No one in business would deny the premise that a sound marketing strategy is critical to the success of the enterprise.
Yet there are still businesses both small and large that have no well- defined process to create a sound marketing strategy. This often results in using reflexive marketing tactics that veer all over the road like a student driver. If you are concerned about the direction of your business there is a 4-step process you can use to solve the problem.
1. Situation Assessment
• Clear business definition. Think broad here…an automotive company isn’t in the car business, they’re in the transportation business
• Evaluate the current position in the marketplace
• Define the environmental situation…what external factors are affecting the market
• Competitive analysis…be objective and thorough
2. Strategy Generation
• Considering the situation assessment state what you believe to be the strategic options
• Define your true competitive advantages…include product, process, distribution
• Analysis of internal and external issues relating to the likelihood of strategic option success
3. Strategy Selection
• Define risks and rewards
• Define core business objectives
• Define realistic resource allocation
• Select strategic option most in line with the selection analysis
• Create the final budget
• Develop the tactical plan
While this process is simple and easy to understand it is not easy to do. A proper implementation will require time and talent resources devoted to the task as well as possible resource allocation for proprietary research. In the end, your efforts will be rewarded.
R&A Marketing has been working with furniture retailers since 1984. We’ve helped businesses like yours through good times and bad and know all the tricks for creating high-quality leads. The WHY and the need are different for every retailer. But the one thing that binds us together is the common goal of success. Discover WHY furniture retailers hire R&A to “take you from where you are, to where you want to go”.