The most important aspect of any business is its marketing consultant. The company hires marketing managers for the basic reason of making marketing strategies for their company, which will eventually turn the company into a brand. Many companies succeed in doing it, and some fail too. So it is vital to fine-tune marketing strategies if your company’s graph has been steady or is going down the road.
In this article, we will discuss the measures that a company or a start-up can take to excel in their marketing strategies.
Evaluate Previous Year’s Strategies
There must be something wrong with your strategies during the previous years. That’s why you are looking for the best way to fine-tune them. And you have come to the right place.
One of the most essential things is to check what strategies were in play previously and which ones worked for you. The one that helped your company gain profit and made it sustainable should be kept and other strategies which needed to be replaced.
For example, suppose you are an FMCG company that caters to the middle class. You started as a brick-and-mortar store in a crowded locality. But as a last-year strategy, you opened a store in a posh neighborhood.
The people around here are mostly rich or upper-middle class, so they tend to buy from malls and famous brands. Due to this, the sales of that store didn’t turn out to be good. So you will evaluate this strategy as a negative one and take a good look at the locality first before opening an offline store.
Test Your Audience
It is necessary to define the target audience for your product or services. This can be achieved by doing multiple surveys using social media platforms or by directly connecting with individuals. After collecting the data, ask the analytics team to simplify the findings so that you can build strategies using them.
Generate New Ideas
After working on your past year’s mistakes and analyzing them using SWOT (Strength, Weakness, Opportunities, Threats). You can now focus on generating new ideas by keeping in mind the Six Ps: product, price, place, promotion, people, and presentation.
While brainstorming ideas, it is important that everyone related to the project must be in the room to give input. Only then can a good argument and resolution take place.
Make Strategies based on Ideas
Now it is time to put those ideas into play and make strategies accordingly. Make a list of your company’s verticals and the areas that need to be improved.
You can list down your assets like website, mobile app, social media pages, and team.
Make an action plan for all of these assets, which should include the following: tasks to be completed, a schedule, each individual’s responsibilities, the cost required, and the desired outcome.
These things will take care of all the setbacks that you have faced in the past years.
Defining Short-Term and Long-Term Goals
It is essential to set goals to keep employees motivated and inclined in the right direction. Employees tend to give their 20% extra effort when their goals match the company’s goals. If there is a set result that needs to be achieved, then employees will give their best to achieve it.
Always set short-term goals along with making long-term goals, allowing your team to be in the loop.
Using the Most Appropriate Marketing Strategy
- Paid Marketing: It can be done by doing collaborations with social media influencers or by using an SEM strategy. Paid ads or ranking your site at the top will help you boost your company’s brand among the audience.
- Word of Mouth: This strategy is hard to achieve, but once you build your brand name by providing the right product or service, you will reap an enormous amount of advertising only through word of mouth.
The marketing team uses marketing attribution to know whether the customer reached the page through social media promotion, email marketing, or any other method. Through this, you can put more weightage on that particular method that brings more customers and also modify it accordingly.
Hence, helping your company to calculate its ROI on marketing expenses.
Work Rigourously on Social Media and Content Marketing
People around the world are using social media platforms more than they use their mouths to speak. You can build a social media marketing strategy by launching online campaigns and collaborating with famous influencers online to mark your company name.
Your content marketing team can play a huge role too. They can write about your company’s products and publish them online. More than 55% of people search online before buying anything. This will work in your favour if the content is catchy and the SEO has been done properly.
Use Business Analytics to your benefit
Marketers will be able to optimize expenditure and improve the user experience if they have a better understanding of their clients. Employing business analytics in marketing allows companies to better target customer demands by focusing their messaging or product or service timing on what is best for the customer.
Planning of Next Year’s Marketing Plan
This is the point at which you bring everything together. Here’s a rundown of the items on your to-do list:
- Analyze last year’s marketing approach and demonstrate return on investment.
- Create a plan that outlines your goals and how they relate to your outcomes.
- To verify what worked and what didn’t, do a quantitative vs. qualitative study.
- Complete SWOT—difficult but necessary.
- That competition is well and fully stalked.
- Confirm your clientele.
- New ideas are being hatched at a brainstorming session.
- Make a vision statement and share it with the team.
Wrapping it up!
The output will take some time after you have implemented the strategies and put in the effort. So take a look at all of the trends, and remember that there’s always room for improvement.
After making a marketing strategy, don’t forget to get it reviewed by your boss, and remember to include month-on-month trends and progress in the presentation.
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