Every successful business is a product of a successful marketing strategy. Indeed, not a single enterprise would succeed without a cohesive marketing plan. After all, no one would want to invest an ample amount of time, money and effort for a business only to waste it targeting the wrong audience or advertising on the wrong channels. But how exactly do you create an effective marketing strategy?
Read on to find out more.
Creating an Effective Marketing Strategy
From the trends to technology, the ever-growing world of marketing is rapidly changing. To stay ahead of the competition, discovering efficient ways to stay up-to-date with the latest marketing developments is necessary.
Fortunately, creating an effective marketing strategy is easier than it seems. We’ve enlisted 5 powerful steps to help you create an efficient plan that works best for your needs.
1. Understand your target audience
The most essential part of creating a powerful marketing strategy is knowing who your target audience is. By doing so, you’ll get a clearer view of who you are marketing to, ensuring that your efforts are targeted to the right people.
Creating a buyer persona can be of great help in this matter. To do this, the first thing you have to do is to think about your ideal customers. From there, create a list of demographics focusing on their age, gender and location. The goal here is to get to know your audience better than they know themselves.
According to Hubspot, one can make buyer personas through research, surveys and interviews. By building efficient buyer personas, you’ll get a better understanding of your target customers on a more personal level. When creating your buyer personas, think about the fact that people are more likely to be unpredictable.
The best way to start is to utilise your current customers. Interview them or send out survey forms. Regardless of the way you choose to reach out to these customers, you need to find out how they feel and think about when they interact with your brand.
2. Know your competitors
Whatever products and services you offer, one thing’s for sure: competition will always arise. Despite your brand’s uniqueness, you are still likely to meet someone with better techniques. Thus, doing marketing research on your competitors is necessary.
A competitor analysis can be useful in various aspects. For starters, it can help you identify your strengths and weaknesses, allowing you to find out your areas of improvement.
You may also consider actively watching your competitor’s social media accounts not to replicate their strategies but to look at the techniques that work best for them. It is also essential to reach out to your competitor’s customers to find out what they think about. Start by asking them about several factors such as the products they usually purchase, how they found out about them, the promotions they are looking forward to as well as their overall buying experience.
Another thing you need to consider is signing up to your competitor’s email list. By doing so, you can get indispensable details about their email marketing strategy and an up-close look on their entire plan.
3. Decide what channels to use
There are several ways to send out your marketing efforts to your target customers. You have the freedom to choose whether you’ll stick with the good old newspaper, magazine and billboard advertising or go digital and try SEO and content marketing.
How do you choose the best channels to use for your marketing plan? While trying everything at once seems like a great idea, doing so might only mean wasting your resources on ineffective channels.
To get your return of investment (ROI), creating a sensible decision is necessary. The best thing to do is to classify your potential channels into three categories: owned media, earned media and paid media.
Owned media refers to channels that you have created and the ones you have full control over. This includes your company blog, email list and website and your social media channels.
Earned media refers to online word-of-mouth. This type of media comes originally from outside sources in the form of comments, mentions, shares, reviews or recommendations.
Paid media refers to promoting content to get more earned media and generate more exposure to your owned media. This includes sponsorships for influencers and paid social media advertising.
4. Work on your sales funnel
Breaking down your sales funnel can help you clarify your marketing plan and find out which channels are best for your brand. A sales funnel demonstrates the path of most prospects, allowing you to identify the holes where prospects withdraw and never convert.
In most cases, sales funnels follow the “Attention, Interest, Desire and Action,” most commonly known as the AIDA model. At the top of the funnel are your cold leads, people with less or no knowledge about your business. Your goal is to grab their awareness and interest, turn them into hot leads by building a sense of desire and then encouraging them to come up with necessary action.
By breaking down your sales funnel, you’ll get to know more about your customer’s journey. This will help you identify and improve your weakest points to ensure that all leads are moving into the action stage.
5. Build powerful marketing goals
The last step towards an effective marketing strategy is creating powerful marketing goals. To achieve success, you have to think of specific, measurable and relevant goals. These are relevant metrics that you can use to monitor the efficiency of your marketing strategy.
Build an Effective Marketing Strategy with SMMILE.
Planning to create your first-ever marketing strategy? We got you covered. We are a digital marketing agency that helps connect businesses with their customers. Here at SMMILE, we employ powerful strategies to bring you closer to your goals. We offer Search Engine Marketing (SEM), Search Engine Optimisation (SEO), Digital Lead Generation, Web Maintenance Services and more.
For enquiries, you can email us at [email protected] or call us at (65) 8687 8143.