1. Strategy and planning are key
Strategy is key. A written Marketing Plan gives you your signposts to succeeding. First and foremost know your target market. If you aren’t sure because in B to C this can change quite quickly; you should check it. This is an easy process and if you are unsure how to approach it, a marketing professional will help. Build your new strategy centred on how to reach your target market into a 24 month Marketing Plan to be reviewed every 6 months. Plan your spend accordingly making sure that the budget lasts for the period of the plan because there is nothing more damaging to sales than suspending marketing effort if the budget runs out.
2. Your marketing spend must be effective
Put more budget behind the successful marketing channels and axe those that are dragging down your ROI. Put the surplus budget behind testing untried, but relevant marketing methods then test, evaluate, fine tune and repeat. A strategy for testing new methods of marketing your goods or services will open up new markets, improve your ROI and give you an edge over the competition.
3. Monitor what works for you
Every promotion that you carry out should be monitored for ROI (return on investment). This is easily achieved by ensuring that a unique response mechanism, call to action or promotional code is carried on everything you do. The use of QR codes is increasing so making sure that your QR (quick response) code takes customers to a promotional landing page on your website that records their details.
4. Stir up the Marketing Mix
Leave that comfort zone! Test relevant marketing channels that you have always considered but never taken the plunge! Try different offers, See what works. Evaluate the results, fine tune the targeting based upon the results then repeat. Your ROI will continue to improve and you will get to know your customer even better with every test that you carry out.
5. Your budget working smarter not harder
As soon as you really ‘know’ your customer well you will know how to develop customer relationships and which marketing channel is best to reach them. Testing should never stop and a proportion of your budget should always be set aside for this. Cutting out advertising and marketing that doesn’t work properly for you will free up a marketing spend that could prove far more effective so be brave – don’t put it off any longer!
6. Marketing budget
Marketing is easy to cut back on when finances are tight. Our advice is to always try to ring fence some budget for marketing purposes. It is those companies that maintain their profile during difficult times that will come back stronger when the good times return.
7. Keep up to date
Marketing trends change so quickly that you should throw that old marketing guide away. It will be out of date before it is printed.
8. Test, analyse, fine tune, repeat
The pace of marketing change may be quick but it’s important not to get carried away with the latest trend. Don’t forget the test, analyse, fine tune and repeat advice with any media channel that might be new to you.
9. Use the marketing mix
Direct mail, door to door, posters, press – these are all media channels that have stood the test of time and are still producing strong results today. These should not be ignored totally in favour of a new methodology; it’s getting the marketing mix right that is key and there are numerous examples of new channels working well with established ones.
10. ROI, ROI, ROI
No it’s not a new football chant! But it could be a mantra for every businessman and woman whenever a promotion takes place. An ‘OK’ return on investment is not good enough, your promotions should be stepping stones to a successful financial year and careful planning will guarantee this.
If you like the 10 tips but need advice on approach or don’t have time, please email me: email@example.com I would be pleased to help.