Good marketers are strategic, creative, goal-oriented, and decisive. They plan ahead but think on their feet and can adapt quickly. They listen to others and do plenty of research but can distill all that information into what really matters. In a saturated marketplace, good marketers keep their eye on the prize! All good marketers understand the importance of a solid marketing strategy. It keeps everyone focused, aligned on goals and objectives, and accountable. When developing a solid marketing strategy, it’s essential to understand a brand’s target audiences and their needs, motivators, and buying triggers. A successful marketing strategy isn’t stagnant. It’s the floorplan for success, but campaign by campaign, you build on your initial approach, learning and improving as you go!
The expert team at DAE & Company has developed, implemented, and improved on countless marketing strategies over the years. Today, we’ll go over five of our most valuable tips for strengthening your marketing strategy to help you generate better results for your business!
1. Know What’s Working – And What’s Not
Understanding how to identify what elements of your marketing strategy are working is imperative. Do not overlook the impotence of taking time to set up proper tracking for your marketing campaigns before they launch. If you are struggling to set up tracking or have difficulty understanding the data, seek assistance from a professional marketing agency.
When you crafted your initial marketing strategy, you decided what you wanted to say and why. After executing your marketing strategy for a while now, take a step back and evaluate it. Is your messaging setting your brand apart? Is your marketing personalized to your target audiences? Are you seeing a positive return from your efforts?
Maybe you need some brand development help to carve out a space for yourself in the market, or perhaps you just need better content and creatives that truly reflect your brand’s mission and unique selling proposition. Either way, if something isn’t working, don’t continue to do it.
2. Check In On Your Consumer Insights
The world is changing fast, and consumers expect and need more from brands. The audience research you did last year or even six months ago may not hold up today. Check your work and ensure that the data you built your marketing strategy around remains true. Are travelers traveling the way you expected this year? Are shoppers living up to the trend expectations? What are consumers looking for from your brand today?
The COVID-19 pandemic ushered in an era of change. Throughout the pandemic, we all had to find new ways to do things, from shopping to connecting with friends and family to participating in events. Savvy businesses recognized how their audiences’ worlds were changing and altered their business models and marketing strategies to follow suit. As the world evolved and audience needs and preferences shifted yet again, brands had to keep up. Businesses that didn’t market to their audiences in real-time, with appropriate, up-to-date marketing messages, saw negative backlash and a disconnect with even the most loyal customers.
Take a hard look at your marketing strategy. Are you providing the right messages and marketing campaigns throughout the buying journey? Work your way through the conversion funnel with your refreshed understanding of your target audiences. Does every piece of your marketing strategy align with their wants, needs, and expectations?
3. Experiment With New Marketing Tactics
The marketing landscape is changing faster than ever before. Your marketing strategy must be open to new channels, tactics, and trends. If a campaign is driving incredible results, allocate more budget to it. But don’t ignore new and innovative marketing techniques that you may not have considered when you originally designed your marketing strategy! If a new social media channel takes off and becomes popular among your target market, don’t wait to jump on board just because it wasn’t part of your initial plan. If a new ad format or search trend could drive impactful results, ensure you’re flexible enough to experiment with them!
It can be hard to keep up with all the changes and innovations in marketing, so keep up with the industry and the opportunities available. A solid marketing partner solely focused on your marketing success can be a tremendous asset in ensuring you don’t miss out on any chances to improve!
4. Consider The Lifetime Value Of A Customer
The lifetime value of a customer is the amount of money that a customer will spend with your business throughout their relationship with your business. Understanding the lifetime value of a customer can give you knowledge on how much you’ll be paying to acquire a new customer versus how much revenue your brand can expect from them over time. You can analyze the lifetime value of your customers by calculating how much an average customer spends per transaction, how frequently they purchase from you, and how long they continue to buy from you. This metric can help you understand how much you should invest in acquiring new customers.
5. Continue To Be Accountable
To achieve success as a business, you need to have a marketing strategy that will hold you accountable for what you’ve been able to accomplish and what you have struggled to achieve. As a team, focus on what you’ve been able to do correctly and what needs work to find success in the future. Review your benchmarks and decide what needs to change to help you hit your goals. Don’t wait too long to pivot strategies if you’re missing the mark. Keep everyone on the team updated with your progress, successes, and next steps so that they are as invested in your success as you are!
There’s no wrong time to review your marketing strategy! If you’re struggling to create or execute a strategic marketing plan, contact DAE & Company! We’re happy to help you strengthen your existing marketing strategy or help you to create a new one! We have the experience and passion for marketing to help your brand move forward effectively and efficiently, and we’ll have some fun while we do it!