5 Steps to Create a Marketing Strategy Plan
Every business needs a marketing strategy plan. Though many realize the importance of a business plan, many companies are still apprehensive when it comes to adopting a suitable strategy. Unlike a strategic business plan, a marketing strategy plan basically focuses on winning and retaining customers. Moreover, the selected marketing strategy plan should be such that it outlines the process of execution while helping the company transform their business objectives into marketing goals and priorities.
Here are a few essential steps to be considered while developing a marketing plan:
Step 1: Conduct a detailed ‘situation analysis’ to understand the company’s current situation
Step 2: Identify and describe the target audience
Step 3: List out your marketing goals
Step 4: Develop a precise strategy
Step 5: Set a marketing budget
Commonly Used Types of Marketing Strategy
Very often, the success of a business directly relies on the adopted marketing strategy. Since there are different types of marketing strategy, choosing a marketing strategy that fits the company’s objectives is essential for success. This makes it necessary to analyze the different types of marketing strategy before selecting one that caters to the particular needs of the company. The following two types of marketing strategy are the ones that are commonly adopted by construction industry players:
- Paid advertising: This method adopts multiples approaches for each type of strategy using paid platforms.[spacer height=”10px”]
- Cloud marketing: Cloud marketing, also known as internet marketing, is one of the most commonly adopted types of marketing strategy. In this method, all the marketing actions are carried out via the internet and promoted on different platforms using several approaches.[spacer height=”10px”]
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Client’s Background:[spacer height=”10px”]
The client is a market leader in the U.S construction industry.
Client’s Challenge:[spacer height=”10px”]
The client, who is well-known for holding the second market position in the US construction industry, wanted to develop a precise marketing plan. The client’s outdated marketing strategy plan was inhibiting their ability to meet their set marketing goals, as a result of which, they found it difficult to adapt to the construction industry trends and establish themselves in an increasingly competitive and fast converging marketplace. Hence, they approached Infiniti Research to help them develop a precise marketing plan.
Business Impact:[spacer height=”10px”]
We began the process of market strategy plan development with the execution of precise primary and secondary market research to develop a complete profile of the dynamism in the U.S construction industry. However, the main aim of this engagement was to assess the different types of marketing strategy to identify the best marketing strategy that helps meet the client’s marketing goals.
Future of Construction Industry:[spacer height=”10px”]
Leading players in the US construction industry will enjoy sustained growth owing to the rate at which the industry is currently adapting and transforming itself. While the market expansion is noteworthy, it’s evident that it is not as staggering as that of the previous years. Also, two issues of concern that will affect future growth in the US construction industry are the impact of the changes in tariffs on steel and aluminum and the proposed tax rate.