How to Develop a Complete Marketing Strategy in 7 Steps for 2023

How to Develop a Complete Marketing Strategy in 7 Steps for 2023

Date & Time
June 22, 2023
Reading time
4 mins
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Lopamudra Barik

To effectively grow your customer base, boost your company's profitability, and maximize the return on investment from your marketing activities, you must develop a marketing strategy.


If you want to take advantage of the trends with the highest return on investment for 2023 short videos, influencer marketing, and branded social media a marketing strategy is extremely important. You must carefully incorporate both new trends and tried-and-true tactics into your plan if you want to achieve significant results.


Let's examine the essential elements of a thorough marketing plan for 2023, followed by some motivational examples.

Marketing Strategy

A marketing strategy is a thorough, organized plan of a business's advertising initiatives across numerous platforms and channels. Objectives, target audience profiles, procedures for creating content, key performance indicators, and other elements are frequently included in marketing strategies.

Marketing Strategy
A marketing strategy is a thorough, organized plan of a business's advertising initiatives across numerous platforms and channels.


We're going to walk you through the process of developing a comprehensive marketing strategy in order to reduce some of that uncertainty. Let's first examine each of the parts that make up a successful marketing strategy.

1. Marketing Mix

To determine what you will market, where you will market it, and how you will promote it, you must first prepare a document known as the marketing mix, sometimes referred to as the 4Ps of marketing. This framework is composed of the following Ps:

  • Product: What are you selling?
  • Price: What is the price?
  • Place: Where will you be selling the product?
  • Promotion: Where will you be promoting the product?

The information can then be extrapolated into a comprehensive marketing strategy for each channel of promotion. To help you grasp the general direction of your marketing plan, it is crucial to present the facts in broad strokes.

2. Marketing Goals

Setting your marketing goals either before or after the 4 Ps is an option. In either case, before developing your plan, you should lay out your marketing objectives. Why? Because the budget and the method used to create the content will be influenced by your aims.


You should try to be as specific as you can with each objective. Try to set SMART marketing objectives that are broken down by distribution channel or advertising strategy. Keep in mind that you can always go back and adjust your objectives when your priorities shift.

3. Marketing Budget

A budget for marketing is a crucial component of any plan. Your marketing strategy won't be effective if money isn't set aside for employing the proper personnel, utilizing the right software, running advertisements on the appropriate channels, and producing the appropriate content. You must first invest in order to receive a good return on investment.


Keep in mind that you may always start small by concentrating all of your resources on just one or two endeavours, then expand on them once you see a return on your investment.

4. Competitive Analysis

When developing a marketing strategy, understanding your competition is essential. Without it, you run the risk of "yelling into the void" without getting any where. Even worse, you won't be able to see if you're properly separating your self from the competition and grabbing the attention of your target market.


Even if you already know who your competitors are, it's still important to sit down and make a list of them. You can discover a surprise rival battling for the involvement and attention of your target customer.

5. Targeting, Positioning, and Segmentation

STP stands for segmentation, targeting, and positioning, which is the method of "more relevant, personalized messages to target audiences." In other words, you'll follow a disciplined strategy for producing content that connects with your target customer rather than releasing posts and adverts at random.


You will perform the following three phases during the segmentation, targeting, and positioning process:

  • Decide who your target market is. This method comprises not just speaking with your present clients but also conducting market research and developing buyer profiles.
  • Choose a subset of your target market. It is preferable to talk to a small, carefully targeted audience of customers rather than broadcast your message to everyone.
  • Place your brand in relation to competing brands. What sets you apart from your rivals? When drafting a marketing strategy, mapping this data is crucial.

6. Making Content

The most important phase is now to be taken: developing your marketing material. This is done when you have your budget, competition outlook, and STP data. However, it's crucial to approach this end eavor intelligently. In order to achieve high visibility for your business in the marketplace, you must try to capitalize on growing trends and avoid publishing random content that doesn't provide a solution for the customer.


In all formats, there is a tremendous level of competition. HubSpot Research reports that "half of marketers are using videos, with 47% leveraging images, followed by 33% posting blogs articles, infographics (30%), and podcasts or other audio content(28%)." The ROI of these is higher for video.

"Investing in trends with a high return on investment, such short-form video, influencer marketing, and social media DMs, is even more crucial. However, since blogging is one of the most effective content marketing strategies, you should still invest in it.

7. Metrics & Key Performance Indicators

To determine how well your strategies are functioning, your marketing strategy must also incorporate metrics and key performance indicators. Your business type and preferred client acquisition channels will influence the KPIs you select. KPI examples include:

  • Customer Acquisition Cost(CAC)  
  • Organic Traffic  
  • Conversion Rate  
  • Marketing Qualified Leads(MQLs)


In the end, developing an entire marketing plan is not something that can be done quickly. To make sure you are reaching your ideal audience whenever and wherever they want to be reached, it takes time, effort, and attention.


If you stick with it (and make use of some of the resources we've provided in this piece), research and customer feedback will eventually help you hone your strategy so that you're concentrating most of your efforts on the marketing channels that matter most to your target demographic.


What is a marketing strategy?

A marketing strategy is a comprehensive plan that outlines the goals, target audience, messaging, and tactics that a business will employ to promote its products or services and achieve its marketing objectives.

Why is it important to develop a marketing strategy?

Developing a marketing strategy is crucial for businesses because it provides a clear direction and roadmap for all marketing activities. It helps businesses identify their target audience, understand their competitors, differentiate their offerings, and effectively reach and engage customers.

What are the seven steps to develop a complete marketing strategy in 2023?

1. Define your marketing goals and objectives. 2. Identify and understand your target audience. 3. Conduct a thorough market research and competitor analysis. 4. Develop a unique value proposition. 5. Choose and implement marketing tactics and channels. 6. Set a budget and allocate resources. 7. Monitor, evaluate, and adjust your strategy as needed.

How do you define marketing goals and objectives?

To define marketing goals and objectives, you should align them with your overall business objectives. They should be specific, measurable, achievable, relevant, and time-bound (SMART). For example, a marketing goal could be to increase website traffic by 20% within six months.

How can I set a marketing budget and allocate resources?

Start by determining your overall marketing budget based on your business's financial capabilities and goals. Allocate resources by considering the estimated costs of different marketing tactics and channels. Prioritize activities that align with your target audience and offer the highest return on investment (ROI).

Why is it important to monitor, evaluate, and adjust the marketing strategy?

Monitoring and evaluating your marketing strategy allows you to track the performance of your marketing efforts, measure the effectiveness of different tactics, and make data-driven decisions. By analyzing key metrics and feedback, you can identify areas of improvement, refine your strategy, and adapt to changes in the market or customer behavior.


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