At the moment I’m approaching the finish line with my 2024 marketing strategy and will be complete with the 2024 program details by Thanksgiving. For years this has been my timing:
- August-September – Gather input from category managers and territories
- September-October – Develop marketing strategy, solidify budget with finance/leadership
- October-November – Detail and schedule marketing program
- December – Present to categories, sales and territories
- January – Go!
This timing has worked well and gives me a jump on my planning. It’s also early enough to still impact 2023 efforts with adjustments or new additions to the marketing programs.
Updates this Year
This year as I’ve been working on this I’ve made some slight format changes. I’m still starting with the Summary then Goals (measurable, of course). Some of my goals have some sub-items also meaning there will be some steps outside of marketing that need to occur and then we can do our thing.
The third section is Programs. This outlines not only our integrative marketing fusion program, but also key elements to support the goals and a new point named Game Changers. This is a handful of projects that are longer-term but I believe will be game changers in the industry and will help move the needle.
From there I have a section on Metrics – items that will measure all of the above. As I’ve said multiple times, “if you can’t measure it, how do you know it’s working?”
Tips for Developing Your 2024 Strategy
Planning and developing a robust marketing strategy for 2024 is a critical task that requires careful thought and diligent execution. This multi-step process involves everything from conducting market research to setting achievable goals, to creating actionable plans and measuring their effectiveness. Let’s dive into a step-by-step guide on how to approach and develop your 2024 marketing strategy.
- Market Research: Start with a thorough review of your market. Understand your customer base, identify trends, and analyze your competitors. This will help you identify opportunities and threats in the marketplace.
- Define Your Goals: What do you want to achieve in 2024? Your goals should be specific, measurable, attainable, relevant, and time-bound (SMART).
- Audience Segmentation: Identify your target audience and segment them based on different parameters such as demographics, psychographics, behavior, etc. This will allow you to tailor your marketing strategies to each segment effectively.
- Develop Your Marketing Mix: Determine your product, price, place, and promotion strategies. Your marketing mix should be designed to meet the needs of your target audience and differentiate you from your competitors.
- Planning and Budgeting: Detail and schedule your marketing programs. Solidify your budget with your finance and leadership teams. Be prepared to adjust your plans as necessary.
- Implementation: Execute your marketing programs. Implement your strategies across various channels to reach your target audience.
- Measurement and Adjustment: Keep a track of key metrics to measure the effectiveness of your strategies. As the saying goes, “if you can’t measure it, how do you know it’s working?” Regular tracking and adjustments will ensure your strategies remain effective and continue to drive growth.
I hope this helps with your planning for the coming year. Remember, a successful marketing strategy is a continuous process of planning, executing and adjusting. Don’t be afraid to take risks and try new things, but make sure you have a solid foundation with thorough research and measurable goals.
Share below in the comments any tricks that you use for your strategy development!
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