What are some of the different stages a company goes through when developing its IMC strategy?
When developing its Integrated Marketing Communication (IMC) strategy, a company typically goes through several stages. Here are some of these stages:
1. Situation Analysis: Start by conducting a thorough analysis of the company's internal and external environment. This includes analyzing the target audience, competitor positioning, market trends, and company resources. This analysis helps identify the current position of the company and the opportunities and challenges it faces.
2. Goal Setting: Clearly define the objectives and goals the company aims to achieve through its IMC strategy. These goals should be specific, measurable, achievable, relevant, and time-bound (SMART). Common objectives include increasing brand awareness, driving sales, building customer loyalty, or entering a new market segment.
3. Target Audience Identification: Determine the specific target audience segments that the IMC strategy will focus on. Consider factors such as demographics, psychographics, behavior patterns, and communication preferences. This step helps ensure that the messaging and communication channels are aligned with the target audience's characteristics.
4. Message Development: Craft a compelling and consistent message that aligns with the company's brand identity and resonates with the target audience. The message should highlight the unique value proposition, key benefits, and brand positioning. It should be communicated in a way that is clear, concise, memorable, and aligned with the company's overall marketing objectives.
5. Channel Selection: Choose the most effective communication channels to reach the target audience. Consider both traditional and digital channels, such as advertising (TV, radio, print), public relations, social media, content marketing, email marketing, and influencer partnerships. The channel selection should be based on the target audience's preferences, behaviors, and the budget available.
6. Implementation and Execution: Develop a detailed plan for executing the IMC strategy. This involves creating a timeline, allocating resources, coordinating various departments and stakeholders, and monitoring the progress. Ensure that the execution is aligned with the overall marketing and communication goals.
7. Evaluation and Adjustment: Regularly monitor and measure the effectiveness of the IMC strategy using key performance indicators (KPIs). This allows the company to assess the impact of its messaging and communication efforts. Based on the evaluation results, make necessary adjustments to improve the strategy's effectiveness.
It is important to note that these stages are iterative and interrelated. A company may need to revisit earlier stages as market conditions change or new opportunities emerge.