Building a Sustainable Marketing Strategy

Whether your role is managing a specific marketing channel such as digital or social, or overseeing the greater omni-channel experience, you must develop the right marketing strategy that addresses what, why, and how. We will take a deep dive into looking at 4 key questions that address marketing strategy as well as macro and micro forces that could affect the sustainability of your long-term plan.

Transcript

1. Building a Sustainable Marketing Strategy November 13, 2018 Presented By: Rob Russini, MBA Senior Director of Marketing Hudson Heritage Federal Credit Union
2. Our Agenda What is Strategy 01 4 Key Questions to Good Strategy 02 Macro Strategy 03 Micro Strategy 04 Conclusion 05
3. 3 What is Strategy? “A plan of action designed to achieve a long-term or overall aim.”1 “The art of planning and directing overall military operations and movements in a war or battle.”2 1,2 English Oxford Dictionary Strategy
4. 4 What Strategy is Not… Outcome Metric Goal
5. 5 What Strategy is… Market Research PLAN Customer Journey S.M.A.R.T. Business Plan
6. 6 The Strategic Process What are you going to do? What 01 02 04 03 Why Why are you going to do it? How How are you going to win? How How are you going to sustain the win?
7. 7 Strategic Process: Step 1 – What are you going to do? Step 1 What are you going to do? What 01 • Your plan must be holistic • Your plan must be hyper specific • Your plan must be realistic You are accountable for your plan
8. 8 Strategic Process: Step 2 – Why are you going to do it? Step 2 Why are you going to do it? Why 02 • What are your opportunity costs? • How does your “what,” benefit customers and your firm? • What impact does the “what” have on the customer journey?
9. 9 Strategic Process: Step 3 – How are you going to win? Step 3 How are you going to win? How • How will you measure your plan? • What is the defined, projected outcome? • What effects does the outcome have on other business lines? 03
10. 10 Strategic Process: Step 4 – How are you going to sustain the win? Step 4 How are you going to sustain the win? How • Is this strategy continuously effective? • What external risks have you accounted for? • What effect does competition have on winning? 04
11. 11 Macro Strategy Political Economic Social Technological Legal Environmental P E S T L E
12. 12 Political Political P • How could changes in government leadership affect your plan? • How could changes in individual policies affect sustainability? • How could foreign market policy affect your plan?
13. 13 Economic Economic E • How could changes in the markets affect your plan? • How could depressions and recessions affect your strategy? • How could your firms financial picture affect your plan?
14. 14 Social Social S • How could changes to consumer behavior affect your strategy? • How could changes to your customer’s demographics, psychographics, or sociographics affect your plan?
15. 15 Technology Technology T • How dependent is your plan on current technology? • How can shifts in technology affect your strategy? • How can your plan be made more efficient with new innovation such as AI or automation?
16. 16 Legal & Environmental Legal & Environmental LE • How do changes in legislation and consumer law (federal and state) affect you plan? • How do changes in climate or corporate sustainability factors affect your plan?
17. 17 Micro Strategy Bargaining Power of Suppliers Threat of New Entrants Bargaining Power of Buyers Threat of Substitutes COMPETITION
18. 18 Bargaining Power of Buyers • How much influence do buyers have on your pricing model? • How can changes to the market affect your pricing model?
19. 19 Bargaining Power of Suppliers • How quickly can your suppliers or business partners change pricing models? • How much do you rely on your external business partners?
20. 20 Threat of New Entrants • How easy is it for competitors to enter the market? • How would new competitors affect your market-share?
21. 21 Threat of Substitutes • What alternative solutions could consumers use besides your solution? • What future innovations can affect the consumer’s search for alternative solutions?
22. 22 Competition • How does the competition affect your business model? • What is your differentiation? • What is your competitor’s differentiation?
23. 23 Review A detailed plan for long-term action Strategy PESTLE Macro Effects 5 Forces Micro Effects Adjust your strategy Review
24. Thank You Get In Touch: Rob Russini, MBA Senior Director of Marketing Hudson Heritage Federal Credit Union 845.561.5607 x483 Rob.Russini@contacthh.org