developing a strategic marketing planm

Developing a Strategic Marketing Plan

Six Steps to Developing a Marketing Strategy

Wednesday, May 3, 2023 CONFIDENTIAL 2

Agenda

Today’s Manufacturing and Marketing Landscape

Six Steps to Develop a Marketing Strategy


Three key trends influence the macro environment of today’s jewelry industry

With consumer appetite for jewelry growing, annual global sales are expected to grow 5-6% annually. With the industry changing rapidly, however, jewelers must be aware of and prepared for the trends affecting the market.

Globalization and Consolidation

Growth of Branded Products

Reconfigured Channel Landscape

McKinsey, “A multifaceted future: The Jewelry Industry in 2020.”


Globalization and consolidation are putting pressure on smaller, local jewelers




12%

Market Share (2013)24%

Market Share (2020)In 2013, the 10 biggest jewelry groups captured only 12% market share, and only Cartier and Tiffany & Co. were listed in Interbrand’s Top 100 Global Brands list. By 2020, however, this number is expected to double through the acquisition of smaller, local players while national and regional brands continue to grow globally.



Branded products are becoming increasingly popular due to the purchasing power of Millenials




The market share of branded jewelry doubled from 2003 – 2013 to 20%, and this figure is expected to grow to 30-40% by 2020. Millenials are using branded jewelry more to show off newly acquired wealth. Future growth is also likely to come from other industries, including apparel and high end leather goods. Ultimately, this will be hard on small artisans who lack the marketing power of larger jewelry groups.



Online sales are continuing to grow, and online engagement is still on the rise




Online jewelry sales are 4-5% of the market today but are expected to grow to 10-15% of total sales by 2020 (depending on region, brand and product type). It is nevertheless critical for jewelers to use online channels to share information, shape brands, and engage customers to form long-term relationships.

66% of luxury shoppers conduct online research before making a purchase.

30-60% of customers turn to social media for information

or advice.McKinsey, “A multifaceted future: The Jewelry Industry in 2020.”


Brand manufacturers are increasingly going digital

Marketers are increasingly prioritizing mobile and social over traditional ad channels. There is also increased focus on owned and earned media over paid.

Booz Allen Hamilton Strategy& 2013, “Reimagining shopper marketing.”


Given this background, what is a manufacturer to do?

Maintain the status quo Develop a strategic marketing plan

Continue to market using a bucket shot approach that is neither holistic nor

comprehensive in manner

Develop a robust strategic plan that establishes a solid and actionable foundation for your growth objectives. Conduct research,

solidify marketplace positioning, select appropriate tactics, and chart out a detailed

implementation plan


Agenda


Six Steps to Develop a Marketing Strategy


Developing a strategic plan can be broken down into six steps

Research1

Messaging & Positioning2

Tactical Deep Dive3

Asset Development4

Metrics Dashboard5

Tactical Implementation 6


Step 1: Execute in-depth research to direct your strategy

Detailed audit and discovery

In-depth strategic market research

Conduct an in-depth discovery of your business. Talk to internal employees, key stakeholders, current customers and past customers. Deep dive into past and current marketing campaigns, analyze your existing assets and identify your core competencies.

Audit key players and competitors in your industry to identify opportunities and threats along with key points of differentiation.

Competitor research

Gather and process secondary data from free and paid industry research reports and online research to develop a clear understanding of market segments, partnership opportunities and market sizing.

Rigorous research enables you to have a much clearer understanding of your market positioning and the short and long-term opportunities that you find most attractive to pursue.


Step 2: Define your messaging and positioning based on your market research

Your partner in achieving professional excellence

Access to Expertise

Network of Suppliers

Advocacy and Industry Support

Upon the completion of research, arrive at a value proposition that defines the primary reason(s) why a customer should buy from you. All team members should understand their role in delivering value


Segment your message by market or audience

Messaging created for specific attribute groups can be featured in group-specific assets, such as brochures, landing pages, and flyers. In the era of engagement, consumers expect a personalized experience.

Segmented messaging will appeal to different types of prospects.

Jewelry manufacturersJewelry designers

Jewelry hobbyistsRetailers


Step 3: Identify and narrow the list of marketing channels you will pursue upfront

Once you’ve defined the message and value of your product, you will need to outline how you will communicate this using different marketing tactics, and how you will distribute your product over multiple channels.

Deep dive into a comprehensive list of marketing channels you could implement.

Explore strategic partnerships to achieve online and global scale.

Don’t forget about exploring online properties, not just tactics or partnerships

Google Ads, SEO, Email, Social Media, Events, Direct Mail,

Traditional Media, Online Display, Content Marketing

Amazon, eBay, Alibaba

Omni-brand vs. multi-brand, online vs.

offline partnerships, affiliate vs. direct


Make sure that you define specific goals for each of your channels and partnerships

Website Optimization

Social Media Marketing

Events

Tactics How will Company X increase leads?

- Content production & sharing- Search Engine Optimization

- Profiles optimization- Display ads

- Content sharing (speech…)- Meeting booking + follow up

What’s in it for Company X ?

- Higher web traffic- More relevant web traffic

- Company X brand boost- Automated lead generation

- Thought leadership exposure- Access to a global audience

Paid Search- Support to web optimization- Short term promotion support

- Low cost intelligence => higher landing page conversion

Cadenzza, YOOX Group

- Strategic partnership- Use of mono-brand services

- Increased volume of traffic to multi-brand site

- Improved collateral from mono-brand support

By setting goals per channel, you will be able to track and benchmark your success while staying on track (as other marketing opportunities will inevitably come up).


Step 4: Develop assets with your new message to support your marketing channels

Website & Messaging

Improving design and incorporating new messaging to transform your company’s current site into a dynamic platform for fresh content and a lead generation tool

Videos Leverage client testimonial and overview videos to strengthen relevancy and prospect conversion

Case studies & white papers Build out white papers and case studies to position your company as a thought leader

Email Templates

Sales pitch decks Design and build out modular sales deck with Company X branding and story to strengthen credibility and to communicate value proposition

Custom trade show booth panels

Leverage custom booth panels to improve relevance to target audience

LinkedIn

Build out custom email templates to strengthen e-newsletter credibility and any client touch point

Build out LinkedIn company page with associated service offerings and company information


High quality, specific assets will be needed as a foundation for each channel


You can’t always judge the ROI of your assets, but that shouldn’t stop you from investing

59% According to Forbes, 59% of executives would rather watch video than read text

69% According to Cisco, Internet video traffic will comprise 69% of all global consumer Internet traffic in 2017

1200% Videos are shared 1,200% more times than links and text combined (Orion 21 Reports)

Videos may be some of your most expensive assets, but they drive engagement and are quickly becoming one of the most important marketing tools.


Step 5: Develop key metrics to track and measure the impact of your marketing initiatives

# of Marketing Generated Leads

Number of In-Person New Business Visits

Lead Close Time

# of Self Generated Leads

# Leads Closed

Lead/ Closed Ratio Ratio of marketing generated leads to the number of actual sales

Total number of new customers brought on for each month

Track the leads your sales team is sourcing through personal outside contacts

Amount of time from lead sourcing to lead closing, lower measurement is better

Number of times a salesperson goes out to meet with new potential leads

Total number of leads by marketing tactic

Without KPI’s that are set ahead of time and continuously monitored, marketing campaigns will fall short.

KPI Description


Identify general KPIs as well as specific metrics by channel


Step 6: Create a detailed implementation plan to ensure execution takes place

Without setting a detailed timeline for your growth plan, you may have grand ideas that are never implemented.


Creating a unified marketing calendar for your team will help ensure proper project management

30 1 2 3 4 5 6

7 8 9 10 11 12 13

14 15 16 17 18 19 20

21 22 23 24 25 26 27

28 29 30 1 2 3 4

EXAMPLE – June 2015

Product Feature Email

= Email= Event= Social Media

Networking Event

Calendars were developed for all major marketing activities to tie

activities to deadlines and launch dates,

ensure the organization is on the same page for all lead

generation projects

TBT

Product Feature Email

TBT

TBT

TBT Networking EventFacebook post

Facebook post


Be careful to avoid these myths about execution

Harvard Business Review, Why Strategy Execution Unravels – and What to Do About It

Execution equals alignment

While most businesses are aligned within each unit, the alignment breaks down across functions and business units. It is important to provide structure when coordinating cross-functional work to prevent time delays and waste.

“Just over half of all top team members say they have a clear sense of how major priorities and initiatives fit together.” Ensure your employees understand your messages well enough to communicate them in their own words.

Communication equals

understanding

“Concentrating power at the top may boost performance in the short term, but it degrades and organization’s capacity to execute over the long run.” Execution should be driven by middle managers, and guided by the top.

Execution should be driven from the top

Myths Solutions


To summarize: the six step process

Research1

Messaging & Positioning2

Tactical Deep Dive3

Assets Needed4

Marketing Dashboard w/ KPIs5

Implementation Schedule6

Wednesday, May 3, 2023 CONFIDENTIAL 25Thursday March 29th 2012 25

Ultimately, the success of your marketing strategy will depend on your team

Instill a client-centric culture

Take note of your favorite sports team

Surround yourself with ‘A’ players

Happy employees = happy clients

Surround yourself with employees who are motivated, who truly believe in marketing and who exceed client expectations


Agenda


Six Steps to Develop a Robust Marketing Strategy


Thank you

“Because the purpose of business is to create a customer, the business enterprise has two – and only two – basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.”

– Peter Drucker

Wednesday, May 3, 2023Wednesday, May 3, 2023

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