

Porter's Five Forces framework analyzes an industry's competitive intensity and attractiveness. The five forces are the threat of new entrants, bargaining power of suppliers, bargaining power of buyers, threat of substitutes, and rivalry among existing competitors. By assessing each force, you can determine your industry's profitability potential.

c. Customer Journey Map

A customer journey map visualizes the process a customer goes through when interacting with a company. It includes touchpoints like awareness, consideration, purchase, and post-purchase. By mapping the customer journey, you can identify pain points and opportunities to improve the customer experience.

d. Perceptual Map / Positioning Maps

Perceptual maps visualize a brand's position relative to competitors based on key attributes. To create a perceptual map, select two relevant attributes (e.g., price and quality) and plot brands accordingly. This helps identify gaps in the market and opportunities for differentiation.

e. BCG Matrix

The BCG growth-share matrix classifies a company's products or business units into four categories based on market share and market growth: Stars (high share, high growth), Cash Cows (high share, low growth), Question Marks (low share, high growth), and Dogs (low share, low growth). This helps prioritize investments and manage the product portfolio.

f. Market Segmentation Chart

Market segmentation divides a market into distinct groups of customers with similar needs or characteristics. Segmentation can be based on demographics (age, gender, income), psychographics (values, interests, lifestyle), behavior (usage, loyalty), or geography. A market segmentation chart summarizes the key segments and their profiles.

3. Define Marketing Strategies

a. Segment Attractiveness and Resource Strength Framework by Hooley

Hooley's framework assesses market segments based on their attractiveness (size, growth, profitability) and the company's resource strength (capabilities, assets, relationships). Segments are plotted on a matrix, with attractiveness on one axis and resource strength on the other. This helps prioritize segments and allocate resources.

b. Ansoff Matrix

The Ansoff Matrix identifies four growth strategies based on products and markets: market penetration (existing products, existing markets), product development (new products, existing markets), market development (existing products, new markets), and diversification (new products, new markets). For example, Coca-Cola used market development when it expanded into new geographic markets.

c. Brand Identity Prism

Kapferer's Brand Identity Prism has six facets: physique (physical features and qualities), personality (character and attitude), culture (values and heritage), relationship (between brand and customers), reflection (how customers see themselves), and self-image (how customers feel about themselves). For example, Nike's brand identity includes a strong physique (performance), personality (inspiring), and culture (innovation).

d. Customer / Strategy / Resource Matrix by Hooley

Hooley's matrix aligns customer needs, company strategy, and resources. The matrix has three axes: customer needs (low to high), strategy (undifferentiated to differentiated), and resources (basic to specialized). Companies should aim for a position where their strategy and resources match customer needs.

e. Keller's Brand Equity Pyramid

Keller's Customer-Based Brand Equity model has four steps: identity (who are you?), meaning (what are you?), response (what do I feel about you?), and relationships (how much do I associate with you?). Strong brands move customers up the pyramid by establishing awareness, communicating points of difference, eliciting positive judgments and feelings, and forging loyal relationships.

f. Brand Archetypes

Brand archetypes are based on Jungian archetypes and represent universal human desires and motivations. The 12 archetypes are the Innocent, Everyman, Hero, Outlaw, Explorer, Creator, Ruler, Magician, Lover, Caregiver, Jester, and Sage. By embodying an archetype, brands can tap into deep-seated emotions and create a strong identity

For example, a brand embodying the Everyman archetype, also known as the Regular Guy or Gal, would strive to be seen as approachable, trustworthy, and focused on creating a sense of community and belonging. Brands like Levi's, Ikea, and Budweiser effectively leverage this archetype

Branding5's archetype generator helps businesses break free from the copycat syndrome and create a unique brand identity that resonates with their target audience.

The platform also provides inspiring brand positioning examples and demonstrates how businesses can use archetypes to develop a compelling brand strategy.

By leveraging Branding5's AI-powered tools and insights, companies can identify the most suitable archetypes for their brand, gain a deeper understanding of their brand's personality, and develop a strong, emotionally resonant brand identity that sets them apart from competitors

4. Implement and Control Marketing Execution

a. Marketing Data Dashboard

A marketing dashboard tracks key performance indicators (KPIs) to monitor the effectiveness of marketing campaigns. KPIs might include website traffic, lead generation, conversion rates, customer acquisition costs, and revenue. Dashboards should be visually engaging, easy to understand, and updated regularly.

b. Balanced Scorecard

The Balanced Scorecard measures performance across four perspectives: financial, customer, internal processes, and learning & growth. For each perspective, identify objectives, measures, targets, and initiatives. This holistic approach ensures that marketing activities support overall business goals.

By following this strategic marketing planning process and leveraging these frameworks, companies can develop a clear direction, make informed decisions, and create a strong brand that resonates with customers. Remember that marketing planning is an ongoing process that requires continuous monitoring, learning, and adaptation in response to changing market conditions and customer needs.