As another financial year is quickly coming to a close, it might be time to take a good look at your marketing strategy (or lack thereof) to ensure next year’s budget is wisely allocated and your efforts are getting maximum results for your spend.
Businesses often make the mistake of thinking they need to be everywhere doing everything. Having a scattergun approach to social media advertising, Google-remarketing and influencer campaigns, coupled with traditional PR, advertising and marketing campaigns won’t always mean your efforts are effective.
Without strategy behind these activities, your efforts can quite often lose focus, resulting in bad spending decisions. Investing in strategic marketing ensures that you stop to properly plan and focus how your marketing dollar is spent.
Understanding what activities will achieve real cut-through in a very crowded marketplace takes time and research. Ensuring that your message is succinct, direct and impactful is just as important – the tools and the message need to work hand-in-hand.
Here are six helpful points to consider to ensure you have a marketing strategy that delivers bang for buck.
What is the biggest profit opportunity for your business?
Who are your target audiences, where are they based and what is their demographic makeup?
Research the competition.
What are your competitors doing? What is their market share? What is their message and what are they doing well?
Refine your message.
What are your key messages that will appeal to your target markets? Is this message direct enough to cut through the clutter? Is it succinct enough to maintain their attention, and is it creative enough to position you differently from your competition and to be memorable?
Understand the tools.
What marketing tools will provide the best return on investment when trying to reach your targets?
How will you measure success? Putting success metrics in place will ensure you can understand if your message and marketing efforts are in fact working, or to understand what and how you can fine-tune to improve.
Once you have the strategy in place, you can then prepare the marketing plan, which is an implementation program of the strategy. This will include timeframe, tools, responsibilities and budget.
The time is now!
With only a few months until June 30 is upon us, now is the time to start considering how next year’s marketing dollars will be spent. While investing in a marketing strategy can seem like a costly exercise, it will no doubt save your budget down the track, and deliver the best bang for your buck.