5 Key Things to Consider when Developing a Marketing Strategy
The benefits of a digital marketing strategy to a business are huge. A commanding online presence and effective use of online platforms can propel any business and help you stand out from the crowd. Being in such a position requires a solid understanding of the digital marketing tools available to your business, coupled with a strategy that meets your goals and capabilities. A working knowledge of the most advantageous tools, and an implementation of the right techniques, can take your reach global – attracting customers and generating leads in way that is targeted, measurable and scalable.
Digital marketing can be extremely powerful, offering a cost-effective way to engage with your audience and increase awareness of your brand, who you are and what you have to offer. Below we will outline and discuss five things to consider when creating an effective digital marketing strategy – helping you understand how to develop a strategy that serves a purpose and maximises the benefits for you and your business.
BUSINESS CRITICAL DATA
How many enquiries do you get per month? (Ask your team to record this asap if you don’t already). How many sales do you do per month? What’s the average value? How many sales will you need to break even? What can you handle per month?
These are only a few of the questions you need to be asking yourself, as the answers will provide the data to work out lots of critical business metrics such as Return on Investment (ROI), Marketing Budget, Cost per lead (CPL) and Return on ad spend (ROAS).
The key thing is you have data to work from. You can still gather data as a start-up or a fledgling business by doing market research and forecasting with your accountant. This will help you understand items such as your net profit.
Before you undertake any marketing, not just paid, you need to determine what that activity is going to do for you. It might be that you need to do some brand awareness to support your sales team or it might be that you need to drive traffic to your website to convert it into sales leads.
Get this bit right and you have a clear direction. You will be able to use metrics to tell you if you’re going off the plan, if you need to adjust, or if you’re bang on track.
In an increasingly competitive market, it’s more important than ever to make sure your brand is clear and engaging.
It’s easy to become bogged down in the detail of your business and start to do everything from the perspective of what you want. This takes over your marketing as you talk more about the details of your delivery and how you approach your work and less on the aspects that really matter – what people get.
The best way to approach your brand is to think of it from your target audience’s perspective and make sure this is embedded in everything you do.
You’ve got to think about how you stand out from your competitors, both direct (the companies offering the same as you) and the indirect (the alternative options).
If everyone is saying the same thing, there’s no unique selling point, so maybe think about how you differentiate. You can do this by being clearer, and easier to progress with.
A brand positioning statement is a description of your target market that also includes a holistic picture of how you’d like your brand to be perceived by customers.
Market differentiation: Showing the uniqueness of your product in any industry creates a major advantage. When you use your brand positioning to celebrate how your product solves a particular problem or need differently than your competitors, customers will take notice.
Easy purchase decisions: By clearly defining your product and how it can benefit your customer, you take the guesswork out of the purchase process. When you give customers the answers to questions they are looking for, they will be quicker to trust and buy.
Value confirmation: A strong brand doesn’t have to rely on pricing wars with competitors. Instead, great brand positions establish the high value of their product, making customers want to buy it no matter what (even if it isn’t the cheapest on the market).
Magnified messaging: A clear brand positioning statement gives you a springboard for compelling creative storytelling. By having a concrete vision, you can elevate each additional piece of marketing to further solidify your place among the competition.
MISSION AND VISION
A Mission statement is important for an organization because it defines the business, products or services, and customers, thereby defining the primary objective. It provides detailed information about what the organization does, how it does, and who it does it for. Unlike the vision statement, it is short-term in nature.
What is a Vision Statement?
The Vision statement focuses on its goals and aspirations, which describes how the future will look if the organization achieves its mission. They are also timeless, even if the business changes its strategy, the vision will often stay the same. A realistic, credible, and attractive vision statement attracts commitment and energizes its people.
In addition, a well thought out vision statement bridges the present with the future while establishing a standard for excellence. It also communicates the purpose of the organization to the employees and other stakeholders and provides them with the inspiration to achieve that purpose.
Your vision and mission statements are for everyone who is associated with your organization in one way or another. It should be concise, simple, and should be easily memorized.
Why are values important for a business?
You have values yourself – principles that define “right” and “wrong” behaviours. It might be in your work ethic, how you treat people, what you prioritize and times when you’re surprisingly casual.
An organisation’s values lay the foundation for what the company cares about most. It provides a common purpose that all employees should understand, work towards and live by. Once you define and promote your values, your messaging will be clear and consistent, which plays a significant role in any effective digital marketing strategy.
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