A marketing strategy and plan is a roadmap that defines your goals and objectives and what you need to do in order to achieve them. There are generally four types of objectives:
- To Increase market share in existing markets with existing products or services
- To develop new markets for existing products or services
- To innovate by developing new products or services
- To diversify into new markets with new products or services
Most businesses do not have the resources to attempt all these objectives at once. Nor should you feel the pressure to do so, you will do better to focus on just one or two of them at a time. Remember, the tortoise runs the race at the end.
When developing your marketing plan or strategy it’s important to ensure you set key milestones along the way. After all, how can you measure success, if you don’t know what success looks like.