There are a number of reasons why every marketing person should take some time to develop sub-strategy policy statements for their product or service. First lets define what sub-strategies are. They are the policy statements about the marketing mix elements and how they will support the achievement of the overall marketing objectives. They include statements about the PRODUCT, PRICE, COMMUNICATION/MEDIA, PACKAGE and CHANNELS.
Some of the elements can be classified as either ‘benefit’ driven or ‘spending driven depending on who is asking the question. Elements of the brand that deliver a benefit to the end user are considered benefit driven like the product, package and communication. Others elements that require investment and where the CEO typically asks ‘what am I getting for my money?’ are spending driven.
It’s important find the right balance of these marketing mix elements when defining your brand strategy. Usually though this takes a bit of time.
These sub-strategy statements will help guide the rest of the organization in achieving the marketing objectives so it’s important that you communicate what what your sub-strategy statements are to the rest of the organization. That way the functional groups can support the overall achievement of the marketing objectives.
Remember, marketing is an art & science but a little extra effort will usually pay big dividends for your business down the road.