So the next section of your formal marketing plan should be defining your Marketing Strategy. What does that include? There are several things:
1. Define the overall mission. This should be 1-3 sentences that summarize the overall goals for your marketing efforts. A good example might be, “Our 2009 mission, is to develop programs that support generate a 30% increase in our sales pipeline activity. We will focus on online programs as we have seen a substantially higher conversion to sales from these programs in 2008.”
2. Define your marketing objectives. You should clearly lay out the objectives for the marketing programs you will be executing in the tactical plan (which is the focus of my next entry!).
3. Define your financial objectives. You need to clearly define your financial goals for the time period in which your strategy is being developed.
4. Define your target markets. Clearly define the markets that you are targeting your marketing programs to in this plan.
5. Define a your positioning. Basically, how will you position your products and services within your target market to achieve the marketing and financial goals you have defined.
This section is critical to your marketing strategy so be sure and spend an appropriate amount of time as you define this portion of the plan.
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