What is a good marketing strategy? Or what makes a marketing strategy good?
What is the main difference between a successful marketing plan and an unsuccessful one?
It’s the preparation behind them.
Definitely, marketing is an essential part of any business’s growth. And if you are looking for the most powerful marketing strategy, there are two things you should focus on:
- What are the best strategies?
- How do these strategies work best?
Many small business owners can get overwhelmed easily in selecting the best strategies for their marketing initiatives because they don’t understand the fundamentals or principles.
So, let’s look at the components of marketing strategy or what marketing strategy is all about.
In this blog post, we list and explain things that can help you design effective marketing strategies that even the greatest brands have used to enhance their bottom line.
Also, you can have a hand on your own after finishing this piece because we shared handy tips for executing these strategies for your business.
What is a Marketing Strategy, Really?
Many articles, guides and marketers have been talking so much about marketing strategy. And you absolutely have an idea about what it might look like.
To unify all these definitions, let’s coin an easily-illustrated one.
After we’ve asked dozens of digital marketers what the marketing strategy is. We can say:
A marketing strategy is a group of techniques that allow your business to redirect its resources and budget toward what matters and the best opportunities, with the only reason in mind to get the best return on your investment.
To increase your button, let’s look at some of the critical components of how to build a GOOD marketing strategy.
Tips to Follow: What is a Good Marketing Strategy?
Strategy and planning are linked, which means developing a good marketing strategy leads to creating a brilliant plan. And none of both can be complete or relevant without the other.
If you’re wondering, “what is a good marketing strategy?” it’s necessary to get prepared to look both externally and internally. First, you must find a link to connect your brand with your customer.
All small businesses are searching for a low-budget marketing plan. That’s totally understandable, but the problem is determining which of the most successful small business marketing strategies offer the best ROI.
So, whatever your business size, you can uncover what business professionals do to create a well-tuned marketing strategy that will pay off. You can steal what will fit your business.
To help you get started, we’ve heightened some of the steps you should take when developing your marketing plans. However, the exact steps vary depending on your product and industry.
Please note: these steps can serve as a basis for when you’re working on. But if you aim to have a high-ROI marketing strategy without hurting your budget, you can book your free session today.
Curious? Let’s see!
Determine Your Goal and Budget
So, what is a good marketing strategy?
It’s absolutely a strategy aligned with your overall business goals.
For example, suppose your main aim is to generate more sales and reach a particular level of revenue. In that case, you can build a good marketing strategy to attract more website visitors. You also can target increasing conversions by a certain amount.
Undeniably, every business needs a direction, and every marketing campaign badly needs a goal and a budget to get started.
That is the only free marketing strategy template in the world.
You need to list your goals and budget as a first step. If not, it becomes difficult to determine whether or not you can start a campaign or whether or not it will be successful.
Not to forget, marketers who set their goals for their campaigns are 429% more likely to show success, according to CoSchedule.
Because goal-setting eliminates your subjective perceptions about reality, turning success into a measurable objective. That’s how you can translate success into a demonstrable item— not a vague idea.
Unless you already have one, you should start defining your mission statement, which will answer the questions of what your business offers and how your business can achieve these ambitious objectives.
In other words, your statement will describe what you want to attain and how you’re willing to get there.
Although this statement is less measurable from other internal perspectives, it can help you portray a central message for your marketing initiatives.
But how can you determine your goals to create a good marketing strategy?
Well, let’s uncover a few tips that professional marketers always follow when setting marketing campaign goals and budgets:
- Define 1-5 KPIs to monitor: The most common KPIs to measure include direct revenue, traffic and qualified leads.
- Be realistic with your budget: Promotion without planning can break the bank quickly. According to the US Small Business Administration, the ideal marketing budget should be around 7-8% of total revenue.
- Set your goal and forget about it: Once you determine your goal, shift your focus to the process of achieving this goal. Along the way, use your KPIs to measure the activities and continually improve and update what you discover during the process.
Find your Ideal Prospect
No marketing strategy can be launched without clearly defining your target audience. You’ve got to know who you’re trying to reach, how your target customers look, and how to shape your marketing efforts to get their attention.
It doesn’t make any sense to target all people. In contrast, you will waste your budget and time to attract everyone to your offer, and the result will be disappointing.
Instead, you should start narrowing your marketing efforts to a segment of people your product or service will quickly (or at least most likely) attract.
And it’s time for the next step: understanding your target market.
Once you know your optimal customer, you need to stay closer to them (literally or metaphorically). That means you should know their dreams, goals, needs, interests, and concerns.
Once you know these facets, you have great data to create TV ads, blog posts, newspaper ads, and billboard messages using the right language and tone they will instantly understand and get engaged with.
Spot the Problem
Even though it should be part of the first step, we need to make it stand-alone while creating your go-to-market strategy.
Needless to say, every great product should solve a specific problem—not offering a new feature. No, you sell a solution or benefit to your customers. No one cares about how your product is very innovative and well-designed.
The point here is to explain how your product will improve your customers’ lives. For example, Uber ends the cumbersome process of hailing or calling a taxi. Likewise, PayPal circumvents the dilemma of sending money without going anywhere— fund your wallet, press “send”, and that’s it.
Netflix solves the issue of being forced to watch anything uninteresting by allowing you to watch whenever you want and whatever you want. In addition, you have access to the whole universe of movies and series collections.
Each of that products or services has a unique value proposition. In other words, they add value for customers by spotting a real pain point and then giving them the perfect solution.
Content is the KING!
It might seem cheesy. But it still works out!
Content has long been king, and it is no different till this moment.
Even 77% of marketers use content marketing to gain customers’ trust and build brand awareness.
The majority of content marketers depend on educational assets to nurture leads and enhance online appearance, which is essential for inbound marketing.
These educational sources include informational blogs, quizzes, ebooks, or free templates.
Also, well-tailored content can take the form of pillar pages, podcasts, white papers, infographics, and webinars— now, video is the highest trending contempt marketing format.
* Nearly 70% of marketers rank short-form, explainer, and animated videos as top budget spend, according to CMI’s survey, citing the growing engagement outcome making it worth the investment.
In fact, successful content marketing emphasises education over influencing buying behaviour.
Actually, we’re probably preaching to the choir here, but the strategic marketing approach in a traditional way will help you attract and convert viable prospects.
Because these people are already searching for a piece of information online, and when they find you, they will trust you because you invest in educating them.
The challenge here is content relevance which focuses on the pain points and specific needs of your audience, buyer personas, and leads.
You need to follow your buyer’s journey stages to steal the attention of those best aligned with your product or service and most likely to purchase from you.
But why content marketing is effective:
- An extremely cost-effective way to reach your target market. In fact, companies that use content marketing spend 62% less than those that don’t.
- Attracts prospects through the sales funnel.
- Generates 3 times more than traditional outbound marketing but costs 62% less.
- Grows brand visibility, desirability, trust, and credibility.
- Build your reputation as a go-to resource in your field, and drive traffic to your website or blog.
- Aligns relevant content to target markets and key decision-makers.
Before you go, note that content marketing is not inbound marketing. However, content is a significant component of an inbound growth strategy.
In other words, your content should drive action, but it doesn’t require integrating other marketing initiatives and methodologies to draw the customer experience.
You need to come up with a different inbound marketing strategy to strengthen and build business-buyer relationships.
Generally speaking, brands should invest in content that’s relevant and, of course, reflects its value and image.
Design an Integrated Plan
Now that we know how to create engaging content and your ideal customer let’s explore the best approach to design a good marketing strategy.
So, what is the ultimate goal of your marketing campaigns?
To generate leads… to attract your customers’ attention… to drive traffic to your website.
Maybe all of them. But you also need to focus on broadening your brand’s awareness and gaining your target audience’s trust.
To do so, you should use a mix of marketing channels to build a broad customer base. Integrate different media platforms in your media plan, including magazine ads, social media, direct mail, radio, and billboards.
Of course, it depends on your budget and the size of your company. However, as long as you can extend your reach and meet your prospects everywhere, please do.
Execute Your Marketing Analysis
A good marketing strategy lies in good analysis. Before you can start designing your plan, you need to understand the market in which you’re going to operate.
Marketing analytics will help you answer many questions; these answers are central to every step of this process.
Initially, you want to get a feeling for the current conditions and what is happening around you both internally and externally.
In this step, you need to pay attention to your strengths and weaknesses as a business. Then, focus on how the market has been performing recently. Next, look for established and emerging trends, and let yourself explore how you could take advantage of these.
Well, if the new year is here, it’s time to offer something relevant. Of course, some brands don’t look much different in terms of exploiting seasons, but it shouldn’t be your case if you want to hit the market.
Conduct brainstorming sessions with your team based on market research findings.
Meanwhile, highlight and uncover any challenges you and your competitors could face.
Add Personal Touch to Your Marketing Message
In a world of increasing automation, it’s more important than ever to add a personal touch to your marketing message. This approach will humanise your brand. In a sea of faceless companies, adding a personal touch makes your brand more relatable and trustworthy.
Also, it helps you stand out from the competition. With so many companies vying for attention, a personal touch can help you differentiate yourself from the rest.
Focusing on a personal style makes your customers feel valued. When you take the time to change your marketing message making it more intimate, it shows your customers that they’re more than just a number to you.
Digital marketers around the world have used this approach. It’s one of the best marketing trends by digging into analytics and well-understanding demographics, consumer personas, affinity categories, and in-market segments.
However, only a few brands use this personalised messaging strategy.
And we are not talking about simple activities like adding the first name to your email greeting. No… It’s about digging into your prospect’s mind and discovering what they want, fear, and wish —how we can make them feel peaceful.
That’s why marketers should personalise every single message. It will add a competitive edge for your brand and a positive image. Your customers are most likely to deal with your brand as a trusted, elegant, and funny person— or whatever you want to reflect from your marketing activities.
Not just that— actually, the main reason to personalise your marketing message is that your customers should be made to feel special.
Of course, automation helps marketers, offering a way to go and create ads that dynamically and constantly change based on whoever is searching. Many findings show that customers want this type of customisation. But adding your human persona will be life-changing.
How Can Profiletree Help You?
Now, after you know what a marketing strategy boils down to and how you can create a good marketing strategy, there is another challenge.
You have tremendous work to do!
First of all, you need access to explore your ideal customer because the best marketing strategy of all time is about understanding the basics of human behaviour.
After all, if you fail to articulate the psyche of your potential customers, no amount of ad budget can save your business.
Fortunately, we are business saviours.
- Any marketing tactics speak to principles of good relationships and then factor in the high-end technological aids. That’s what we do before executing any marketing plan for your brand.
- Our team understands the difference between B2B and B2C companies. So, no matter who you’re targeting, we will help you to drive business growth and generate leads.
- The distinct commonality between our employees is expertise. We can help you find the best marketing strategies that align with your vision and help you achieve your goals.
- Defining your business model can be time-consuming— sometimes, it can be a little tricky. But together, we will the process quick, simple and informative, so you can skip to the good part and put your product in front of your ideal customers.
- Have more time to focus on growing your company. Even if you have a DIY “do-it-yourself” mentality or even if you can master all areas of your business, it will take your time and energy out. It’s impossible to carry out a modern and good marketing strategy while managing all marketing activities on your own.
Unlock your potential and locate excellent opportunities in the market. Contact us now if only you’re ready to hit the market.