Marketing can be time consuming and expensive. Done right, this time and money becomes a very lucrative investment. Done wrong, it will all go to waste. So how do you make sure that you’re doing it right? You need to have a quality marketing strategy. As you put your plan together, consider these three key components.
Who Your Target Market Is
Who is your target market? If your answer is “everyone,” then you need to go back to the drawing board. Of course, it would be nice to have everyone in the world as your customer, but you need to be more specific. Take Nike for example. Nike is a clothing company, and while everyone can use their products, Nike’s target market is athletes. Nike has been successful because they base their marketing and products on features that appeal to athletes.
You can get to know your target market by analyzing the demographics that use your products. Ask yourself questions like, “What age are my customers?”, “Where do they live?”, and “What common traits do they have?” If your target audience consists of adults, then the internet is a great place to target them, since 90 percent of adults are internet users.
Your Budget
As mentioned previously, smart marketing is an investment. An important part of smart marketing is your budget. You need to set yourself a marketing budget and stick to it. If you spend too much on marketing, it may be difficult to recoup your costs. If you don’t spend enough on marketing, then you might not reach enough people to have an impact. Smart market budgeting is about getting the most interactions with potential clients per dollar spent. This is why you want to know your target market. By knowing your target market, you can invest in advertisements that will be seen by people that are likely to buy your products.
Your Goals
You need to know what it is that you are trying to do with your marketing strategy. The ultimate goal is to increase sales, but how are you going to do that? Are you going to work on your customer retention? Or are you going to work on your customer acquisition? Do you want to promote your brand or a specific product? The answers to these questions should have a major impact on how you market yourself.
Successful businesses depend on successful marketing. Make sure that you make your marketing strategy a priority. You need to be regularly studying your industry and looking for ways that you can do better. If you do these things, you will have a much more successful marketing campaign.
If you’re struggling with formulating your marketing campaign, don’t worry! We can help you make one. Contact us to schedule a free digital marketing audit!