The start of the New Year is a good time to take a fresh look at your marketing plan to make sure you are on target.
To help with this process, we have created an easy to use tool that incorporates the key coordinates that go into creating an effective marketing plan. We call it the “Marketing Strategy Development Matrix.”
What the Marketing Strategy Development Matrix does
The matrix helps to visually connect each market segment that you are attempting to reach with the proper marketing components: channels, value proposition, special offers, messages or evidence for your claims and frequency of contact.
The matrix is an excellent tool to facilitate planning and brainstorming sessions to help ensure that you have all of these connections adequately thought through for your plan. Here is the matrix:
Constructing the triangle matrix
To use this tool, begin by inserting your market segments in the left hand triangle, from the most productive at the top to the least productive at the bottom. Typically, your best market segments are smaller and your untapped segments are much larger, hence the triangular shape of the market matrix.
Along with the name that you assign for each market segment, you can also allot an estimated quantity of prospects to each group.
Constructing the rectangular matrix
Once you have defined your market segments, work through the rectangular matrix on the right hand side, first defining the channels you want to use—telemarketing, direct mail, email, SEM, etc.
Next, define your value proposition for each group. Essentially, this is your unique promise to a particular audience. Use the next column to include a special offer to one or more segments that encourages prospects to act now.
Then, in the second to last column, you select the particular message you want to communicate to each segment to provide proof of your promise. And finally, you want to determine the frequency and timing of your promotions.
Implementing the matrix
So, if you are creating a plan for membership recruitment, your best market segment might be former or lapsed members. Because they are so responsive, you can afford to spend more on marketing to them using multiple channels that are more costly and perhaps require more staff time to reach them. You might put staff phone calls, direct mail, and email as the channels for the uppermost segment.
The value proposition, offer, message, and frequency of contact for each segment will be different depending upon the segment’s awareness of or affinity for your organization.
Once you have completed filling in each quadrant of the matrix, you have the framework for creating your marketing plan. There is space for six market segments in the matrix, but you obviously may include more or less in your plan.
Want an electronic version of the Strategy Matrix?
If you would like an electronic copy (Excel spreadsheet) of the MGI Marketing Strategy Development Matrix highlighted here, please feel free to contact Tony Rossell, MGI’s Senior Vice President, by email at Tony@MarketingGeneral.com.