Marketing is a one-of-a-kind creation. A modern marketer must have a wide range of talents and tools at their disposal. It includes creativity, analytical thinking, data analysis, and project management.
Sure, you can delegate some tasks, but that also means you’re in charge of getting everyone on the same page.
You may use various tools to make your job easy rather than allowing your frustration to grow. The choice is yours.
So, in this article, we’ll go over what a marketing strategy framework is. Also, why you should use one, the top marketing models available, and how to choose the right one for you.
A marketing framework is a graphic depiction of your business plan’s logical flow. It is a combination of numerous parts that work together to make your marketing idea a reality. Also, your alternatives for advertising your small business will become more evident. And you will be able to create a practical plan for advertising your products or services. While you may already have a strategy in place, a framework can help you make it more manageable. It provides action actions for each component.
Consider it this way. You wouldn’t approach your business strategy with a “throw spaghetti at the wall and see what sticks” mentality since it would give any benefits to you and your company.
Instead, you’ll likely spend your time like days, weeks, or even months. Your main goal must be finding your target audience. Also, you want to determine where they spend their most time. Hence, you will work on developing a marketing strategy.
This will help to reach them and communicate the benefits of your product or service.
Your marketing plan framework takes it a step further. It ensures the effectiveness of your plan by distributing information to your target consumers at the proper time.
How Important Is It To Have A Marketing Framework?
More than merely keeping you focused on the task at hand, a digital marketing framework can help you achieve your vital goals. You must develop a way to communicate with every member of the marketing department. Regardless of where they work or what tasks they are accountable for, as your company and team grow.
So, the best method is to ensure that everyone knows what they need to accomplish.
Also, how they need to do it is to create a framework. So, a business strategy framework helps you in several ways.
Assists In Determining The Best Prices
Setting the proper price for your product is an important part of a product marketing framework. Also, if you’ve discovered that buyers demand a high-end product in your category, your pricing strategy may need you to sell at prices. These prices give the product a high-end perceived value.
If your target consumer is price sensitive and ready to accept fewer features in exchange for a lower price, your pricing strategy will necessitate selling at or below the competition’s price.
Communication And Organizational Impact
When you have a strategy in place, your departments will be able to work together more effectively, This is because they are all following the same plan. For example, to establish what message you should communicate about your benefit, your advertising team will consult with your product development team. Your salespeople will consult with the people in charge of your brand’s image. Then they will see if they can give discounts, coupons, or rebates without jeopardizing your reputation.
Establishes An Efficient Distribution System
You may choose where you want to sell to maximize your marketing efficiency once you know what product characteristics you’ll offer, who your target consumer is, and what your price points will be. Younger clients are more inclined to shop on a Smartphone or a website, using PayPal or a credit card to pay. Older shoppers may prefer to shop in physical stores. You can hire a wholesaler or distributor if your market research indicates that you need to be in retail stores but don’t have a sales force.
Assists In The Marketing Of Products And Services.
Your market research will assist you in developing your brand, or the image you wish to project about your company. You might reply to advertising salespeople’s solicitations on an individual. Or you may show reactions without market research. It can spoil the brand identity you’ve built based on your product development efforts. So, a business strategy can help you figure out if a certain magazine, radio station, or website is a good fit for your sales goals.
Product Development Is Streamlined
A marketing plan aids you in developing items and services that have the best potential of being profitable. This is because a strategy begins with market research. This considers your ideal target consumer, what your competitors are doing, and what trends may be on the horizon. You may use this data to figure out what benefits customers and clients want. Also, how much they prepare to spend, and how you can set your product or service apart from the competition.
What Exactly Does A Marketing Framework Encompass?
The success or failure of a product, and sometimes even the destiny of a company, is often determined by the quality of the marketing management framework. We recommend that you consider the following five building components to give your marketing plan a strong foundation:
The existing scenario in which the company, product, or service is operating is at the heart of the strategic study. The following are some of the most important concerns that must be addressed in-depth:
- Trend analysis: What is the product or service’s market potential?
- Customer analysis: Who are the target group(s) and what are their purchasing habits?
- Analysis of competitors: Who are the market’s competitors and how do they operate?
- Competitive advantages: What distinguishes your offer from others? What is your one-of-a-kind selling point or value proposition?
What objectives do you want to achieve as a business or with your product? We distinguish between the following:
- Financial objectives: objectives that can be measured using “hard” statistics, such as sales growth, market share, or return on investment.
- Customer happiness, capacity for innovation, the organization’s customer orientation, staff engagement, and satisfaction, winning new customers, or corporate image are examples of goals that are difficult to quantify using statistics.
- Financial goals should not be relied upon alone since, in most circumstances, there is a delayed reaction to worsening numbers. Goals related to your market and customers (e.g., lower customer satisfaction) are frequently early indicators of a shift.
Choosing an Approach
A plan explains how you’ll attain the objectives you’ve set for yourself and how you’ll get a competitive advantage. Three primary strategies Porter’s competitiveness matrix are:
- Differentiation based on product and service quality
- By acquiring a pricing advantage, marketers can achieve cost leadership.
- Specialization in hitherto untapped niche markets
Implementation of the Strategy (marketing mix)
The most expensive element in the advertising planning process is strategy implementation, which frequently necessitates significant human resources. A marketing mix’s four cornerstones are:
- Pricing policy for products
- Policy on distribution
- Policy on communication
The objective is to carry out the strategy as efficiently and effectively as feasible.
Review of the whole strategy
Performance Review is the crucial “final” step in a marketing plan. It examines how well the marketing instruments are assisting in the achievement of the objectives set:
- Early detection of implementation flaws is possible.
- Monitor and improve the performance of the team.
- Countermeasures can be performed or the marketing mix altered in the event of deviations from the predetermined profitability ratios for products, markets, segments, customers, distribution routes, and so on.
All of this is critical — at least in principle. But, in actuality, how should your company’s marketing plan look? To know this, you must indulge to get the pain points of your target audience. A successful marketing framework can meet your audience requirements well.
Some Most Effective Marketing Framework Examples
Marketing has most likely been since prehistoric times when enterprising cavemen created cutting-edge spears and attempted to sell them to their less “handy” counterparts.
Okay, that may not be quite accurate. But marketing has long been an important component of the business. Also, skilled marketers have developed models and frameworks to make their (and your) jobs easier. Let’s look at some classic models as well as some more recent frameworks.
Porter’s Five Forces Analysis
Most advertising frameworks concentrate on the product and the target audience. But, Porter’s Five Forces considers the external factors that can affect profitability. These are some of them:
- Supplier Power refers to how many other suppliers there are, what distinguishes them, and how much their product costs.
- Buyer power refers to a customer’s capacity to influence a company’s decisions.
- The threat of Substitution refers to how your product stacks up against the competition.
- The threat of New Entry refers to any obstacles you may face when entering the market.
- Any additional external influences that affect how your product compares to the competition are competitive rivalry.
This model will assist you in determining the competitiveness of your company environment.
Model of STP Marketing
The SPT model is a top-down method. It focuses on how a firm communicates with customers and assists in the delivery of individualized (and relevant) messages to audiences. It also serves as a basis of the content marketing framework.
STP stands for segmentation, targeting, and positioning. And it has aided many businesses in their transition to using social media to distribute content.
Marketing Mix (7Ps)
This widely used model addresses all stages of company strategy development, from ideation to evaluation. Hence, here 7P’s means
- What is being sold as a product?
- Prince: Can you tell me how much it costs?
- Where is the product going to be sold?
- How will you communicate with your target audience?
- Who is involved in the creation, promotion, and distribution of the product?
- How are you going to deliver it to the customer?
- Physical Proof: How will you demonstrate to customers that your company exists?
When you use the 7P model to develop your organization, you’ll be able to assess and optimize every part of your company and plan.
The ICE Score
Sean Ellis, known as the “Father of Growth Marketing,” explains the ICE score, a quick and easy approach to assess possible growth channels.
Rather than building a complicated system, Ellis recommends pondering the following three questions:
- What effect will this move have if it is successful?
- How sure am I that this strategy will work?
- How much time, money, and effort will it take to implement this?
Choosing the Right Marketing Framework for Your Company
While you have several models to choose from, not all of them are created equal. Several criteria will determine which framework is appropriate for you and your company.
- You should consider the following factors of your business when deciding which framework to use:
- What are the company’s primary priorities?
- What is the marketing department’s role in the company?
- Which capabilities of this department, and improvements would you like to see
Final Words – Now it’s your turn.
Regardless of your product or service, marketing is a difficult job. You are essentially in charge of informing the world that your organization has a solution for whatever ails them. Without you, the most incredible product or service ever developed will never reach those who need it.
As difficult as it is, there are things you can use to alleviate some of the burdens of your responsibilities. So, a business strategy framework can help you stay on track. Also, it keeps your team informed and on track. And it ultimately helps you reach your objectives more effectively. Create a marketing structure today to make life easier tomorrow.