Part 2: Unlocking the Secrets of a Successful Marketing Strategy
In Part 1 of this two-part series (Part 1: Revealing the Unique Power to Grow Your Business), we gained a clear understanding of your business in the market. Now that you have this insight, let’s look at the five steps of applying that information to create your marketing strategy.
- Choose your marketing channels
Your target audience’s preferred communication channels will guide your marketing efforts. Select the combination of media that are most likely to reach and engage your audience, in a variety of ways. Don’t make assumptions about digital media versus traditional channels. Digital fatigue is real, so email and social media alone begin to lose their effectiveness. Direct mail, for example, makes a deeper emotional impression and is more likely to inspire action than digital media.
- Personalize your content and messaging
Once you’ve chosen your marketing channels, develop personalized content and messaging that resonates with your audience. If you know your target markets’ specific pain points, address them and show how you provide value. You can start slowly as you’re building your customer database and simply customize your piece with their first name. As your marketing database grows, you can drill down to customizing your marketing more and more. According to BCG, companies that use personalized marketing achieve improved marketing efficiency, longer lasting customer relationships and see growth rates boost by 6-10%. If you aren’t personalizing, why not?
- Set a (realistic) budget
Creating a strategic marketing plan also involves setting a realistic budget. Ironically, without a marketing budget, you are likely to overspend on marketing. Traditionally many businesses determine their marketing budget as a percentage of revenue. A rule of thumb experts suggest is 7-11% of annual gross revenue, however, this can vary based on overall business goals, age of the business, competitive environment, etc. Monitor your spending closely and be prepared to adjust as needed.
- Continuously monitor and optimize
A strategic marketing plan is not a one-time endeavor, it’s an ongoing process. Regularly monitor your progress, track your performance, and analyze the effectiveness of your strategies. Don’t be afraid to experiment and try new things, but closely track the success of each tactic. Be ready to adapt your plan based on progress toward your goals.
Key Takeaway
Creating a marketing plan may seem overwhelming, but it’s worth the time. Whether it’s lead generation, increased revenue or customer retention, a marketing plan will ensure you’re on track and working toward your company’s goals.
