Whether you own a small business or work for a multinational company, you will know the importance of marketing budget allocation. If you invest too much you’re likely to have less money to spend in other areas, and if you invest too little you’re definitely going to be missing out on potential leads and customers. Money is an essential marketing ingredient but marketing expenses can’t guarantee success on its own, a marketing strategy is essential!
HOW DO YOU SET YOUR OWN GOALS ?
The question you need to ask yourself here is, where do you see yourself in 3 years? Ironically, a good method for setting your own goals whether personal or work related is called the SMART goals method. SMART stands for:
- Specific – ‘I want to increase my social media following by 2000 a month’ rather than ‘I want to own a famous brand’ (What? Why? Who? Where?)
- Measurable – How much? How many? How will you know it is accomplished?
- Attainable – do you have the talent, time or money to achieve this goal?
- Relevant – is this goal relevant to you? Is it worthwhile? Is this the right time?
- Timely – Set yourself or your team deadlines, keep them challenging but realistic!
Hopefully, with this set structure you will be able to see more clearly what it is you hope to achieve as well as giving you an idea and a time frame to help you reach that goal. Your annual marketing plan should only be set once you have those goals in place.
This brings us to the next step; determining your marketing budget template – the Key Performance Indicators (KPI). KPIs are softwares that help you gauge a company’s performance over time through a set of quantifiable measures such as operational and strategic goals, as well as comparing your company’s finances and performance against its competitors. The software requires you to set your own goals in regards to your wishes but most of them are relatively ease to use with little setup. Be realistic with your KPIs by analysing previous digital marketing efforts, ensuring a positive increase in your results while also not setting your expectations too high. If you decide not to customise it, the software will look at the financial aspect as a default setting.
Business metrics are, similarly to KPIs, a piece of quantitative data which help you see your company’s performance on a business point of view. They help you track all areas of business, whereas KPIs target critical areas of performance. It analyses data such as sales, finances, SaaS (Software as a Service), social media, etc.
HOW DO YOU DEFINE YOUR MARKETING STRATEGY ?
Now that we’ve looked at how to set yourself or your business goals, this leads us right to how to define your marketing strategy. Having realistic goals with the help of previous data and future predictions through quantitative algorithms will aid you in defining the appropriate strategy to use. Before we get started, it’s important to know that still in 2017 a lot of companies use digital marketing without a clear and defined strategy, and if you’re one of them, don’t worry it is no crime! But the truth is, however well all those companies may be doing their marketing online, they could be doing better. Let’s look at a few marketing strategies, which can help you get an idea of what you should be focusing on.
“A marketing technique of creating and distributing valuable, relevant and consistent content to attract and acquire a clearly defined audience – with the objective of driving profitable customer action.” Content marketing is the idea that sharing free, valuable content on your website will direct you to more leads and customers through people signing up to your website.
After going through your website where the user would have hopefully found some valuable content, they may agree to sign up to the website and be part of your email list. The first tip when it comes to email marketing would be to make sure they have opted to receive your newsletter, else you risk them unsubscribing. A second tip would be to make sure the emails you send are relevant to the user, or else again, you risk them unsubscribing.
The argument for this is quite simple, what is the point of having a strategy to drive web traffic if the website or landing page you send the user to is (pardon my french) crap?!
You could spend an unhealthy amount of time competing around a keyword and still not get anywhere near the first search page, or you could create a Google Ad and pay when someone clicks on it; views it; makes a conversion; etc. It guarantees you more exposure and relevance to people’s search. Win-win situation.
Improving the product
Saving the best for last, a good product is essential to one’s strategy. If you intend on keeping customers happy and generating leads for future sales, you need your product to be as good as it can be.
To draw a conclusion on all this, there are many marketing strategies that one can adopt in order to reach the business objectives that were set. However, first and foremost, comprehensible and concrete goals must be set in order to know whether you’ve achieved, or underachieved. A clearer vision leads to a clearer future for the business.