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The Marketing Strategy Framework for Small Businesses
COMPASS is a marketing strategy framework designed for small businesses, to give them clarity and direction.
Throughout my career working with small businesses I built numerous marketing strategies, using frameworks such as SOSTAC, the 7 Ps marketing mix, the RACE framework, all of which are great to build approaches and tactics. None hit the most important thing. The cause of the business, it's reason for existence beyond commercial incentives.
The short origin of the COMPASS marketing framework
When I set up Moonbeam Marketing & Consulting, I watched so much content from gurus about how to grow my business that it gave me paralysis to get on with building my business. My experience of over 14 years running marketing strategies and implementing tactics was good for businesses that had a budget and were willing to spend, but with a finite budget, I needed to get really clear on why I set up the company, and who I was looking to help. And then how was I going to try and reach those ICPs. After watching some training on frameworks, I got really clear I needed to take what I knew and make a framework, which led to me developing COMPASS.
Breaking down the COMPASS marketing strategy for small businesses
COMPASS is a seven-step framework that gives small businesses a marketing strategy structure that is clear and provides direction.
CAUSE
(Why you exist)
The cause is about the change you're looking to make in your industry, and the world. It is the reason the business exists, and this is the item that connects with the limbic brain. It goes beyond commercial goals.
MONETISATION
(OFFERS)
The big offer, not a price of a product, an offer that only your business can offer, and the value it provides to the customer.
APPROACH
(Guiding Principle)
Aligned to the Cause, this runs through the approach. If your cause is to change X then our marketing approach must align to that cause.
SYSTEMS
(Tools & platforms)
Website, funnel platforms, CRMs, reporting software, social tools. All the things you need to deliver your sprints, and monitor performance.
OBSERVATIONS
(Internal & external)
Analysis of external market challenges, rival companies. Analysis of internal strengths and areas to optimise. Underpinned with a view of what may happen in the future, and allow marketing to explore opportunties.
PURPOSEFUL OBJECTIVES
These are objectives aligned to corporate goals. Not marketing vanity, purposeful intent around why you're doing "X" for "Y".
SPRINTS
(Campaigns)
Unlike saying "we will do social", you create a focused time on activity to do something for your marketing to move forwards.