Does your marketing strategy consider these steps somewhere along the campaign process?
Whether you’re a small business owner or a team member in a large company, an effective marketing plan is perhaps the number one driver of business growth across the board. However, it is true that the most successful marketing campaigns take a great amount of thought and work to produce great results. In this article we take a look at some of the essential components of productive marketing initiatives in today’s modern business environment.
Before the start of any marketing campaign, it’s crucial that a business divides its markets into subsets. This is done by conducting thorough research and examining three main types of criteria: geographic, demographic, and psychologic. For instance, a geographic segmentation perspective would narrow down target audiences based on location whereas a demographic view would segment the market based on variables such as age or professional career. Lastly, psychologic segmentation looks at a customer’s opinions and biases that could potentially sway their buyer behavior one way or another. Without a clear segmentation plan, even the best idea for a marketing campaign could produce results that are null and void.
A SWOT framework in marketing is one that assesses four aspects of a business: strengths, weaknesses, opportunities, and threats. Primarily designed to facilitate strategic planning within organizations, SWOT is often done after market segmentation and can be seen as a straightforward way to brainstorm before jumping into the advertising process of a specific product or service. Some questions that come up in SWOT thought sessions are, for example, “What pre-existing resources can be of our advantage in this next stage? What does our competition do well? What new rules or regulations could threaten our operations? What blind spots in our current market could potentially be filled?” Pondering these questions in an open space with other team members can make a huge difference when the time comes to execute marketing tactics.
Once you have narrowed down the exact target audience and analyzed current business happenings, the time has come to decide how the marketing/advertising activity should best present itself. For example, perhaps your business is better suited to launch promotions as posts on social media pages rather than websites. On the other hand, maybe email marketing is a more appropriate form of digital marketing for your customer base. This concept is illustrated well when taking a look at the current landscape of a fast-growing industry: online sports betting. Here, because the market is saturated with a variety of different providers, desktop platforms and their mobile equivalents make use of free bets as a main promotional offering. These are often displayed directly on the site and can be claimed by both new and existing users depending on the brand. In this way, the industry has tailored their promotions to fit a specific audience type (sports supporters) on a specific virtual location (desktop and mobile), all the while considering the three factors of segmentation previously addressed.
Marketers should discuss SWOT in a team setting because it allows for every member to share their opinions about the business as a whole
After you’ve launched your marketing strategies into the world, your brand must remember to stick to the budget that has been previously set up. Deviations from these investment amounts could be detrimental to the product and the advertisement’s success. Budget talks should be had in the pre-planning stage as managers consider the promotion at hand, along with timing, resources, operational costs, and current market trends.
Every marketing campaign must end with a follow-up session. It is here where team members come together to reflect about the campaign’s response and activity, and weigh expectations against reality. This is where analytics can also come in handy, as one of the greatest advantages of Big Data is the power to identify key performance indicators and adjust them as needed in order to improve efficiency. Even for entrepreneurs who work with and manage small teams, taking time to review the data associated with any given campaign can be a huge help for future projects.