At the heart of any great business is a brilliant marketing plan and strategy. It’s definitely important to understand modern marketing strategies that are not sale-sy, not constantly in front of the wrong audience, but yet communicates the benefits of your product and services to the right people at the right time, which will result in your business growth and scaling over time.
Why a Marketing Strategy Plan?
I think it’s absolutely crucial for entrepreneurs and businesses at any stage of their business to understand this and get it right, instead of struggling to see traction and failing to reach those who they can really serve and help with their solutions.
In this week’s video, I have created a brief foundation guide to get you started to think about your strategic marketing plan in your business or update your existing one.
5 Steps in Developing a Strategic Marketing Plan
1. Know Your Audience
Do you know who your audience is and where they hang out online? This is a crucial first step because without this information, you won’t know the right channels and how to market to your audience in the right place at the right time.
2. Understand Your Baseline Marketing Metrics
Do you have an idea of where your business is at the moment and the foundations of your marketing efforts at this moment? You can get these insights from your own data that you already have at your fingertips. These include Google Analytics on your website to measure the source of where the most amount of visits and clicks comes from. Or perhaps Instagram and Facebook, where you have generated interest and new audiences purchased your products and services.
If you don’t have anything set up, don’t worry, it’s never too late to get started, better now or never, and you can get these set up across all of your online marketing sources.
3. Create KPI and Goals for Your Marketing Strategy
Just like creating a goal for your life, I always believe that creating a goal for your marketing that is specific and measurable is just as important.
What would you like to reach as an ideal scenario on the back of your marketing campaigns? What should be the results of campaigns like this? The more specific the better, the success metrics such as email subscribers, sales numbers, and conversions would be the best way to go about this.
4. Design the Relevant Marketing Strategies for Your Campaign
The fun begins! Designing the relevant strategies and tactics based on the first 3 steps of information can help you develop the strategies that work for you and your brand at the right place and the right time.
5. Measure and Optimize Your Results
Now it’s time to measure how your tactics and strategies worked for you based on the KPI and goals you have set for your campaign. If it’s not doing well, decide on whether to remove this marketing channel or optimize for better results next time. If it is doing well, then you can also consider to include more marketing budgets towards this.