WHAT’S THE VALUE OF A CLEARLY DEFINED BUSINESS / MARKETING STRATEGY?
As Lewis Carol once wrote “if you don’t know where you are going, any road will get you there”. The same can be said of a non-existent or ill-defined business / marketing strategy. Consider your marketing strategy to be well-defined driving directions for your brand.
Start with a thorough situation analysis. This examines your competitive environment and identifies your own company’s strengths and weakness. In the process, you can clearly define your business targets and what they need or want. (And how you measure up.)
Your value proposition defines what’s interesting about your offering. How compelling are your benefits / promise? Or do you merely have some simple product or service features?
Once you understand your competitive promise, you can provide great content that gives people a reason to believe.
It’s also surprising how easy it is to overlook a clear call-to-action and the metrics that measure your marketing success.
HOW TO TURN MARKETING FROM AN EXPENSE TO AN INVESTMENT
It’s all about attribution, measurement, metrics and data. In the digital marketing era, what matters is learning what works, then applying that knowledge to build your business.
It’s vital to measure audience delivery and engagement. Consider all your touchpoints: websites, social media marketing venues, dynamic content engagement, outbound e-mails, thought leadership and PR.
By clearly identifying which channels are delivering audiences, you can focus on producing the desired business outcomes (leads, sales, customer acquisitions, repeat purchases and referrals). Through smart attribution, you can see how KPIs (key performance indicators) turn into business opportunities.
KPIs can track metrics like cost-per-lead, cost-per-customer acquisition or even help determine the estimated lifetime economic value of a newly acquired customers. Then various marketing channels can be compared – based on these KPI metrics.
MAKE MARKETING AS AN ENTERPRISE-LEVEL GROWTH DRIVER
Marketing planned and deployed at a strategic level, focused on customer-centric engagement, can help drive long-term profitable growth for a business – large or small.
Smart strategies crystallize how the marketing spend can be “optimized”. This approach will produce the most cost-efficient business results. Marketing ROI / return-on-investment measurements can be made as well. Cha-ching.
Marketing can now be viewed as an investment that pays returns, even by the most sceptical CEO or CFO.
Smart, transformational – and more relevant – customer experiences will help your drive sales and profits. In turn, this helps drive equity valuations and shareholder satisfaction. In turn, market confidence can provide working capital for business expansion. What’s not to like about this approach to marketing?