As a business owner, you are likely overwhelmed with numerous responsibilities.
Due to this constant time crunch, one aspect of a business that often gets pushed to the side is marketing, despite this being one of the key drivers for sales.
Basic Marketing strategy principles to apply when writing your marketing strategy:
- Research and Trends Spotting
Do some research. You can explore doing focus groups or web based research directed to your target market. This will help you draft a more strategic marketing plan.
Understand what the latest trends are and what passion points drive your target market.
- Set clear and measurable objectives – Establishing clear goals will allow you to track and measure the success of your marketing plan. Goals should be tied to a defined set of metrics. I.e. Sales, digital engagement, increase in feet to your store.
- Competitor Review – Review the current industry. What are your competitors doing and what is working for them? You don’t always need to re-invent the wheel, just up your game and do it better.
- Positioning – decide on your unique selling point. What do you do differently compared to your competitors? Which trends are likely to emerge and how will you stay ahead of the competition?
- Target Demographics – Determine the demographics of the customer you plan to target. Clearly identify your ideal customer to ensure ROMI (Return on Marketing Investment) and better understand the correct strategies to leverage.
- Strategy and Action Plans – Develop an integrated marketing strategy that will resonate and service the needs of your target market. Create a comprehensive plan that covers traditional advertising, events, digital marketing, public relations, and influencer marketing to mention but a few.
- Consistency is key
Communication should be clear and consistent. Ensure you have established a Brand Guide which directs all internal and external communication (insert link to Corporate Identity article)
- Budgeting – Allocate the proper resources (people and money) to accomplish your company’s objectives. A basic guideline would be to spend 10 – 12% of revenue on marketing.
Contact Brand Authority for your new Brand Guide and Marketing Strategy