Creating a well-researched, thought-out, and appropriate marketing strategy is a crucial step towards success. Businesses typically approach marketing strategies with one of two objectives:
- For emerging startups, the aim is usually to generate awareness and interest in the company, product, or service.
- For established businesses, the objective is to evaluate what has worked, what hasn't, and what can be enhanced.
Although every business is unique, the following five fundamental steps are applicable to any company's marketing strategy review process:
1. Identifying Target Market & Demographics
Identifying the most suitable target market and demographics for your company requires research and analysis. Regardless of the industry, a company should:
- examine the target market,
- identify the ideal customer,
- understand their demographics,
- and discover the most effective channels to reach this target group.
The analysis of customer demographics can encompass:
- Perceived gender
- Geographical location
- Economic data
- Socio-cultural norms
- Age group
- and more
Each business and its target market will vary; each should be approached in a unique and tailored manner.
2. Establishing Brand Identity
Brand identity characterizes a company, its culture, and public image. Branding is crucial to distinguish each business from its competitors, especially in today's saturated marketplace.
Whether online or offline, a distinct brand image enables a company to stand out.
Once a brand is established, it should be incorporated across all the company's advertising platforms, including:
- website, social medias, & online profiles
- business cards & stationary
- marketing collateral (brochures, flyers, etc)
- anywhere the business is located or mentioned
The company's brand should be integrated into all business aspects.
3. Creating Campaign Copy & Messaging
Several factors need to be considered when crafting copy and messaging for marketing purposes:
- Decide on the message the business wants to convey, and incorporate this into all campaigns
- Compose suitable copy (content) for corresponding media types (online vs. offline, visual vs. auditory, print vs. digital, etc)
- Note legal requirements that must be adhered to
- Create informative content, use emotional appeal, persuading the reader to take action
- Ensure all copy & messaging aligns with the desired brand identity established for the company
Each element must be considered to create truly unique and remarkable content that both readers and search engine bots find useful and valuable.
Content must not only be readable, understandable, and engaging; in today's digital age, online content must also be search engine optimized (SEO) to attract as much qualified traffic and leads as naturally possible.
4. Implementing Lead Generation Techniques
Effective lead generation and sales techniques can vary between businesses and industries. The following are some basic techniques that are applicable to most businesses, regardless of industry:
- Opt-In Email Marketing Solutions - It's all about reaching the right demographic with a clear and concise message.
- Referral & Upselling Campaigns - There's always an untapped revenue source within a company's existing client database.
- Promotional Item Campaigns - Keeps the company image in front of prospects far longer than emails or letters.
- SEO - Search Engine Optimization helps to generate free traffic from qualified search results.
- SEM - Search Engine Marketing generates paid leads from qualified traffic & searches.
- SMM - Social Media Marketing helps generate new business from social platforms matching target demographics.
5. Evaluating Analytics & Performance
Assessing the success of marketing and campaign efforts is crucial to ensure a business is using effective techniques. It's important to review all the data and results from each campaign segment, both individually and in relation to the overall strategy.
By analyzing marketing performance, trends can be identified, and improvements can be made to increase return on investment.
The Take Away
By examining the above five fundamental principles of marketing strategy, businesses can continually enhance their overall marketing performance, thereby increasing return on investment and growth.
