Designing an Effective Marketing Strategy for the New Financial Year
What is a marketing strategy?
A marketing strategy is a map that a business charts out to reach potential leads who may convert into customers. It aims at understanding its customers to ensure the firm’s products or services are appropriate and can sell effortlessly. This strategy involves client motivation, competitor awareness, and market analysis throughout the year.
Types of marketing strategies
Marketing strategies help you reach different groups of customers wherever they hang out. You should be able to assess whether the strategies you employ bring favorable results to your organization.
Digital Marketing Strategy: involves a range of techniques across digital channels to attract leads to your organization. Some of these techniques are Search Engine Optimization (SEO), webinar production, email marketing, and e-books. This is a cheaper way of marketing compared to traditional marketing. It has a global reach and you can personalize it.
Inbound Marketing Strategy: is associated with pulling customers or enabling them to recognize your brand. This could be through SEO, blogs, and events. You may still need further information on “What is inbound marketing?”
According to Hubspot, the inbound strategy concentrates on writing top-rated content in the form of blogs, ads, and videos, among others. The irresistible content draws people to what your business offers. This pull is natural enough to attract the right leads that can convert into customers.
Content marketing strategy: Is the use of quality content that attracts and appeals to readers who may later become valuable leads or customers. It is part of digital marketing including blog posts and videos.
When you optimize your content appropriately for search engines, it will rank high on the Search Engine Results Pages (SERPs) making your site visible. Readers can easily find a visible site, which increases traffic.
As per Content Marketing Institute (CMI), 93% of marketing executives in the B2B space utilize this strategy. It also states that 72% of those in marketing agree that the content strategy increases leads and engagement.
Social media marketing strategy: It involves making your presence known by posting relevant and engaging messages on different social platforms. You need to be very specific and check on your progress by looking at the analytics. McKinsey’s survey of companies showed that 39% used the social media strategy to get to their customers.
Determine which social media channels to use, as it requires lots of effort to use all of them simultaneously. Some social media techniques you can apply include using chatbots, quality and consistent posts, funny videos, and ‘live’ stories.
Paid-Ad Strategy: it refers to all forms of online advertising that work towards increasing traffic to your website and the visibility of your brand. You don’t have to use all but can narrow down to what will have the most impact. Examples include Pay-Per-Click (PPC), text link adverts, popup ads, floating ads, and banner ads.
Why are marketing strategies important?
§ Documenting your strategies helps you focus on achieving your objectives. CoSchedule’s research confirms that 313% of marketing executives who lay out strategies achieve effective outcomes.
§ The strategies influence how you set prices with your target customers in mind. If you are aiming for high-end clients, adjust prices to project a high-end value. For bargain customers, reduce attractive features on your products to set your price below that of the competition.
§ Marketing strategies ensure the efficient running of your organization with seamless departmental co-ordination.
§ A marketing strategy acts as a framework for identifying growth opportunities for your organization.
How to create a digital marketing strategy
Digital marketing has come of age and is necessary for any business to establish itself online. Plan your strategy with the aid of a marketing strategy template. Here are steps to follow:
1. Be clear on your goals for this marketing strategy. Is it to achieve greater sales, make your brand more visible, or increase email subscribers?
2. Recognize the importance of the digital form of the sales funnel. It consists of discovery, research, purchase, and loyalty.
3. Generate buyer personas that represent the specific type of customer you are targeting. Conducting research will help you develop a distinct one, based on demographics and motivations.
4. Establish the best places to find your primary audience. This will help you settle on the type of marketing strategy to use.
5. Decide on a budget.
6. Use set guidelines to achieve your objectives.
7. Automate the marketing process.
8. Track the outcomes of this strategy.
Do not procrastinate in creating your marketing strategies. This is the best time to do so in readiness for the new financial year. Implementing them properly will boost sales and revenues in your organization. It will lead to a marked growth in your business and it will open up new opportunities.