VP Level Marketing Insights Series: Strategic Planning for STARTUPs

Let me start with an example of what competition really means. I know many of us know the DABHA on the outskirts of the city, where mostly we go out to eat. Right? For people who don't know about dhaba, these are like restaurants but the vibe is totally different.

As these are having the table in the open air. And the evening is like mind mind-blowing with typical local songs playing in the background. These dabha are quite cheap and give a large variety of food to drivers and also to students and bachelors because they generally prefer to go out and eat.

Can you think who is the direct competitor of this DHABHA? One level of thinking would be a Dhaba next to it or maybe a restaurant. Right?

But what if, I tell you the competitor of this Dhaba is “Instant Noodles”.

MIND BLOWN?

Why?

If people are consuming these then no one will come OUTSIDE to eat in this daba. And do you market the size of instant noodles?

the global instant noodles market was valued at around $42.2 billion in 2019 and was expected to grow at a CAGR (Compound Annual Growth Rate) of approximately 5.2% from 2020 to 2027, according to a report by Grand View Research. That is how you think OUT OF THE BOX.

What IF….

This question generally should come when you are planning your product launch. But most of the STARTUPs when starting with marketing their product do not lay their foundation.

Like, Why should their customer BUY from them and not from their competitors?

I do not like you or WHO ARE YOU?

This is the general question that will arise when your target is unaware of YOU.

Now, let's start with something your COMPANY should always have and should thrive for and that is VISION. If you are clear with your vision then only you are going to pitch and have confidence in your product.

BUT wait… I think I missed something.

Generally, startups may find it challenging to adapt to market changes, customer needs, or technological advancements. And that is why they fail immediately just after 1-2 years of bankruptcy.?

Do you know that 29% of the time you will be changing your strategies? And this is not the number I am making this is the research from GARTNER. This is going to be a major roadblock for having the BIG SUCCESS.

Strategic planning is the cornerstone of sustainable business growth, especially for startups. This guide aims to provide an exhaustive resource on strategic planning models that can help startups scale exponentially.

Strategic planning is the process of defining an organization's direction and making decisions on allocating its resources to pursue this direction.

“The key is to abide by some key principles of any strategic planning process — whether at the enterprise, business-unit or functional levels,” says Marc Kelly, VP at Gartner. “And eliminate everything that isn't necessary and sufficient to communicate an effective strategy.”

I will give you certain components which you need to set up for your MARKETING your product.

Step1) Define your EXPECTATION

Step 2) Vision Statement (what you want to be in future)

Step 3) Mission Statement (It focuses on the present and serves as a guide for decision-making)

Step 4) Goal (Individual or combined undertakings that, when achieved, drive differentiated value in the longer term.)

Step 5) Objective (measurable goals that a company aims to achieve in a specific timeframe.)

Step 6) Assess your capabilities (generate a prioritized list of functional capabilities to bolster or gaps to fill as a result of your findings.)

Step 7) Develop a tactical plan (They are short-term plans that focus on specific departments or teams within the company.)

Step 8) Develop an action plan (Action plans are the most detailed level of planning, specifying the exact activities that need to be completed to achieve the tactical plans and, by extension, the strategic objectives.)

Step 9) Set measures and metrics ( Measures allow you to evaluate the efficacy of your action plans. A metric describes the actual data collected to quantify the measure )

These 9 steps may seem overwhelming but believe me this is going to deal maker for your STARTUP. Do not get confused, just flow instructions blindly and you will definitely achieve the SUCCESS.

Startups are more vulnerable to market fluctuations, competition, and other external factors. If you are not strategizing the marketing plan way before you want to go to market you will fall through the cracks, leading to delays and inefficiencies.

BUT, if I am here do not be afraid.

Strategic planning helps startups: - Align resources - Mitigate risks - Capitalize on opportunities - Create a competitive advantage. Now it's time to give you the MODELS , which BIG COMPANIES use today.

SWOT Analysis: SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. It's a framework for identifying and analyzing these four aspects of your business. Conduct a SWOT analysis at least once a year and after any significant business changes.

Case Study: Apple Apple's strength in design and weakness in pricing, opportunities in wearables, and threats from competitors like Samsung.

PESTLE Analysis: PESTLE stands for Political, Economic, Social, Technological, Legal, and Environmental factors affecting your business. Use PESTLE to scan the external macro-environment in which your startup operates.

Case Study: Uber Uber's challenges with legal regulations and its opportunities in technological advancements like autonomous vehicles.

Balanced Scorecard: This model focuses on four perspectives: Financial, Customer, Internal Processes, and Learning and growth. Implement key performance indicators (KPIs) for each perspective of the balanced scorecard.

Case Study: Starbucks Starbucks uses a balanced scorecard to measure customer satisfaction, financial performance, and employee training.

Blue Ocean Strategy: This strategy involves creating a new, uncontested market space rather than competing in saturated markets. Identify the factors that make your market competitive and think about how you can redefine them

Case Study: Bewakoof Bewakoofl created a new market space by redefining the T-shirt experience, focusing on adults rather than children.

These are some of the models you can use to plan your strategies. You may need to use a combination of these models to create a comprehensive strategic plan.?

DO NOT GET SCARED!!!

Most of the time you just and it also depends on your research before start planning. And you will know which will suit your PRODUCT. Make sure you have a timeline to deliver with responsibilities assigned. Keep on tracking the progress. With your Key Performance Indicators (KPIs),? Return on Investment (ROI) and? Customer Satisfaction Surveys

How to Choose the Right Model? Factors to consider:

- Industry

- Stage of Business

- Business Goals

- Available Resources

Strategic planning is not a one-time event but an ongoing process. This guide aims to be a comprehensive resource for startups looking to implement effective strategic planning models for exponential growth.

I know its a lot to take BUT DO NOT worry, this series will carry on with more concepts.

#itoocancreate #akashjaiswal