Strategic Planning Pointers

by Marianne Cook Jenks

Building a marketing strategy is not a mystery. To be most effective, identify your goals, assess your situation, and plan, prioritize, and initiate your strategy according to your objectives.

Starting Point: Mission and Objectives

So, where to begin? Re-visit your mission statement and the objectives in your marketing plan. What are your goals? Are your marketing strategies and day-to-day efforts (marketing tactics) completely aligned with your objectives?

Conducting a Situation Analysis


To develop effective strategies, take inventory of your business. In marketing, this kind of inventory is often called a situation analysis. A situation analysis involves a series of assessments and audits for each marketing component. You'll want to assess external and internal factors in your marketing research and analysis.

Assessing External Factors


External factors include economic indicators and projections, regulations and the regulatory environment, technology advancements, client needs/wants/perceptions, market trends, and competition. Determine how these factors affect your business and your client's objectives.

Evaluating Internal Factors


Evaluate internal factors like potential growth scenarios—such as increasing existing services to current clients, expanding into new markets, or offering new services. Also, consider geographic expansion, mergers, or acquisitions. Besides growth scenarios, consider the possibility of eliminating services that may no longer align with your goals. Conduct a sales analysis to identify revenue and profitability by market segment. Evaluate service delivery, client satisfaction, manpower, equipment needs, and resources.

Reality Check: Setting Realistic Objectives


After your assessment, reality-check the objectives you've identified. Develop your strategic plans and tactics accordingly, and ensure each step is aligned with your primary goals.

The Dynamic Nature of Strategic Planning


Strategic planning is a dynamic process. To succeed, regularly measure and evaluate your results. Stay flexible and open-minded as you make necessary changes and adaptations.

Prioritizing Tactics and Avoiding Distractions


An important caution: ensure your tactics are properly prioritized. It’s easy to get overwhelmed by a mix of business development, social media, advertising, client relations, and other marketing tactics. Remember Thomas Edison’s advice, "Being busy does not always mean real work. The object of all work is production or accomplishment …" Implement only the most impactful tactics to achieve your strategic goals.

Staying Focused on Impact


By focusing on the tactics that deliver results and aligning them with your strategic goals, you increase your chances of success. Good luck!