5 Steps To A Failsafe Marketing Strategy
Image Credit: Unsplash
Regardless of the size of your business or the sector it operates in, marketing will play an integral role in its success. You simply can’t expect your business to achieve consistent high turnover or ever-expanding reach if you don’t put the work into spreading the word and attracting new customers.
That’s why a marketing strategy is so important. It gives you the building blocks you need to drive interest and generate sales. So, you should set aside the time to put one together. The following five steps can help you do so, giving you all the insights you need to create a failsafe strategy.
1. Create a plan
First and foremost, you can’t expect your marketing strategy to be successful if you don’t base it on a plan. When you create a plan, you set yourself benchmarks in the form of KPIs and these help you to measure your success and make adjustments to your strategy, keeping you on track every step of the way.
Furthermore, a plan is important because it gives you the chance to create a timeline and set a budget. Both will be necessary for deciding what you’ll need to do and what resources you’ll require at different stages of your strategy.
2. Choose your channels
There are so many different channels available to you and, on the surface, it can seem like a good idea to set yourself up on them all. However, deciding to establish a presence on Instagram, YouTube, Twitter, Amazon, email and more all at once will spread you far too thin.
Instead, you should do some research and find the one or two channels where your target market is most active. Then, set up business accounts there and focus on making them the best possible representations of your brand. Do so by keeping your brand image and voice consistent, engaging with customers, and building up a loyal following. To direct your target audience to your website along side the creation of social channels, you should consider link building. Niche Inbound are specialists in many niches so don't be afraid to reach out to them.
3. Know your customer
Did you know that 80% of shoppers are more inclined to buy from brands that offer them a tailored experience? In this world of information and choice overload, being able to promise something relevant to your customers from start to finish has enormous power.
Learn everything there is to know about your audience, from their age and gender to occupation and out-of-work hobbies. You can do so through social media, surveys, and tracking on-site consumer behaviour. Then, deliver your products, offers, and messaging in a way that’s sure to attract their attention.
4. Understand your competition
Wouldn’t life be so much simpler if your business was only about you and your customer? In reality, though, your competitors play a key role, too. As such, you have to work out ways to set yourself apart from the competition and attract consumers that may otherwise have gone with a different brand.
The best way to ensure you stay a cut above the rest is to do competitor research. Find out what best practice is for your industry and take note of what your main competition does and does not offer, and aim to do so without spending too much money. This is valuable information that you can use to your advantage.
5. Set up a safety net
It may sound defeatist, but the phrase “hope for the best but expect the worst” is applicable here. You see, in business, there’s an awful lot that you just can’t predict. By not preparing yourself for any worst-case scenarios, you set your budding business up for a fall.
You never know when your marketing endeavours might take a turn for the worst and become a drain on your resources, even with meticulous planning. In the unlikely event that does happen, know that you’re ready for it. Get good insurance policies put in place and consider contacting an organisation that specialises in voluntary administration to establish an exit plan early on.
Every business needs a marketing strategy to not only survive but thrive. With a good strategy, you’ll always know the next steps you need to take and be able to adjust your plan as you go to suit both your customers and your own long-term goals. However, if things don’t quite work out the way you’d hoped, having a strong backup plan in place can help to protect you from failure.