Bad Strategy is Why Businesses Don't See Marketing as an Investment.
One of the first things to get punished when times get tough is your marketing budget.
When businesses view marketing spend as an expense rather than an investment they're already miles behind the competition. But WHY do so many companies make this mistake?
It's simple, a bad strategy gives marketing a bad taste.
Without an ROI-focused marketing strategy, it's really hard for management to see the value that comes out of effective campaigns. I have worked with many companies that have spent a lot of money on marketing services to chase after superficial goals.
Due to budget constraints, many marketing teams are stretched thin and are simply working the best they can with what they have, unfortunately, this can severely alter the effectiveness of your marketing efforts.
Components of a strong marketing strategy.
When it comes to planning and implementing a strong marketing strategy, there are 5 main components:
Brand Identity - The big one. If you are in the dark about your brand identity, don't even move to #2. Being familiar with your brand identity should be your team's highest priority. Your messaging, look & feel, employee culture, values, and target market are all apart of your brand identity. Discovering your brand identity is typically achieved by performing a brand analysis, a comprehensive deep dive into what makes you unique.
Value of a Customer - How much is an average or ideal customer worth to your business? What is your break-even point? Depending on your industry, these can be tough questions to answer, and sometimes you have to make an estimate. We work really hard with customers to help them figure out these metrics in order to get the ball rolling on their goals.
Goals - What result do you want to achieve using your marketing channels? It could be "2 new clients per month" or "10 online purchases per week". Knowing the value of a customer helps you calculate how much business you need to generate to cover the cost of your marketing. Remember, the whole point of an investment is to create value for your business in the long-term, without goals marketing is a runaway train.
Measurement - One of the most overlooked components of a marketing strategy is what you do with the data during and after your campaign! Whether you're doing a direct-mail campaign or social media advertising, it's extremely important to always be knowledgeable about your data and results. Techniques such as A/B Testing and Digital Tracking allow marketing teams to measure the effectiveness of their campaigns.
Retargeting - The "set it and forget it" model of marketing is not only outdated but ineffective! Your marketing team should always be in a dynamic mindset, ready to tweak and change campaigns as needed based on the data.
Getting help with your marketing strategy.
Spending time, money, and energy on a brand analysis is one of the best investments you can make for your company. Hiring an experienced marketing consultant is an awesome way to gain an outside perspective on your brand. Oftentimes marketing consultants are also knowledgeable in sales and business processes and can provide HUGE value to your organization.
Daniel Marr is the Director of Business Development for NWPC Marketing Solutions, a team of marketing experts dedicated to helping you achieve your goals and BOOST your brand! Our awesome team strives to build a culture of trust and commitment and work side-by-side with businesses as advisors and consultants.