Strategic planning is a way to organize your goals and initiatives to achieve them as a company.
Having a solid plan of action is what determines whether a business will succeed or not, of course, in addition to good marketing and quality products and services.
But for all of this to work, strategic planning is needed to help you reach your goals and even improve your company’s plans.
Learn more about strategic planning in this post!
What is strategic planning?
Strategic planning is the method organizations use to develop plans to achieve overall long-term goals.
This process differs from the marketing plan, which is used to define the methods that will be used to publicize the company.
And it’s also different from a sales plans, which just consists of how the products or services will be sold.
Strategic planning is broad — it helps create a roadmap for what strategic goals you should strive to achieve and what initiatives would be best for the business.
Learn more: Top 12 Benefits of SEO and Why You Should Use This Strategy
What are the stages of strategic planning?
Before starting your strategy plan, it’s important to review some steps to set yourself and your business up for success.
- Determine your strategic position
This preparation phase lays the groundwork for all work going forward. You need to know where you are to determine where you need to go and how you will get there.
Gather key employers from your company, if you have them, so they can give their opinions and help you determine the best strategy.
You should also gather customer feedback and look at data from your industry and the broader market to further improve your planning and make it more likely to be successful.
You might also want to review — or create, if you haven’t already — your company’s mission and vision statements to give you and your team a clear picture of what your business will look like from now on.
Also, review your company’s core values to remind yourself of how your company plans to achieve those goals.
A good idea is to do a SWOT analysis to define your company’s strengths and weaknesses and clearly see what needs to be improved. By creating a website for your business, you can use it to learn abut your customers behaviors and improve the way you market your products.
- Prioritize your goals
Once you’ve identified your current market position, it’s time to determine the objectives that will help you achieve your goals. Your goals should align with your company’s mission and vision.
Prioritize your goals by asking important questions such as:
- How is the competition and how will it react?
- What parts of planning are priorities?
- What needs to be done to achieve the goals?
- How will progress be reviewed?
In any strategic planning it is essential to know the objectives, the ways to reach the objectives and even how they will be analyzed.
- Develop a plan
Now it’s time to create the strategic planning to successfully reach your goals.
This step requires determining the tactics needed to achieve your goals and designating a timeline and clearly communicating responsibilities.
Create a mapping of your entire strategy, so you don’t get lost and manage to meet all goals efficiently.
Truly strategic choices often involve a trade-off. For example, your company might focus on not spending as much on ads, but on putting a lot of effort into content on social media.
The focus here is on determining what will help you reach your goals more easily.
- Execute and manage the plan
Once you have the plan, you are ready to implement it. First, communicate the plan to your employees by sharing relevant documentation.
Transform your broader strategy into a concrete plan by mapping your processes.
Use key performance indicator (KPI) dashboards to clearly communicate team responsibilities.
This approach illustrates the completion process and ownership of each step along the way.
Set up regular reviews with your employees and determine check-in points to ensure you’re on track.
- Review the plan
The final stage of the plan is the review, this gives you the opportunity to reassess your priorities and correct your strategic plan based on past successes or failures.
Every three months, determine which KPIs your team has met and how you can continue to meet them, adapting your plan as needed.
On an annual basis, it’s important to reassess your priorities and strategic position to ensure you stay on track for long-term success.
Track your progress using balanced scorecards to comprehensively understand your company’s performance and execute on strategic goals.
Over time, you may find that your mission and vision need to change — an annual review is a good time to consider these changes, prepare a new plan, and implement it.
How does strategic planning help market my company?
Strategic planning can help market your company by providing a framework for identifying and leveraging your strengths, understanding your target market, and setting goals for growth and expansion.
It can help market your company by providing a structured approach to identifying your Unique Selling Proposition (USP), understanding your target market, setting goals and objectives, allocating resources effectively, and evaluating performance.
By taking a strategic approach to marketing, you can increase your chances of success and achieve your business goals.
For example, a way of marketing your company by using strategy is through social media management, this service allows your company to become known by the ideal target demographic for your business. This happens through the creation and publishing of customized content made by digital marketing professionals.
Learn more: What is Social Media Management how does it work?
Strategic planning is not an easy thing to do, but it can help you achieve the success you want for your business.
However, don’t forget that in addition to strategic planning for your organization, you also need to have a marketing plan suited to your goals.
After all, what will make the biggest difference in your business is the customer. Get to know the digital marketing services of digital marketing agency DUNA right now and see how we can help you by contacting our team!