The editors at Solutions Review have compiled this brief resource to help enterprise and marketing technology leaders create a business case for their marketing strategy.
A marketing strategy is a comprehensive plan of action designed to promote a company’s products or services to its target audience in a way that maximizes its business objectives. A marketing strategy aims to identify and understand the needs and wants of the target audience and develop a plan that meets those needs while also driving revenue and profitability for the company.
However, developing a marketing strategy is only part of the process involved in getting one going. Before you can start implementing, providing your company’s decision-makers with a business case is not uncommon. For example, a business case for a marketing strategy should outline the rationale and expected benefits of implementing a particular marketing plan for a business. The primary purpose of a business case is to demonstrate how the proposed marketing strategy aligns with the company’s goals and objectives and how it can help the business achieve its desired outcomes.
With that in mind, the Solutions Review editors have compiled a simple guide for creating a business case for a marketing strategy.
How to Make a Marketing Strategy Business Case
Making a business case for your marketing strategy requires careful planning, research, and analysis. By following these steps, you can create a strong business case that will help you gain support for your marketing efforts and drive results for your business.
1) Define Your Marketing Strategy Goals and Objectives
Start by defining what you want to achieve with your marketing strategy. This could include increasing sales, improving brand awareness, launching a new product, or expanding your customer base. Your objectives should be specific, measurable, achievable, relevant, and time-bound (SMART).
2) Conduct Market Research
Market research is essential to understanding your target audience and competition. This could include analyzing market trends, conducting surveys, focus groups, or interviews with customers and prospects, and researching competitors’ strategies and tactics.
3) Develop Your Marketing Tactics and Channels
Based on your research, develop your marketing tactics and channels. This should include selecting the right media mix, messaging, creativity, and tactics to resonate with your target audience. This could include advertising, social media, email marketing, content marketing, and other channels.
4) Estimate the Costs and Resources Required
Once you have developed your marketing plan, estimate the costs and resources required to implement it. This could include the cost of media, production, agency fees, and other expenses associated with implementing your marketing plan. You should also consider the internal resources required to execute the project, including staffing and technology.
5) Identify the Potential Benefits and ROI
Identify the potential benefits and ROI of your marketing strategy. This could include the expected revenue and customer acquisition costs. You should also consider the long-term benefits of your marketing plan, such as increased brand awareness and customer loyalty.
6) Present Your Business Case
Once you have gathered all the necessary information, present your business case to the stakeholders. This should include an overview of your marketing strategy, the potential benefits and ROI, and a breakdown of the costs and resources required. You should also address any potential risks or challenges associated with your plan.
7) Make a Recommendation
Based on your analysis, recommend whether to proceed with the marketing strategy. Be sure to include the risks and benefits associated with the proposed strategy. Your recommendation should be based on a balanced assessment of the potential benefits and risks.
8) Review and Update the Business Case
Regularly review and update your business case as your marketing strategy evolves. This will help you stay on track and ensure your marketing efforts align with your business goals and objectives. You should also evaluate the success of your marketing plan regularly and make adjustments as needed.