- Conducting a Situation Analysis
Before creating a marketing strategy, you need to understand the current situation of your business. A SWOT analysis (Strengths, Weakness, Opportunities, Threats) will reveal exactly what your business is facing. Additionally, you need to have an understanding of the current financial market and where your company fits amongst the competition.
- Defining Target Audience
Defining your target audience will help you to establish who you are trying to reach, why you are trying to reach them, and the methods you are using to reach them. Identifying your target audience will help you to create tailored marketing campaigns and content specifically catered to the interests and pain points of your audience. To take this a step further, create buying personas to get a better picture of who your audience is and what they are interested in.
- Identify Goals
Your strategy acts as a sort of roadmap for a specific time for your business. Use the acronym SMART to define goals that your company accomplish throughout the year.
- Specific goals pinpoint a precise marketing approach.
- Measurable goals are meant to show progress, like social media activity or engagement.
- Attainable goals are realistic expectations for your company to accomplish.
- Relevant goals are timely and used to drive engagement with your audience.
- Time-bound goals are time-sensitive goals that your company needs to set to identify priorities.
- Analyze Tactics
Analyzing your marketing tactics might be the most crucial step to creating a marketing strategy because these are action items that your business is going to commit to going forward. After setting your goals, you need to decide what tactics your team is going to use to accomplish these goals. Look at marketing efforts from the past to identify which tactics worked as opposed to the tactics that didn’t.
- Set Budget
Without a marketing budget, you won’t be able to accomplish anything. Marketing is an investment, and it’s essential to set a realistic budget to support the marketing efforts that your team is proposing. It’s important to establish financial budgets and time budgets to expect how much work and money each project is going to cost.
How Marketing Eye Can Help
Many small to medium-sized businesses aren’t equipped with the right workforce and resources to create a truly comprehensive marketing strategy that will address all the needs of your business. That’s where Marketing Eye comes in. Marketing Eye is a consultative marketing agency that specializes in supporting the marketing activities of small to medium-sized companies. When you partner with Marketing Eye, our team comes alongside your business to develop a marketing strategy that meets your specific and dynamic needs. Contact Marketing Eye today to learn how we can help you.