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6 Key Ingredients for a Successful Marketing Plan

July 30, 2019
6 Key Ingredients for a Successful Marketing Plan

You already know you need a marketing strategy—or, at least an updated one. So, we won't waste your time convincing you why you need one. 

If you're on the fence however, click here, read the page, then come back and read this post.

Let's dive in.

When considering marketing strategy solutions, you may be asking yourself questions such as:

  • How do I know I’m making the right decisions?
  • How will I know this will work?
  • Is paying for a marketing strategy even worth it?

1. Start With the Numbers

The purpose of a marketing strategy is to help grow your business—plain and simple. 

But first, let's take a step backwards.

What is the end goal? (Seriously, answer this question…what's the goal?) 

Is it to:

  • Generate more revenue—how much?
  • Open new locations—how many, and what cities?
  • Start offering new products / services—what are they?

Run the numbers and decide what they are and determine your time frame.

Depending on the marketing tactic, conversion rates can, on average, range anywhere from 1% to 5%. Let’s do some simple math—say you're looking to bring on 100 new customers over the next 12 month period. We’ll also say that your conversion rate is averaging 3% for all 12 months. This would mean that you need to be seen by over 3,300 unique people to reach that goal. And remember, it’s an average of 7 times that someone needs to see your marketing messages before they contact you—so you should really be looking at it as your message being viewed approximately 23,000 times to get those 100 customers.

Next, do the math against your revenue goal. 

What are those 100 customers worth to you, and is that enough to reach your goals?

Here’s an example:

If your revenue goal is $1 Million, those 100 customers need to be worth $10,000 each over the span of a year.

Now, increase the number of customers to 500. Now you’re looking at each spending $2,000 with you, but your marketing now needs to reach almost 17,000 people with over 115,000 views.

Make sure your numbers make sense and that your marketing investment matches.

If anything at all is done in strategy, it's this. It's far too common that businesses jump into marketing and do not take realistic goals into consideration.

2. Know Your Business

We're not joking—how well do you know your business?

And not just you, but your employees, too.

It's important for teams to be rowing in the same direction.

Make sure that your products and services are well defined and that everyone is on the same page. Before you go to market with anything, know what you're selling, why you’re selling it, how it's going to be delivered, and that customers will actually benefit from it.

The next step is just that, know your customers.

3. Know Your Customers

Successful marketing lies within knowing your target market. Their problems, fears, urgencies, tendencies, and behaviors. 

Why is your solution something that they can't live without, and why should they choose you? 

Knowing the answers to these questions:

  • Gives your insight into marketing messaging
  • Boosts staff confidence
  • Increases conversion rates
  • Increases sales
  • Increases customer retention

Click here for a simple Persona checklist to get you started on this step.

4. Pay Attention to Your Competition 

You can’t compete without first reviewing what you’re up against. Research what your competition is doing and figure out what you could do better as well as what they aren't doing that you could take advantage of.

Uncover which tactics they're using, such as :

  • Online ads
  • Social media
  • Content marketing
  • Email marketing
  • Video marketing
  • Print marketing
  • Events
  • Podcasts
  • Webinars

Take a look at the language, keywords, and messaging they're using successfully to bring in customers.

Don’t copy what others are doing—but use it as an opportunity to see what's out there and gather inspiration for your marketing efforts.

After all, even though they may be offering the same products or services as you, you're still different companies with different goals, values, missions, and people.

5. Do the SEO Keyword Research

Or have it done for you.

If research shows that there aren’t any searches online for your offering, there are a couple of possible scenarios:

  • They’re using a different keyword (This is the best case - shift your messaging to match the language your target market is using. You may need to do some customer development and market research.)
  • They aren’t looking online (Not common these days, but possible. Look for alternative marketing avenues.)
  • There’s not a market (This is the worst case - you may have an offering that is not meeting the needs of your market and will have a hard time selling it.)

You've heard it before....

“If you build it they will come…”

But the world of marketing has no mercy. It’s undeniably crowded. In fact, it’s estimated that Americans see between 4,000 and 10,000 marketing messages per day.

Unless you have a revolutionary product or service, there are other companies out there doing what you do, but maybe just slightly different.

So give your desired target market a reason to work with you. To keep your business at top of mind, your messaging should: 

Do the research first,use their language, and they will come.

No gimmicks, no tricks. Just people helping others with what they're best at.

Trust us, we’re marketers over here at Friday Marketing and we're not about to open up a gym, install solar, or practice law. We’ll leave that to the experts...that’s you!

6. Get the Marketing Strategy Plan

You’ve done the research and gathered the data, now it's ready, set, go...right?

Not so fast...plan, plan, plan.

Set your goals, map priorities from your findings, create a realistic budget, milestones to check in along the way, and a schedule to keep everyone on track. 

Creating a marketing plan gives a method to the madness and allows you to set yourself up for success. 

Help! I can’t do this!

Did reading this article inspire you but also make your palms sweat?

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