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Part 3: Best Practices - The Strategic Marketing Plan

Part 3: Best Practices - The Strategic Marketing Plan. A Strategic Plan Framework Can Be Extensive. 2. Plan the Strategy Strategy Map/Themes Measures/targets Initiatives portfolio Funding/STRATEX. Develop the Strategy Mission, values, vision Strategic Analysis Strategy formulation.

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Part 3: Best Practices - The Strategic Marketing Plan

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  1. Part 3: Best Practices - The Strategic Marketing Plan

  2. A Strategic Plan Framework Can Be Extensive • 2. Plan the Strategy • Strategy Map/Themes • Measures/targets • Initiatives portfolio • Funding/STRATEX • Develop the Strategy • Mission, values, vision • Strategic Analysis • Strategy formulation Performance measures • Strategic • Marketing Plan • Strategy Map • Balanced Scorecard • STRATEX • 3. Align the Organization • Business Units • Support Units • Employees • 6. Test and Adapt • Profitability • Strategy correlations • Emerging Strategies • The Operating Plan • Dashboards • Sales forecast • Resource requirements • Budgets • 4. Plan Operations • Key Process improvement • Sales Planning • Resource capacity plan • Budgeting • 5. Monitor and Learn • Strategy Reviews • Operating Reviews • Surveys • One-on-ones Performance measures Execution Process Initiatives Source: Norton and Kaplan, The Execution Premium

  3. The Strategic Plan • Clarify the Vision: • Mission, values • Vision statement • Strategic Shifts from/to Value Gap Strategic change agenda Enhanced Vision • Develop the Strategy: • Strategic Analysis • Strategy formulation Strategic Issues Strategy Direction Statements • Translate the Strategy: • Strategic Mapping • Measures and targets Strategic Themes Balanced Scorecard • Develop the Plan: • Strategic Initiatives • Strategic funding • Accountability Investment Portfolio Theme Teams STRATEX Strategic Plan Source: Norton and Kaplan, The Execution Premium

  4. A Strategic Marketing Plan • Subset of Strategic Plan. • 180 days to formulate and implement. • Focuses on core competencies, leveraging strengths and opportunities. • Innovation and growth orientation. • Contains marketing plan and budget. • 8 Profitability drivers. • Refer to the recommended format at http://www.thesavvystrategist.comPassword: billtyson

  5. Elements of Good Strategy • Starts with a challenge. • Is focused on leveraging core skills. • Supported by a SWOT analysis. • Based on 3 time-tested principles: • Creation of a unique and valuable position, involving a different set of activities than your rivals. • Making tradeoffs in competing – choosing (and defining) what you will not do. • Creating a “fit” between company activities so to develop synergies (as a result, the whole being greater than the sum of the parts) between interlocking parts • Has a “Kernel” at the core

  6. The Kernel of Good Strategy • Bare bones, heart of the strategy. • A diagnosis - that defines or explains the nature of the challenge. • A good diagnosis simplifies the often overwhelming complexity of reality by identifying certain aspects of the situation as critical. • A guiding policy for dealing with the challenge. • This is an overall approach chosen to cope with or overcome the obstacles identified in the diagnosis. • A set of coherent actions that are designed to carry out the guiding policy. • These are steps that are coordinated with one another to work together in accomplishing the guiding policy. Rumelt, Richard (2011). Good Strategy Bad Strategy: The Difference and Why It Matters (p. 104). Crown Business. Kindle Edition.

  7. Bad Strategy • Fluff. Fluff is a form of gibberish masquerading as strategic argument. It uses “Sunday” words (words that are inflated and unnecessarily abstruse) and apparently esoteric concepts to create the illusion of high-level thinking. • Failure to face the challenge. Bad strategy fails to recognize or define the challenge. When you cannot define the challenge, you cannot evaluate a strategy or improve it. • Mistaking goals for strategy. Many bad strategies are just statements of desire rather than plans for overcoming obstacles. • Bad strategic objectives. A strategic objective is set by a leader as a means to an end. Strategic objectives are “bad” when they fail to address critical issues or when they are impracticable.

  8. Where Do We Go From Here ? 3 by 3 Framework Start Here X

  9. Business Model Redesign In addition to being “the heart of strategy” it is one of the 4 key components of a business model which include: 1) the customer value proposition, 2) a revenue/profit formula, 3) marshaling the appropriate resources and 4) aligning necessary processes and workflows such as operations and manufacturing. Source: Reinvent Your Business Model by Mark W. Johnson, Clayton M. Christenson, and Henning Kagermann, Harvard Business Review, December 2008 edition, page 50.

  10. Constructing or Deconstruct Your Value Chain

  11. Value Chain Activities • Primary activities: • inbound logistics: materials handling, warehousing, inventory control, transportation; • operations: machine operating, assembly, packaging, testing and maintenance; • outbound logistics: order processing, warehousing, transportation and distribution; • marketing and sales: advertising, promotion, selling, pricing, channel management; • service: installation, servicing, spare part management; • Support activities: • firm infrastructure: general management, planning, finance, legal, investor relations; • human resource management: recruitment, education, promotion, reward systems; • technology development: research & development, IT, product and process development; • procurement: purchasing raw materials, lease properties, supplier contract negotiations.

  12. Questions?

  13. Part 4: Innovative Marketing and Distribution Approaches

  14. Innovative Marketing and Distribution Approaches • Mobile as the Big Disruptor • Mobile AD program • Cross Sell Upsell Platform • Lead Generation via service sites

  15. Mobile as the Big Disruptor • How is mobile changing the business of insurance? • How are consumers embracing mobile? • How are insurers and technology firms responding? • Critical Success Factors • Additional Innovative Marketing and Distribution Approaches

  16. Your customers are re-imagining what insurance means to them...

  17. …and Insurers are Responding • Insurers are considering or piloting customer-facing mobile applications to help consumers access policy/account information, file claims, pay premiums, locate offices/agents, and access financial tools and calculators • Now almost every top insurance carrier has one, showing that the apps race is definitely on • Insurers are also investing in mobile apps that improve the productivity of company resources such as mobile e-mail services, sales force apps, and field service apps • Insurers continue to emulate the mobile tech adoption path of banking peers

  18. That demand for digital experiences is pressuring insurers to shift to doing the right things from just doing stuff right Source: Forrsights Budgets And Priorities Tracker Survey, Q2 2011 (6-22-2011) Base: 2,741 IT Decision makers; 74 North American Insurance IT Decision makers

  19. ...with mobile playing a starring role Base: 185 NAM Insurance Network and Telecom Decisionmakers Source: Forrsights Networks And Telecommunications Survey, Q1 2011

  20. About 60% of online retailers surveyed have defined the role mobile will play in the business June 2011 “The State Of Retailing Online 2011: Marketing, Social, And Mobile”

  21. ...and they have definite revenue goals for their mobile strategy

  22. ...meanwhile, we’ve finally reached the inflection point in the US for mobile banking 50 million US adult mobile bankers by 2015!

  23. ...but in insurance, mobile adoption is low, even if customers are happy Channels used to interact with an insurer over the past 12 months Percentage of users who are satisfied or extremely satisfied with each channel Base: US online adults who own at least one insurance product and have used each channel at least once in the past 12 months Source: North American Technographics® Financial Services Online Benchmark Recontact Survey, Q2 2010 (US)

  24. Mobile Brings Intersection of Medium and Context GPS Relevant where needed Personal, Social, Connected Touch Always on Always on us Sensors Physical Awareness Personal Information Mgmt Intimate and Interactive Portable Location Aware

  25. Mobile services – both Web and applications – have to offer three core benefits to drive usage Convenience Quotient Immediacy Simplicity Context

  26. Geico uses the mobile camera to return a quote by email Basic information is captured from the driver’s license Next steps are communicated.

  27. ...while UK aggregator, comparethemarket.com, lets shoppers get a quote by taking a picture of the license plate • iPhone app that enable a user to: • Create a profile (done once, usable many times thereafter). • Initiate a quote request for a new auto policy by taking a picture of a license plate and submit the quote request. • App sends the user’s profile info plus any other info on the quote request. • Quotes from multiple carriers generated and presented in one screen back to the user on the iPhone.

  28. Allstate’s Digital Locker gives insureds more reasons to engage, driving additional sales

  29. The more tech-savvy your customers are, the more likely they are to change insurers “How likely are you to switch some of your business away from the firms below?” (% indicating likely or very likely) Base: 7,727 Online Adults Source: North American Technographics Customer Experience Online Survey, Q4 2010 (US)

  30. Example Mobile Insurance FrameworkExtending the reach of business assets into the mobile space Multi-Channel Delivery Services Mobile Web Native Devices Roadmap Consultancy Mobile Enabled Applications Consumer 2Work™ Broker/Agent Development Cloud Mobile Framework Hosted or On-Premise Manage Testing Security Integration Adapters Policy Policy Policy Policy Policy Billing Funds Claims Core Insurance Solutions Policy Other

  31. Mobility Challenges Impediments To Successful Adoption • Missing necessary tech and business skills • Identifying meaningful process improvements • Delivering on end user experience • Required infrastructure investment Supporting numerous platforms Security exposures • Supporting B.Y.O.T. (Bring Your Own Technology) Developing acceptable ROI

  32. Putting the App in the Ecosystems • Privacy policy • EULA • Distribution • App Store or Enterprise deployment for iPhone • App World or OTA for Blackberry • Market for Android including OTA capabilities • Gathering data • Ecosystems include online tools for monitoring downloads • Web application monitoring tools for browser access

  33. Innovative Marketing and Distribution Approaches • Mobile AD program • Wisemuv.com - Digital Cross Sell Upsell Platform • Lead Generation via service sites: • License America • Legal Einstein – Will Service • Social Security Solutions

  34. Questions?

  35. Resources - • Access everything through http://www.billtyson.com • See Strategy-In-Action blog at: http://www.billtyson.wordpress.com • For a copy of the Recommended Format for a Strategic Marketing Plan, please visit my web site at: http://www.strategicmarketingplus.com and go to the contact page. • AIPAGIA Presentation is available at: http://www.linkedin.com/in/billtyson

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