The Three Pillars of a Successful Marketing Strategy and Plan

I’ve worked in marketing for nearly a decade and have seen all manner of marketing strategies and plans. In some cases, I’ve been directly involved in the strategic planning process and played a role in developing them for multiple companies. I’ve seen them take various shapes and forms, but three foundational elements have stuck out to me, simplifying what can be an overly complex process.

Developing a marketing strategy and plan involves three critical elements: the strategy, plan, and KPIs. 

1. Strategy: What Are You Trying to Do? 

The first step in creating a successful marketing plan and strategy is, you guessed it, the strategy. The marketing strategy is the high-level view that ties directly to your overall business objectives. Here’s some business jargon for you: It’s the 30,000-foot view of your marketing efforts. It’s the “what” and the “why” of your marketing efforts that include:

• What specific business outcomes are we trying to achieve?

• Who is our target audience, and what are their pain points?

• How does our product or service solve these problems?

• What unique value proposition sets us apart from competitors?

This isn’t the place to outline what email campaigns you’ll send and your blog post topics. This is where you provide a clear direction for all your marketing activities and define the broad approach and goals to achieving them. This strategic clarity will guide your marketing efforts and keep you focused on the bigger picture.

For example, let's say you're a B2B software company aiming to increase market share in the small business sector. Your strategy might focus on positioning your product as an affordable, easy-to-use solution that helps small businesses compete with large corporations. As a reminder, this strategy will be rolled into the business's objectives. 

2. Plan: How Are You Going to Do It? 

You have your strategy, so now comes the point where you’ll develop your marketing plan. This is where you get into the specifics of how you’ll execute your marketing strategy. Your plan should include:

• Detailed tactics and campaigns

• Channel selection (e.g., social media, blog, paid advertising)

• Budget allocation

• Timeline and milestones

• Team responsibilities and resource allocation

Your plan translates your high-level strategy into actionable steps. It's the roadmap that guides your day-to-day marketing activities.

Continuing with our B2B software example, your plan might include:

• Developing a content marketing strategy focused on minor business pain points

• Creating a series of case studies showcasing successful small business clients

• Launching a targeted PPC campaign on LinkedIn and Google Ads

• Offering free webinars to demonstrate your software's ease of use

• Partnering with small business influencers for product reviews and testimonials 

3. KPIs: How Will You Know You've Done It? 

Great – you have your strategy and your marketing plan. Now, you need to identify how you’ll measure success. Key performance indicators (KPIs) are the measurable goals that help you track progress and determine the success of your marketing efforts. Your KPIs should be specific, clearly defined, measurable and quantifiable, aligned with your overall business objectives, and time-bound with specific deadlines.

When selecting KPIs, focus on metrics directly related to your business outcomes. Be mindful of vanity metrics that look good on paper but don’t necessarily demonstrate business results. They can have a purpose but should be used strategically.

For our B2B software company targeting small businesses, relevant KPIs might include the following:

• Number of new small business customers acquired per quarter

• Conversion rate from free trial to paid subscription

• Customer Acquisition Cost (CAC) for small business segment

• Customer Lifetime Value (CLV) for small business customers

• Market share percentage in the small business software category

• Net Promoter Score (NPS) among small business clients

I’ve seen companies be far too vague in this area. They set measurements of success like “increase brand awareness” or “generate more leads.” These are great goals, but they lack specificity and a clear timeframe.

When in doubt, I always say KPIs should have a number associated with them. Instead of “increase brand awareness,” use “increase brand recall among our target audience from 35% to 50% within the next 12 months, as measured by quarterly brand surveys.” Instead of “generate more leads,” use “generate 500 qualified leads from our upcoming webinar series on small business productivity, with a target conversion rate of 20% to sales-qualified leads within 30 days of each webinar.”

These are measurable, include trackable numbers, and have a specific timeframe.

Bonus note: You should be able to track your KPIs. If you don’t have a way to send quarterly brand surveys to measure brand recall, you’ll be in a tough spot the next time you need to present the results of your marketing efforts. 

Bringing It All Together 

These three elements of a marketing strategy and plan are not standalone components. They all work together to create a comprehensive and effective marketing approach. Your strategy provides the overarching direction, your plan outlines the steps to get there, and your KPIs help you measure your progress and success. This interconnectedness will reassure you that your marketing efforts are on the right track.

Remember:

·         Strategy – What are you trying to do?

·         Plan – How are you going to do it?

·         KPIs – How will you measure success?

Focusing on these three pillars and ensuring they align with your business objectives will equip you to create marketing campaigns that drive real results. Don't be afraid to iterate and refine your approach based on the insights you gain from your KPIs. The most successful marketing strategies evolve with your business and customers' needs.