The practical guide to marketing strategy on a page is a step by step tutorial on how to craft a compelling marketing strategy and a plan and present a synthesis on a page that is concise and compelling.
For CMOs (Chief Marketing Officers) and other marketing executives, crafting a marketing strategy is an annual rite of passage. Each year the marketing leaders harness the collective wisdom of their teams to create a strategy on how marketing can help their company achieve the corporate objectives. A typical marketing strategy acknowledges the organizational business priorities and outlines strategies, tactics, programs, plans, and resources to provide the necessary air cover to achieve company goals.
Strategy on a Page (SOAP) is a powerful and practical way to communicate the what, how, who, where, and when succinctly so that other executives – who are otherwise busy and running their own shows – can fathom and clearly understand what marketing intends to do to support the collective enterprise strategy and goals.
The marketing strategy on a page, while short and succinct, does not skimp on the scope and the levers that are necessary to communicate the essence of marketing strategy to various stakeholders. Mind you, what is on the page is a summation and synthesis of a lot of underlying thought and work.
Also, please note that the marketing we are discussing here is “corporate marketing” and not “product marketing.” That is, this specific version of marketing strategy on a page is about how marketing supports a company’s overall business strategy and not a particular product. (Stratrix has a separate article and a product to help “Product Marketing Strategy on a Page.”
The Components of a Marketing Strategy on a Page:
The following are the typical sections that one should include in their marketing strategy – whether it is one page or a longer document. Of course, you may choose to add/remove/modify sections to fit your needs.
- Corporate Goals and Objectives
- Business Strategy Pillars
- Marketing Objectives to Support Corporate Vision and Strategy
- Core Marketing Strategies
- Marketing Plan
- Marketing Budget
- Success Metrics
Corporate Goals and Objectives:
Marketing is an enabling function to help achieve corporate goals and objectives. While the CMO and the marketing leaders may contribute to the corporate strategy, the vital task in crafting the right marketing strategy and plan is to distill the essence of corporate strategy, which may span 30-40 pages, into a few crisp and coherent goals and objectives.
Example of how a marketing team can capture the core corporate strategy into a few sentences:
Sample Corporate Goals and Objectives:
| Extend the Service Line from Banking to P&C Insurance to capture adjacencies. | Deliver a topline growth of 5% and EBITDA growth of 8% | Establish a beachhead in China for the core corporate banking line | Focus on enhancing customer journeys and experiences. |
Corporate/Business Strategy Pillars:
Taking into account the goals and objectives of the company, the corporate strategy team will come up with strategies the enterprise needs to follow.
We can term these as “Corporate/Business Strategy Pillars.” Now the task of marketing is to help the company achieve these goals.
While goals and objectives set the destination, the strategies are how to get there.
Sample Business Strategy Pillars:
| Revamp and reinvent the banking products and services to the P&C sector | Outsource commodity functions to focus on the core. Embark on identifying a partner and a lift and shift strategy. | Acquire a company in China to facilitate the market entry strategy. | Optimize operations by adopting a client-centric framework and an outside-in ethos to planning customer journeys. | Focus on account-based marketing to increase wallet share and decrease the cost of new client acquisition. |
Please remember that the business strategies or strategy pillars do not necessarily line up one-to-one with the corporate goals and objectives. The plans are an articulation of how to reach the destination as detailed in the corporate business goals and objectives.
While there is no limit to the number of strategy pillars, it would be unmanageable if there are more than 10. Ideally, 4-7 strategies are the sweet spot.
Marketing Objectives to Support Business Vision and Strategy:
In this section, we are getting closer to the marketing department. Understanding corporate vision and strategy is the foundation for building an effective marketing strategy and plan.
Sample Marketing Objectives:
| Research the P&C sector, buyer personas, and competitive landscape | Develop a customer-centric experience strategy and design | Establish corporate brand equity and name recognition in China | Create an account-based marketing strategy and collateral | Shift the marketing spend to more effective and measurable channels and avenues. |
The reality is not every business strategy will have a comparable marketing strategy or objective. There are some areas marketing cannot make a direct and material difference. And, it is perfectly OK to have a marketing strategy that is distinct and stands on its own and doesn’t necessarily relate to any specific business strategy.
Marketing Plan:
The marketing plan is the brass tacks of all the elements necessary for orchestrating a successful marketing plan – such as the creative execution, channels, segments, paid and unpaid marketing avenues, and an optimal sequencing.
- Positioning: The positioning of the firm as to what image it will evoke when stakeholders think of the company.
- Creative Strategy: An overarching creative strategy that directs the rest of the messaging, media, and communications.
- Collateral: The types of collateral is necessary to execute the marketing plan.
- Channels: Determination of which channels – TV, Radio, Print, Web, Outdoors, Events and Tradeshows, et al. – will be appropriate for various aspects of the marketing activities.
- Marketing Programs: Choose what programs will be a part of the overall marketing plan – Brand Awareness Campaigns, PPC (Pay per Click), CPA (Cost per Action), Influencer Marketing, Analyst Relations, Press Relations, Community Relations, etc.
Marketing Budget:
Marketers will need to estimate the budget allocation that is necessary to achieve the marketing goals and orchestrate the marketing plan. Ideally, a combination of top-down and bottom-up planning is an effective way to estimate the marketing budget.
Success Metrics:
It is essential to measure the efficacy of the marketing plan and the activities and then make necessary adjustments – either at a strategic level or a tactical program/activity level. For the monitoring, measurement, and refinement to be valid, the marketing leaders must also come up with what does success looks like and the specific metrics. Without that, marketing spending will not be effective. IT may go the way of what the famous saying goes, “Half of my advertising budget is wasted, but I do not know which half.”
Sample Marketing Strategy and Plan on a Page:
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You may purchase the Marketing Strategy on a Page Templates. Or a more comprehensive marketing strategy and planning toolkit. The marketing strategy on a page template is available in Microsoft Word and PowerPoint formats. Of course, you may edit the documents and customize it to the needs of your enterprise.