Proper Planning Prevents Poor Performance
Marketing Strategy – Step 1. SWOT Analysis
These are the factors within your organization that help create success. To determine strengths, ask yourself what your company does well and how those abilities will enhance your potential business.
It’s great to be enthusiastic about your business idea, but you also have to be realistic. Examine the prospective business closely for internal weak points and consider how to eliminate or minimize them.
Opportunities are external positive factors that can affect your business. For example, they can include weak competition in your niche, growth in your particular market that increases demand, and technological changes that make it cheaper or easier to deliver your product or service.
Threats are external negative factors that can undermine your potential business. For example, a home renovation business can rise or fall based on the overall strength of the local real estate market or an economic downturn.
” A SWOT analysis is essential to you digital strategy marketing plan.”
Marketing Strategy – Step 2. SMART Business Goals
Your Digital Marketing S.M.A.R.T.?
What exactly do you want to achieve?
How will you know when you’ve achieved it?
Is it something you can realistically achieve?
Why is this applicable to your business?
When do you want to achieve your goal?
Digital marketing goals should be specific, detailed and clearly defined. If you want to increase sales or website traffic with digital marketing, define the goals with specific numbers.
Marketing goals must be easy to measure using quantifiable data. Examples of measurable goals include generating 20 new email newsletter signups or 30 new contact form leads per month.
There is nothing wrong with being optimistic about your digital marketing campaigns, but you should create goals that are realistically achievable. You can’t expect to grow your small business into a Fortune 500 company overnight.
Every business has specific and unique needs. It’s important that your digital marketing goals are relevant to your business’ needs. A real estate agency, for example, may seek additional leads from prospective home buyers, and an e-commerce business that sells dresses would want to target women.
Finally, your digital marketing objectives should be time-based. Attracting 30 new customers, for instance, doesn’t specify a time. It takes time to achieve a goal. And without a time frame, this isn’t an effective way to measure success.
” Creating SMART goals will help to make your digital strategy a success.”
Marketing Strategy – Step 3. Market Segmentation
Target Audience User Profile
• Rural, suburban and urban areas
• Language spoken
• Pain points
• Social & cultural norms
• Purchasing styles
• Social media use
• Mobile phone use
• Media consumption
Market segmentation is the art and science of arranging a company’s target market into segmented groups by geographic, demographic, psychographic and behavior.
Geographic segmentation creates different target customer groups based on geographical elements like city, region, communities, countries and more.
Demographic segmentation sorts a market by demographic elements such as age, gender, race, education, income, occupation and more.
Psychographic segmentation explores the psychological aspects of consumer behavior by dividing markets according to budget, values, beliefs, pain points and more.
Behavioral segmentation divides markets by behavior and decision-making patterns including hobbies, habits, purchasing styles, social media use, media consumption and more.
“Marketing segmentation increases efficiency rather than targeting consumers on an individual basis.”
Marketing Strategy – Step 4. Buyer Personas
Build Buyer Personas Based on Research
Make a list of problems you want to solve for buyers.
Determine your buyer’s motivation is to buy now.
Identify the key benefit that you provide to the buyer.
Answer common FAQs a buyer asks before buying.
A buyer persona is a representation of your targeted customer base. Creating buyer personas requires research and documenting your ideal customer’s background, problems and goals. It’s imperative to define how a customer benefits and how you overcome their objections.
Creating buyer personas allows you to get to know your customers better. It helps produce the appropriate messaging that resonates and converts visitors into customers.