A blueprint for strategic marketing success in a down-turned economy

Mercer Business, Sep 01, 2003 by Barnhart, Jeffrey E

Business environments change, and forward-thinking companies realize that with an environment in flux whether the changes are socio-economic, political, legal and regulatory, competitive, or technological - they must be prepared to manage strategically in such uncertain times. Businesses currently find themselves in a business environment that minimally encompasses several, if not all of these uncertain forces. The methods by which companies strategically planned their futures are no longer valid in an environment that is not typical to the history of the company or to the industry in which they do business.

The recent and foreseeable economic horizon indicates that we will continue to see companies acquire other companies, enhancing their bottom lines and/or improving their competitive positions in their base business, as well as in businesses they have diversified to enhance their strategic positioning. The need for major changes and quick responses from companies that will survive such times means that business can no longer be conducted as usual.

Now, more so than ever, companies are faced with identifying the products or businesses that should be in their portfolio of products or services, to meet their short- and long-term goals. If those products or businesses are part of a strategic direction that is to capitalize on an environmental, competitive or organizational opportunity, the companies involved must be ready to make a "yes" or "no" decision quickly to seize the moment. Equally as important is the ability to implement the needed changes, modifications, or introductions of new products or services inside or outside of the normal business processes.

Given today's uncertain economy, now is as good a time as ever to start reevaluating your company's goals and objectives and make sure you are on track. Take the time to examine your company's current business practices, client needs and customer-base, and fine-tune them to help ensure success in the coming years. Learn how your clients perceive you and how your company compares to your competitors. Determine if your business is where you want it to be financially. Did you meet the expectations outlined in your current business plan? If not, what strategic marketing tactics can you put in place to make 2004 more profitable and successful, and how can you provide your company with additional business opportunities to obtain optimum results?

No doubt you have asked yourself these questions at one time or another, but now is the time to look for and examine the answers, and figure out how to incorporate them into your business future. Develop a dominant, effective and integrated marketing communications campaign - one that will create awareness, brand recognition and solid market positioning, while communicating credible and differentiated prospect benefits. Create an actionable path forward that translates into greater sales and new revenue streams by either increasing your client base, introducing a product or targeting a new audience. Implement a strategic analysis and planning process such as Marketecture.

Marketecture is comprised of two main analytic paths ... BrandMap and Marketscape, as well as an end-deliverable, Tactical Marketing Plan.

BrandMap graphically captures the map of your market, showing how your competing companies or products are perceived based on specific features or attributes. BrandMap suggests how your company or product can be positioned to maximize customer preference and sales, as well as possible segmentation strategies.

Marketscape, on the other hand, delineates a lay of the land in terms of your company's or your product's current competitive position. It identifies future marketing challenges and opportunities, and explores weaknesses or attributes which may demand offensive or defensive marketing actions.

Additional analytic matrices may be incorporated into this comprehensive process, such as positioning within a multipleproduct line or services portfolio, as well as the naming/identity of a company or product.

Based on the consensus derived from BrandMap and Marketscape analyses, a Tactical Marketing Plan is prepared. This contains recommended scheduling and tactical investment levels and upon completion, serves as a foundational springboard for strategic messaging and creative communications development.

As outlined in this process, an effective marketing communications program must have at its core one critical component - the ability to identify a key message platform that persuasively links what you're selling to your prospects' needs as a solution to their business objectives.

A key message platform is one of the strategic end products of the Marketecture process, helping to shape and inform customer-focused corporate messaging so that it is both responsive and proactive to the market forces, competitive threats and strategic opportunities facing a company.

How then do we get to the core messages and tactics that will propel a marketing initiative towards success? You and your marketing consultant must speak candidly and honestly up front about competitive issues, marketplace challenges and budget. As a team, you must mutually assess where your organization is and wants to be, as well as the resources that will be committed to realistically accomplish these objectives.