By Winmark Business Solutions
Every business owner should develop a written guideline that sets forth the business’s marketing strategy. This document is used to judge the appropriateness of each action that the business takes. If a company has to take an action that is off-strategy, it may indicate a temporary emergency action prompted by competition or other factors beyond normal management control. Or it may indicate the need to change or revise the company’s marketing strategy.
A good marketing strategy provides specific goals and can include:
An overall company marketing strategy should also:
Use the following checklist to help create your own marketing strategy.
Marketing strategy checklist
Strategy statement tests. If the statements in your strategy are measurable and actionable and work to differentiate your company and products apart from the competition, congratulations! If they are not measurable and actionable and do not differentiate your company from the competition, revise them until they are.
A good working marketing strategy should not be changed every year. It should not be revised until company objectives (financial, marketing and overall company goals) have been achieved or the competitive situation has changed significantly, e.g., a new competitor comes into the category or significantly different or new products emerge from existing competitors.
Winmark Business Solutions (WBS) is a free Web site for small businesses and entrepreneurs containing over 6,000 pages of business-critical information and downloadable tools at www.WBSonline.com. WBS is a division of Winmark Corporation, a multi-brand franchisor with nearly 900 franchise locations in North America. With over 25 years working with small businesses, WBS draws upon years of experience to bring important small business articles, information, tools, forms, checklists, calculators and downloadable forms to the small business owner to help their business grow. WBS contains over 6000 pages of business-critical information all available at www.WBSonline.com.