Hitting a Home Run with Your Marketing Strategy

By Dean Crawford

Did you ever wonder how mega-successful brands such as Nike®, or Coca-Cola® were started and how they’ve evolved into the marketing phenomenon’s they are today? It certainly didn’t hurt that, in both cases, the products themselves carried tremendous appeal to children and adults of all ages. However, creating and selling that appeal presented the real challenge for these retail giants.

The need to carefully develop and implement a sound marketing strategy is paramount to the success of any company or brand, big or small. When talking about developing a sound marketing strategy, it is important to note that, essentially it’s a document to judge the appropriateness and effectiveness of your specific marketing plans.

In developing a sound marketing strategy, it is important to identify and address specific goals such as:

• Define the business
• Position the business as a leader, challenger, follower or niche player in the category
• Define the brand or business personality desired in the minds of buyers and end-users
• Define life cycle influences, if applicable
• A description of the key target buyer/end user
• Competitive market segments the company will compete in
• Distribution channels
• Unique positioning of the company and its’ products versus the competition
• Reasons why the company or product is unique or compelling to buyers
• Price strategy versus competition
• Marketing spending strategy with advertising and promotion
• Possible research and development

Once your marketing strategy is developed, it is considered your blueprint for success and should be implemented as such. A good working marketing strategy should not be changed every year. It should not be revised until company objectives, including financial, marketing and overall company goals have been achieved or the competitive situation has changed dramatically.

So, if you believe you have a product or service that can be the next home run for your business or brand, keep in mind the importance of developing and implementing a sound strategic marketing blueprint. Who knows, you may have the next Nike®!