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Knowing how to create a marketing strategy is crucial. It results in more business revenue and better audience retention.
And no matter the size of your marketing team, presenting your products or services to your customers is always a challenge.
But an effective marketing plan is crucial.
Your marketing strategy affects the way you run your entire business. Your whole business strategy depends on its success.
If you're not sure where to start, you've come to the right place. Here's an effective marketing strategy example, and tips on how to approach it.
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An effective marketing strategy helps you set realistic and measurable goals for your business.
It is the clearest way to stand out from your competition. By investing time into crafting a marketing strategy, you're getting the means to:
Since your marketing strategy needs to align with your business goals, start by defining them.
For example, if your goal is to sell more of your product or service, you might want to get more eyes on your website to increase conversions.
Once your business goals are set, take a look at how your business is doing in the market. Pay attention to market trends. Think about the best ways your marketing plan can take advantage of these.
Another important thing to take into account here is identifying your strengths and weaknesses. The easiest way to do this is looking at the following:
Now that you've identified your goals and found room for improvement, it's time to roll up your sleeves.
Crafting a marketing plan takes time and resources. So, we've put together a helpful list of essentials for any business below:
You first need to know the amount of resources you can invest in your marketing strategy.
To set a realistic budget that you can afford, first take a look at any recurring costs, such as:
Once you've got everything on paper, you might need to reassess your strategy. Certain costs may need to be cut to fit your wider business strategy.
For example, if you're running a small business, you can use a free email marketing platform to cut down on costs.
Many small business owners don't think a website is an essential investment.
In fact, 28% of small businesses rely solely on social media to establish their online presence.
If you think back to the recent Facebook and Instagram crash, it's easy to see why using someone else's site isn't the ideal solution.
A website offers autonomy. You can use your website to sell your products online and further your business plan. In addition to that, a website also proves to new customers that you're a credible business.
At the end of the day, anyone can set up a social media account and pretend they're running a company. Since a website requires constant investment, having one affirms the legitimacy of your operation.
A good marketing strategy does not exist without a website!
A lot of small business owners feel like they need to be present everywhere to reach the largest amount of people.
However, choosing the platforms your audience uses is much more important than following the newest trends.
Social media is a lot of work, so make sure you're not spreading yourself too thin.
For example, if you're targeting businesses, you'll have better luck on LinkedIn than Instagram.
So, before you start creating any profiles, research which platforms your target audience uses the most. There you can run a micro-influencer marketing campaign that will constantly generate high-quality leads for you.
Treat your marketing strategy the same way you treat other elements of running a business.
For example, you don't just manufacture products and sell them without analyzing your ROI. The same principle applies to your marketing strategy.
To assess the success rate of your marketing campaigns, you'll need to keep an eye out on analytics.
Today, most social media platforms offer free analytics insights that you can use to inform your strategy. Set a time frame in which you'll observe the success of your posts.
That way, you can see what works best and eliminate what doesn't work at all. For example, you want to see if you’re getting phone calls - how many and when and which agents perform the best.
No matter the size of your business, a good marketing strategy is crucial for reaching your ideal customer.
There's no magical recipe for a strategy that works for everyone.
Making sure you're getting the best results for your business goals requires research, testing, and investment.
That said, your whole business will benefit from an effective marketing strategy. It will help you reach your customers and improve your sales results.
There’s no time to waste - get planning!