These five steps will help create guidance in building a strong a marketing strategy.
1. Identify your audience. Just like recognizing what products and services you have to offer, establishing your target audience is key before crafting your strategy. Develop a persona of your brand’s ideal customer through interviews or customer data in order to define who you are trying to reach. Consider demographics (e.g. age, gender, income), location, and behavioral data (e.g. people who are frequent customers versus infrequent customers).
2. Choose a mix of advertising channels. After recognizing who you are going to reach, evaluate where they consume media. It’s imperative to avoid assumptions such as “Millennials only interact with digital channels,” and “older consumers rely on traditional media.”
3. Create a plan. Devising your marketing plan can be the hardest task of all. While it’s important to use a mix of options, keep it simple. If you launch your marketing campaign with too many advertising media, it will be difficult to measure what is working (without doing a professional study). Plus you need a sufficient budget for each to get realistic results.
4. Measure preliminary results. Tracking data! Within your data, pinpoint the key performance indicators that will measure successes. KPIs for direct mail include response rate, conversion rate, and lifetime customer value, among others.
5. Optimize your strategy. After thoroughly examining data from your pilot marketing strategy, you are ready to make revisions. Remember that your initial setup is a rough draft. Once you have figures to conclude results, this is the time to shift budget between channels in addition to making tweaks to the campaigns already running.
To read the full article, visit Marketing 101: 5 Steps to Creating a Marketing Strategy that Moves the Needle – An RR Donnelley article