2019 is going to end soon and it’s time to plan your marketing strategy for the upcoming year. The current challenges in the highly competitive market make it necessary for business organizations to have a lead-gen mindset with the use of a full-funnel demand-generation strategy. Focusing on quality over quantity, and adding value to services and products are the key points to remember while planning a marketing strategy.
A proactive ethos is the need of the hour instead of a reactive approach to ensure customer satisfaction by fulfilling their requirements. A synchronized marketing strategy has to be formed accordingly for devoting time and energy to achieve the desired outcomes.
Keys to developing an excellent marketing strategy
The marketing strategies for 2020 can be effectively designed by brushing past trends and campaigns of the last year. This lets an organization prepare for the upcoming challenges that the brand is going to face. There are four main questions which have to be considered in order to formulate an effective marketing strategy in any segment. These are explained in the following section:
What are the short term and long term goals of the organization?
The investment that organizations need to make in their brands must be thoughtful in order to ensure that customers find it useful. If they are able to attract customers and win their trust, then the brand would definitely flourish in the competitive market. It is crucial because the audience is quite speculative and does not easily trust a brand.
Planning out effective campaigns to win the customer’s confidence must be the primary goal of any brand. It can be done in various ways such as organizing campaigns for sponsored content, influencer marketing, content marketing, etc. It has been seen that an amalgamation of personalized marketing and genuine content, when kept up with the latest technologies and innovations, can do wonders for a brand. It involves techniques such as the use of voice search, experience marketing, influencers, chatbots, hyper-targeting, ephemeral marketing, and many more.
The businesses have to identify the products or services which are gaining popularity and are the top allurements of the consumers. This identification will define the long term goals of the marketing campaigns by keeping the marketers updated about the latest trends. Thus, they will follow a multi-year strategic way of introducing new products as well as services, acquiring new customers by entering the new market segments. Such an approach will gradually enhance the existing customer base and strengthen the business.
What should be the percentage increase in the marketing budget?
It is not an easy task to allocate a budget for marketing, especially when there are numerous channels to tap into as well as various types of outputs that can be produced. A simple rule which marketers can implement is to allocate enough budget that covers the better ROI producing efforts. Besides this, for experimentation also, sufficient budget allocation has to be done.
What are the resources that have to be used by the brands?
For optimization of the efforts, as well as, for hyper-targeting, use of the tracking tools and analytical tools are quite essential. In-house production teams play a vital role in curating content that forms an important aspect of marketing strategies.
If we consider an example of content optimization through the use of SERP SEO, it can be said that the brands which can figure this out will have a competitive advantage over their counterparts. With all the suitable tools and resources, brands can efficiently establish their relevance as well as credibility. Thus, catering to the requirements of their customers becomes easier for them, which makes them stand out among their competitors.
How to overcome the challenge of influencing certain key audiences?
Marketers use numerous channels and platforms to reach their target audience. But just reaching them is not enough as they have to be convinced about the brand. Additionally, long term relationships have to be built with them. This can be done by meeting the expectations of the individuals who influence decision making.
There may be certain consumers who struggle to find the right products or services for themselves. Because of insufficient information, these customers fail to opt for some particular brand that is capable of fulfilling all their needs. Marketing campaigns must strive to reach such audiences, successfully add them to their list of loyal customers and instill confidence about the brand in them by identifying their obstacles.
Among all the things that we have explained above, good storytelling is the soul of a marketing campaign that bears the potential to make it successful. It doesn’t matter how many resources are allocated to marketing or how well innovations are used, lack of efficient storytelling could potentially ruin all efforts.