Strategic Marketing: 8 Questions to Formulate a Successful Marketing Strategy
Caliber Media Group’s Series – Part 3: “Marketing as an Investment: Short Term and Long Term Strategies that Generate Results”
Strategic marketing is the foundation for successful marketing. Yet, everyday we talk to business owners that commit capital without having formulated a strategic marketing plan prior to sending their hard-earned marketing dollars out the door.
The two most common mistakes that even well run businesses make is; one, they don’t understand how to formulate their marketing strategy and two, they confuse strategy (targeting, planning, coordinating efforts) with tactics (email, social media, SEO, advertising, etc.).
The difference between successful, well-rounded marketing and la carte campaigns that fall short is strategic marketing planning from the beginning. Here are 8 questions you and your team can ask as you craft your strategic marketing plan:
- What are your measurable goals? (i.e. 30% increase in sales vs. “more sales”)
- How will you quantify success? (Number of new sales or leads, new “likes” on Facebook, email opt-ins, etc.)
- Who is your audience? (Analyzed and targeted – BONUS! this will help with SEO also!)
- Who are your competitors? (Analyzed and compare successes and failures)
- What is your value proposition? (what benefits do you provide?)
- What makes your product/service better than your competition? (How are you unique, better or different?)
- What is your strategy? (your plan of action)
- What tactics will you employ to achieve your goals? (Internet marketing, improved SEO, email, social media, etc.)
As part of your strategic planning conduct (or purchase) as much research as possible. This will arm you with the most relevant and updated information related to your target audience, their preferences, your industry, competitors, etc. Include in your research the kind of tactics that will bring you the most success for your marketing dollars. For example:
- SEO (Search Engine Optimization) won’t bring in an avalanche of business in the short-term but you could crush your competition in the long run if done correctly
- You may have a huge database of email addresses that could produce more businesses if executed well
- Social media is perfect to blow the doors off your product or service
Research should be re-investigated every year as part of your marketing planning and budget. This is important as it allows you to addressing new competitors that have entered your market in order to ensure your competitive advantages are still relevant to your target audiences. Secondly, it allows you to adapt marketing strategy and tactics accordingly to be more cost and results effective.
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Next in the series. Part 4 – “Marketing as an Investment: Short Term and Long Term Strategies that Generate Results” 4 Important Things to Do Before you Start Spending Your Marketing Dollars
For a copy of the full-length white paper “Marketing as an Investment: Short Term and Long Term Strategies that Generate Results” please contact Kelly at Caliber Media Group.