Never too Small for Strategy – Strategic Marketing Planning for SMEs

I’m thrilled to present the first of a two-part seeries from guest Lisa Cook, the small business marketing whizz behind Sweat Pea Marketing. If you ever wondered why you need marketing strategy for your small business,  then read on. 

The beginning of a new year is a perfect time to set your goals and directions for the year ahead. It helps you remain focused and avoid unnecessary tasks that don’t get you to where you want to go.

The idea of strategic business planning is generally well understood; however, the act and art of strategic marketing planning (that supports the overall business plan) seems to get left undone. When this happens, organisations tend to be reactive and try everything – or do nothing at all – with activities that bring in clients (and cash).

All businesses – big and small – should undergo some sort of marketing planning exercise before jumping into doing marketing. Taking the time to plan means that the marketing that you ultimately end up doing will be more efficient and effective. It will be suited to your business, your current and future clients, and your industry.

Approaching a strategic marketing plan should be in two distinct sections: (1) a situation analysis, and (2) the tactical marketing plan.  Today’s post looks at the steps to completing the situation analysis, and next week’s post will look at compiling this data into a workable tactical marketing plan.

Situation Analysis

I believe that any plan is only as good as the information put into it, and the more work you do upfront in the situation analysis, the easier the process of developing the tactical plan will be.

Therefore, the situation analysis requires research and understanding of your business and its products, of your current and potential target markets, and of your competitors and operating environment. This information ensures that the marketing strategy is developed in an informed manner and is given the most likelihood of success.

Much of this information may very well already be in your head. To help you articulate and structure this information for practical use, below is a ready-reckoner to help you compile the situation analysis for your organisation. It steps through each element required and where you find the information needed to dictate your tactical plan.

The two main pieces of information that you will distil from the situation analysis are:

1. Where you will compete (i.e. selected target market (s)), and
2. How you will compete (i.e. through cost leadership, differentiation, or a combination of both cost leadership and differentiation).

You are now ready to start developing your tactical marketing plan.

Sweet Pea Marketing was established in 2011 by Lisa Cook when she made the move from Sydney to Adelaide, South Australia. Lisa started Sweet Pea Marketing to enable SMEs in Adelaide to market themselves effectively utilising marketing tools, methods, and practices in all communication environments in a cost-effective and efficient manner that fits with business strategy, culture, and available resources.