What is a Marketing Strategy?
What is a marketing strategy?
A marketing strategy is a set plan for your marketing techniques. It involves a careful examination of who you want to target, how you plan to target them with your marketing campaign, and the goals you want to achieve.
Sixty one percent of B2B marketers who saw great success in their marketing strategy took the time to document their plan, as opposed to only 13 percent of those who were the least successful in their marketing. Taking the time to plan a marketing strategy will give your brand concrete techniques and goals that will guide their marketing efforts, enhancing success. A marketing strategy will require outlining a few different areas of your marketing plan. These areas include:
- Target customers
- Buyer's journeys
- Goals and KPIs
- Campaign content
- Distribution and promotion
- Tracking and reporting
1. Your targeted customers and their buyer’s journey. You will need a thorough understanding of who you want to target with your marketing strategy. This includes knowing what pain point inspired them to start looking at businesses in your industry, their obstacles to making purchases, and what will encourage them to buy from you versus your competitors.
This information will then need to be laid out along a buyer’s journey. You want to know what these prospective customers experience as they get increasingly closer to making a purchase. You want to know the type of information they will seek as well as the platforms and channels they are likely to engage with at each stage.
2. Your goals. To create a solid marketing strategy, you also need to know the goals you want to achieve with this specific campaign. For example, you might find that you want to build your brand awareness and market share. Another campaign might have the specific goals of increasing leads and revenue. You might also have marketing efforts dedicated to improving your ability to coax existing leads through the rest of the sales funnel.
Know what your goals will be before you begin your campaign. Your goals will help you better understand which channels need focus and the type of content you want to produce. Your goals will also help you develop KPIs or key performance indicators. These data points will help you measure the success of your campaign and allow you to determine whether or not your marketing has been a success. By incorporating these important features of your marketing campaign, you set yourself up for success and enhance your ability to engage with your audience.
How do you develop a marketing strategy?
When you have a concrete marketing strategy, you have the guidance you need to make sure that your strategy works as well as possible. You will have far greater insight into how well your campaigns perform and will improve your marketing efforts moving forward.
With a concrete marketing strategy, you will know exactly what you want to accomplish with your efforts. This will allow you to plot data points that lend insight into your ability to engage users and achieve success. When you know how well your marketing campaign performs, you will be able to see where your strengths and weaknesses lie in marketing. These two helpful tips will guide you toward a successful marketing strategy:
- Organize a strong campaign
- Tracking and measurement
- Stick to your budget
1. Organize a strong marketing campaign. Running a strong marketing campaign requires knowing what you want to accomplish and how you will measure your success. If you want to build brand awareness, social media engagement can help you gain a better idea of how many customers know your organization. As your campaign progresses, you can see how your numbers perform, including your position on the SERPs, traffic leads, trasnactions, dollars spent, all indicate the success of your campaign.
When you have these data points, you can make better decisions regarding your marketing. If you succeed on social media but struggle in the SERPs, you should invest more in SEO research, content, and tracking, while continuing to emphasize your social media marketing. This will help you make better use of your budget and keep your marketing strategy moving forward.
2. Tracking, measurement, and budget. When you have the data to support the success or struggles of your efforts, you will be able to make a better use of your budget. This, in turn, will help you ensure that your marketing efforts receive the support they need. When you can provide demonstrations that your budget has resulted in strong returns and where those returns come from, you can ensure that your department continues to receive the resources needed.
You will also see which marketing channels are working for your brand. This will help you use your budget to maximize your investment and see the best return from your efforts.
Finally, avoid wasting budget and resources by ensuring the areas you invest in have been thoroughly optimized to keep you receiving the best results possible. You will not be spending money for vague results; you will know precisely how it impacts your marketing success.
With a concrete and specific marketing strategy will allow you to improve your strategy, execution, and results,