New Delhi (India), December 29: Being an entrepreneur is tough. You’re constantly pitching your ideas to the investors, working on a ridiculously tight budget and ensuring that everyone who works for you gets paid at the end of each month. Seriously, being an entrepreneur is not everyone’s cup of tea. Your road is filled with loads of obstacles, and you don’t have much time to even catch a breather between your congested schedules. And now, on top of that, imagine not having a strategic marketing plan for the upcoming year.
But wait, What do you mean by strategic marketing planning, and how will it help grow your business in 2023?
Strategic Marketing Planning – Grow Your Business in 2023!
A strategic marketing plan analyses the key aspects of your company (such as business, market, and customers) and identifies the best path to achieve your overall business goals.
These days, almost every company focuses a lot on digital marketing. Because, unlike traditional marketing channels, you get many benefits when you use digital marketing to promote your brand. And when you have a strategic marketing plan, you can explore the true potential of digital marketing in 2023.
- Review Your Existing Status
First things, first – go through your old plans and review your progress up to this point. You must ask yourself and other stakeholders some questions like –
- – Were you able to meet the previously set goals?
- – Which strategies yielded the best results, and why were they more effective than the other strategies?
- – What specific things stopped you from achieving your business goals in the previous year?
- Setting New Goals
Now that you’re heading into a new year, we’re sure you’ll have new goals for your company as well. If not, you should set one or two primary goals for 2023 while simultaneously setting a few secondary goals next to them. Here are some examples that you might set as your goals in 2023 –
- – New product launch
- – Opening of a new branch
- – Better sales output
- – Improving client retention rate
- – Giving clients a better experience
- – Expanding your brand’s visibility
- Audit Your Marketing Elements
Marketing is important for every business out there, regardless of its scale or revenue. So, if you’re an entrepreneur, you should audit the marketing elements of your company before making a marketing plan for the upcoming year. Audit elements like marketing assets, channels, customer data, your marketing team, pricing, etc.
- Market Research – Competitive Analysis
Conducting market research about your competitors, the latest trends, consumer behaviour, etc., is important for every strategic marketing plan. So, discuss the following things with your team –
- – Which things are your competitors doing better than you?
- – Are there any foreseeable trends that may hurt your business?
- – What are the standard marketing tactics in your industry?
- – How much does a company spend on average for their marketing schemes?
- Segmentation, Targeting and Positioning
Segmentation, targeting, and positioning, also known as STP, is where you’ll push more relevant, better-optimized and personalized messages to your target audience. Here are the steps that will help you create better content through segmentation, targeting and positioning (STP).
- – Identify your target audience first.
- – Then, target a particular segment of that audience.
- – And finally, position your brand in regard to other brands in the competition.
- Assign KPIs
Now, you’ve your goals and market research in front of you. What’s next? It’s simple! You assign Key Performance Indicators (KPIs) to your goals. These KPIs will help you measure your company’s performance with respect to your earlier set goals.
- Set a Budget & Deadlines
Next, you can set a fixed budget for your marketing KPIs. Marketing usually means a lot of investment and thus, you’ve to be very careful while deciding on a budget for your company’s marketing goals. Make sure to use a calendar and set dates for every specific KPI you’ll be launching next year.
Opt For a Highly Reputed Digital Marketing Agency
Start your company’s 2023 with a data-driven, strategic marketing plan set in motion. GBIM can help you achieve your business goals for the upcoming year thanks to our wonderful team of digital marketing experts.
Our founders – Mr Nirlep Patel and Mr Dharmesh Patel, can make your marketing campaign a grand success. Being entrepreneurs themselves, they understand how valuable it is to devise a strategic marketing plan before going into a new year.
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The post Being an entrepreneur follow these Steps to Start Strategic Marketing Planning for 2023 appeared first on City Lights.
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