Building a Profitable 2020 Marketing Strategy
Have you looked at a calendar lately? If you have, then you know that this year is quickly coming to an end. You blinked in July and suddenly it’s November. Time is flying by. The days feel long and the months feel short. You’re running out of time. Time to plan. Time to build. Time to strategize. 46% of businesses don’t have a defined marketing strategy for 2020 yet – and it’s the end of November! Why the wait? It’s great to be spontaneous but planning for a business is not the time or the place to test your improv skills. If you’re committed to the wealth and health of your brand – you need to get a marketing strategy together. This will save your business from becoming lost and directionless; like a feather in the wind. Lucky for you, Roger West knows a thing or two about marketing strategies and is gracious enough to let you in on some trade secrets.
Types of Marketing Strategies
Depending on who you ask, there are anywhere from 4 to 123,857 different kinds of marketing strategies. Some will say that a marketing strategy is limited to the “4 Ps of Marketing”: product, price, place, promotion. Others will instead jam pack the marketing strategy definition with every marketing buzzword known to man.
You’ll hear phrases like:
- Close range marketing (CRM)
- Relationship marketing
- Transactional marketing
- Content marketing
- Scarcity marketing
- Email marketing
- Search engine optimization (SEO)
- Social media marketing
There are more, but if you’re forced to read out all the possible “strategies” on the internet, you’ll run out of time and this entire guide will be moot. It’s important to realize that many of the above concepts are actually marketing tactics and not strategies. These tactics can be employed within your marketing strategy – but do little on their own. The truth is, when it comes to marketing strategies, it’s best to keep it simple. Don’t bombard yourself or your marketing team with jargon and buzzwords that do nothing to contribute to your bottom line. Start with a strong digital marketing strategy and fill in the gaps from there. Your digital marketing strategy will identify the actions and tactics that will be used to help your company achieve goals via specific marketing channels (paid, earned, owned).
TL; DR – create a digital marketing strategy that employs several tactics such as SEO, content marketing, and social media.
Comprehensive Digital Marketing Strategy
You need a comprehensive digital marketing strategy to compete in today’s digital age. You need a strategy that will increase sales, generate more leads, and achieve a greater level of exposure for your brand. Sounds like a pretty big commitment, right? It is, but don’t let that give you cold feet. A digital marketing strategy is an investment. The time and effort that you put into a marketing strategy will return back to you two-fold when you can successfully execute. Results-driven marketing is fueled by effective planning and the desire to reach customers regardless of their location.
While every marketing strategy will be different depending on the business or brand; they will all be drafted with the same elements in mind.
Mission Statement –
A mission will briefly touch upon the goals of your marketing plan and strategy. It will provide a high-level description of what needs to change to achieve these goals, how they’ll be reached, and why the methods and mission are important to the overall business. In the Marketing Strategy Template that comes with this guide, you’ll find that space is limited – so keep your answers succinct. Save the waffling for your marketing plan.
The goals of your marketing strategy need to be quantifiable. This means that each milestone set needs to be measurable, trackable, and realistic within the set timeframe of your strategy. Think in terms of numbers and consider things like numbers, conversion rates, engagement rates, followers, etc.
Metrics are what will be used to measure the success of the goals you set. For example, if one of your goals is to increase page views – what will you use to gauge your success? Many businesses rely on unique visits to get an accurate reading on page view success.
Channels and Tools –
The channels that you choose to use in your marketing strategy are the vehicles of your success. Channels and tools are the things that will make your goals achievable. There are dozens to choose from, so this step in marketing strategy development may be the most time consuming. Take some time to consider the channels at your disposal: social media, search, and content marketing opportunities. From there, decide which platforms you want to use. For social media, maybe you want to use Twitter and LinkedIn. For search, maybe you want to put a heavy emphasis on SEO. For content marketing, maybe you want to start a blog and get your website up-to-speed. The world is your oyster! Start with 2-4 platforms for each channel to test out. Test for 6-12 months, and reevaluate at the end to see if you can find more effective strategies.
Buyer Personas –
Here comes the fun part, profiling your potential buyers. This is the courting stage of the buying process, where you need to think critically about who you want to market to. Who are they, what are their goals, what are their priorities? Think first about what value you can offer to your market, then think about what you want from them. Do you want a purchase? A follow? All of the above?
Now that you’ve thought long and hard about your buyers, it’s time to think about your business (again!). What makes your business remarkable? What do you plan on publishing? What keywords are hot for your market or niche? In order to appeal to your buyers, you need to recognize your strengths and toot the heck out of your own horn.
This is it. The last phase of marketing strategy construction. You have all of these great ideas and information on your market – but how and when will you achieve these goals? A marketing strategy is not a delusion of grandeur but a roadmap to success. The timeline is perhaps the most important step of the process for accountability. Set up a timeline and stick to it. Think in the short term and in the long term. For example: In one week maybe you want to set up a new Twitter profile for your brand. This quarter you want 2,500 new followers and a 50% increase in conversions. These are your benchmarks.
Once you get your strategy locked down, you’ll have the best marketing plan in town and you’ll be able to make things happen. If it sounds like a lot, that’s because it is. Marketing isn’t easy (and we’re experts). It’s going to take time, brain power, and a little collaboration. If you’re having trouble digesting all of this information, don’t worry. You can download our 2020 Marketing Strategy Template below and get started.
Once you get that bad boy filled out, call Roger West to talk about more ways to elevate your business and generate more leads in the new year.