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Creating a marketing strategy

By Activ Web Design
Tuesday, December 18, 2018

Creating a marketing strategy

Strategy is everything when it comes to running a business efficiently. The same holds true for your marketing efforts, in the absence of a well-defined marketing strategy, you may not be able to see the results you desire.

When you want to increase your sales, you will need a solid plan to determine exactly how you’re going to do that, and a marketing strategy is what you need.

Here are the steps to take for creating your marketing strategy.

Evaluate your business

Assess your current business situation, a situation analysis is all about defining your company and your offerings to identify the USP of your business, you should also carry out a SWOT analysis to identify your business’ strengths, weaknesses, opportunities and threats then determine how you want to position your product.

Identify your target customers

Define your target customer develop a one-paragraph outline of your prospective customer. A customer persona needs to show their age, gender, earnings, family composition, geographic location and lifestyle etc.

Are your customers innovative or conservative? Followers or leaders? Modern or traditional? Extroverts or introverts? How regularly do they purchase what you offer? What is their motivation to buy?

Sum up your marketing goals

What are you hoping to achieve from your marketing strategy? For instance, do you hope to increase your quarterly sales by 20%? Perhaps you want to increase the conversions on your website by 25%?

Define a list of measurable goals that you can tick off once you’ve achieved them and identify any you don’t achieve.

Define your marketing tactics

Now it’s time to identify the techniques you will rely on to reach out to your prospective customers and achieve your goals.

Ensure that your strategy covers prospects at all stages of the purchase cycle. Some marketing techniques – such as advertising, direct marketing and PR – are ideal for generating cold leads, whilst other tactics – such as email marketing, referral programmes and loyalty programmes – are great to reach out to warm leads.

Dive deeper and define your primary marketing strategies, next, come up with a list of strategies you’ll use to reach customers at the different stages of the sales cycle.

Identify your budget

You must set aside a portion of your annual gross sales to your yearly marketing budget.

Setting aside a budget helps you to assess the costs of the different marketing tactics you’ve chosen to ensure you haven’t exceeded your budget. If you find that you have indeed exceeded your budget, go back and make the necessary adjustments so you can continue your marketing strategy within the budget.

Need help creating a solid marketing strategy? Get in touch with Activ Web Design to learn how we can help create a bespoke marketing plan for your business that would help reach your goals.

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