Generally speaking, Strategic Planning comes into play in every area of your business. This form of planning includes steps that your business will be taking in an effort to achieve the objectives and goals that are set. As it relates to marketing, Chaffey identifies nine decisions that one should consider as part of your strategic planning. They are:
- Market and Product Development Strategies
- Business and Revenue Model Strategies
- Target Market Strategies
- Positioning and Differentiation Strategies
- Customer Engagement and Social Media Strategies
- Multichannel Distribution Strategies
- Multichannel Communication Strategies
- Online Communications Mix and Budget Strategies
- Organizational Capabilities and Governance to Support Digital Transformation
When a strategy is developed, attention should be placed on how it aligns with specific objectives of the business because the inline the strategy is with a specific objective, then the more effective the strategy it will be.
Finally, once you have developed strategies and these strategies are put to work, it is important to monitor the process to ensure that each strategy continues to support the objectives of the business and that the strategies are facilitating improvement in the objectives. For example, when monitoring strategies related to market and product development, you would want to ensure that there is market penetration (i.e. market share growth, customer loyalty improvement, and customer value improvement), market development, product development, and diversification. If the strategic planning process goes unmonitored, then ineffective strategies would continue and can lead to unfavorable outcomes such as a decrease in revenue and a decrease in market share, among other things.
Check out last week’s post