Developing a Strategic Marketing Plan Six Steps to Developing a Marketing Strategy
Developing a Strategic Marketing Plan
Six Steps to Developing a Marketing Strategy
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Agenda
Today’s Manufacturing and Marketing Landscape
Six Steps to Develop a Marketing Strategy
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Three key trends influence the macro environment of today’s jewelry industry
With consumer appetite for jewelry growing, annual global sales are expected to grow 5-6% annually. With the industry changing rapidly, however, jewelers must be aware of and prepared for the trends affecting the market.
Globalization and Consolidation
Growth of Branded Products
Reconfigured Channel Landscape
McKinsey, “A multifaceted future: The Jewelry Industry in 2020.”
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Globalization and consolidation are putting pressure on smaller, local jewelers
Globalization and Consolidation
Growth of Branded Products
Reconfigured Channel Landscape
12%
Market Share (2013)24%
Market Share (2020)In 2013, the 10 biggest jewelry groups captured only 12% market share, and only Cartier and Tiffany & Co. were listed in Interbrand’s Top 100 Global Brands list. By 2020, however, this number is expected to double through the acquisition of smaller, local players while national and regional brands continue to grow globally.
McKinsey, “A multifaceted future: The Jewelry Industry in 2020.”
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Branded products are becoming increasingly popular due to the purchasing power of Millenials
Globalization and Consolidation
Growth of Branded Products
Reconfigured Channel Landscape
The market share of branded jewelry doubled from 2003 – 2013 to 20%, and this figure is expected to grow to 30-40% by 2020. Millenials are using branded jewelry more to show off newly acquired wealth. Future growth is also likely to come from other industries, including apparel and high end leather goods. Ultimately, this will be hard on small artisans who lack the marketing power of larger jewelry groups.
McKinsey, “A multifaceted future: The Jewelry Industry in 2020.”
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Online sales are continuing to grow, and online engagement is still on the rise
Globalization and Consolidation
Growth of Branded Products
Reconfigured Channel Landscape
Online jewelry sales are 4-5% of the market today but are expected to grow to 10-15% of total sales by 2020 (depending on region, brand and product type). It is nevertheless critical for jewelers to use online channels to share information, shape brands, and engage customers to form long-term relationships.
66% of luxury shoppers conduct online research before making a purchase.
30-60% of customers turn to social media for information
or advice.McKinsey, “A multifaceted future: The Jewelry Industry in 2020.”
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Brand manufacturers are increasingly going digital
Marketers are increasingly prioritizing mobile and social over traditional ad channels. There is also increased focus on owned and earned media over paid.
Booz Allen Hamilton Strategy& 2013, “Reimagining shopper marketing.”
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Given this background, what is a manufacturer to do?
Maintain the status quo Develop a strategic marketing plan
Continue to market using a bucket shot approach that is neither holistic nor
comprehensive in manner
Develop a robust strategic plan that establishes a solid and actionable foundation for your growth objectives. Conduct research,
solidify marketplace positioning, select appropriate tactics, and chart out a detailed
implementation plan
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Agenda
Today’s Manufacturing and Marketing Landscape
Six Steps to Develop a Marketing Strategy
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Developing a strategic plan can be broken down into six steps
Research1
Messaging & Positioning2
Tactical Deep Dive3
Asset Development4
Metrics Dashboard5
Tactical Implementation 6
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Step 1: Execute in-depth research to direct your strategy
Detailed audit and discovery
In-depth strategic market research
Conduct an in-depth discovery of your business. Talk to internal employees, key stakeholders, current customers and past customers. Deep dive into past and current marketing campaigns, analyze your existing assets and identify your core competencies.
Audit key players and competitors in your industry to identify opportunities and threats along with key points of differentiation.
Competitor research
Gather and process secondary data from free and paid industry research reports and online research to develop a clear understanding of market segments, partnership opportunities and market sizing.
Rigorous research enables you to have a much clearer understanding of your market positioning and the short and long-term opportunities that you find most attractive to pursue.
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Step 2: Define your messaging and positioning based on your market research
Your partner in achieving professional excellence
Access to Expertise
Network of Suppliers
Advocacy and Industry Support
Upon the completion of research, arrive at a value proposition that defines the primary reason(s) why a customer should buy from you. All team members should understand their role in delivering value
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Segment your message by market or audience
Messaging created for specific attribute groups can be featured in group-specific assets, such as brochures, landing pages, and flyers. In the era of engagement, consumers expect a personalized experience.
Segmented messaging will appeal to different types of prospects.
Jewelry manufacturersJewelry designers
Jewelry hobbyistsRetailers
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Step 3: Identify and narrow the list of marketing channels you will pursue upfront
Once you’ve defined the message and value of your product, you will need to outline how you will communicate this using different marketing tactics, and how you will distribute your product over multiple channels.
Deep dive into a comprehensive list of marketing channels you could implement.
Explore strategic partnerships to achieve online and global scale.
Don’t forget about exploring online properties, not just tactics or partnerships
Google Ads, SEO, Email, Social Media, Events, Direct Mail,
Traditional Media, Online Display, Content Marketing
Amazon, eBay, Alibaba
Omni-brand vs. multi-brand, online vs.
offline partnerships, affiliate vs. direct
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Make sure that you define specific goals for each of your channels and partnerships
Website Optimization
Social Media Marketing
Events
Tactics How will Company X increase leads?
- Content production & sharing- Search Engine Optimization
- Profiles optimization- Display ads
- Content sharing (speech…)- Meeting booking + follow up
What’s in it for Company X ?
- Higher web traffic- More relevant web traffic
- Company X brand boost- Automated lead generation
- Thought leadership exposure- Access to a global audience
Paid Search- Support to web optimization- Short term promotion support
- Low cost intelligence => higher landing page conversion
Cadenzza, YOOX Group
- Strategic partnership- Use of mono-brand services
- Increased volume of traffic to multi-brand site
- Improved collateral from mono-brand support
By setting goals per channel, you will be able to track and benchmark your success while staying on track (as other marketing opportunities will inevitably come up).
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Step 4: Develop assets with your new message to support your marketing channels
Website & Messaging
Improving design and incorporating new messaging to transform your company’s current site into a dynamic platform for fresh content and a lead generation tool
Videos Leverage client testimonial and overview videos to strengthen relevancy and prospect conversion
Case studies & white papers Build out white papers and case studies to position your company as a thought leader
Email Templates
Sales pitch decks Design and build out modular sales deck with Company X branding and story to strengthen credibility and to communicate value proposition
Custom trade show booth panels
Leverage custom booth panels to improve relevance to target audience
Build out custom email templates to strengthen e-newsletter credibility and any client touch point
Build out LinkedIn company page with associated service offerings and company information
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High quality, specific assets will be needed as a foundation for each channel
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You can’t always judge the ROI of your assets, but that shouldn’t stop you from investing
59% According to Forbes, 59% of executives would rather watch video than read text
69% According to Cisco, Internet video traffic will comprise 69% of all global consumer Internet traffic in 2017
1200% Videos are shared 1,200% more times than links and text combined (Orion 21 Reports)
Videos may be some of your most expensive assets, but they drive engagement and are quickly becoming one of the most important marketing tools.
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Step 5: Develop key metrics to track and measure the impact of your marketing initiatives
# of Marketing Generated Leads
Number of In-Person New Business Visits
Lead Close Time
# of Self Generated Leads
# Leads Closed
Lead/ Closed Ratio Ratio of marketing generated leads to the number of actual sales
Total number of new customers brought on for each month
Track the leads your sales team is sourcing through personal outside contacts
Amount of time from lead sourcing to lead closing, lower measurement is better
Number of times a salesperson goes out to meet with new potential leads
Total number of leads by marketing tactic
Without KPI’s that are set ahead of time and continuously monitored, marketing campaigns will fall short.
KPI Description
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Identify general KPIs as well as specific metrics by channel
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Step 6: Create a detailed implementation plan to ensure execution takes place
Without setting a detailed timeline for your growth plan, you may have grand ideas that are never implemented.
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Creating a unified marketing calendar for your team will help ensure proper project management
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EXAMPLE – June 2015
Product Feature Email
= Email= Event= Social Media
Networking Event
Calendars were developed for all major marketing activities to tie
activities to deadlines and launch dates,
ensure the organization is on the same page for all lead
generation projects
TBT
Product Feature Email
TBT
TBT
TBT Networking EventFacebook post
Facebook post
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Be careful to avoid these myths about execution
Harvard Business Review, Why Strategy Execution Unravels – and What to Do About It
Execution equals alignment
While most businesses are aligned within each unit, the alignment breaks down across functions and business units. It is important to provide structure when coordinating cross-functional work to prevent time delays and waste.
“Just over half of all top team members say they have a clear sense of how major priorities and initiatives fit together.” Ensure your employees understand your messages well enough to communicate them in their own words.
Communication equals
understanding
“Concentrating power at the top may boost performance in the short term, but it degrades and organization’s capacity to execute over the long run.” Execution should be driven by middle managers, and guided by the top.
Execution should be driven from the top
Myths Solutions
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To summarize: the six step process
Research1
Messaging & Positioning2
Tactical Deep Dive3
Assets Needed4
Marketing Dashboard w/ KPIs5
Implementation Schedule6
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Ultimately, the success of your marketing strategy will depend on your team
Instill a client-centric culture
Take note of your favorite sports team
Surround yourself with ‘A’ players
Happy employees = happy clients
Surround yourself with employees who are motivated, who truly believe in marketing and who exceed client expectations
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Agenda
Today’s Manufacturing and Marketing Landscape
Six Steps to Develop a Robust Marketing Strategy
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Thank you
“Because the purpose of business is to create a customer, the business enterprise has two – and only two – basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.”
– Peter Drucker
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