Download Your FREE Marketing Strategy Workbook!
The New Year is on our doorstep, so it's the perfect time to refresh your marketing strategy.
To help you get started, we've put together our top tips and a FREE WORKBOOK that will help your business make waves in 2024!
DIVE INTO OUR FREE MARKETING STRATEGY WORKBOOK NOW!
Step One
Reflect
Let's take a trip down memory lane. What worked in 2023 and what didn't quite hit the mark? Dive into your insights and learn from both your successes and challenges.
Look at who you're reaching, check out your engagement rates, and track where people are finding your website.
Which pieces of content are connecting, and what kind of feedback have you received from your audience?
Evaluate your business or a specific product or service by creating a SWOT analysis to establish your Strengths, Weaknesses, Opportunities and Threats.
Reflecting on the past is the first step towards a brighter future.
Step Two
Know Your Audience
Understanding your audience is the key to crafting the perfect marketing strategy.
Have they evolved over the years?
Create a buyer persona by diving into your target audience's demographics, interests, and pain points. Get to know their likes, dislikes, favourite brands, hobbies, and how they prefer to consume content.
The better you know your audience, the more effective your marketing will be.
Step Three
Competitor Analysis
Every business can benefit from a regular competitor analysis. By performing a competitor analysis, you'll be able to:
Identify gaps in the market.
Develop new products and services.
Uncover market trends.
Market and sell more effectively.
To undertake an effective competitive analysis:
Establish who your competitors are.
Determine the products or services they offer.
Research their pricing and sales tactics.
Analyse their marketing and advertising.
Look at their social media presence.
What’s their market share?
Step Four
Set Clear Goals
Now that you've reviewed 2023, it's time to set your sights on 2024. The key is to define SMART goals—Specific, Measurable, Achievable, Relevant, and Time-bound.
Think about what you want to achieve and how you'll get there. Here are some examples to spark your imagination:
Increase Brand Awareness:
Increase website traffic by X% over the next six months.
Boost search engine visibility by ranking on the first page for specific keywords by XX/XX/2024.
Drive Sales and Revenue:
Achieve X% growth in sales revenue over the next year.
Launch a new product or service and reach $X in sales within the first quarter.
Social Media Goals:
Increase the number of posts or updates to X per week.
Launch a social media advertising campaigns with the goal of reaching X link clicks.
Email Marketing Goals:
Increase email subscribers by X% over the next quarter.
Generate X% more sales revenue through weekly email marketing campaigns.
Step Five
Strategies
In this step, we'll journey through the key pillars that lay the groundwork for your business success. In this step we will be dissecting the 6 P’s of your marketing strategy:
Product/Service - Outline the features and identify the value it offers your target audience.
Price - What’s your pricing model? How do your prices compare to your competitors? How is your price justified by the value you offer?
Promotion - List the channels you’ll use to reach your target audience. For example, Website, Google, Facebook, Email, Television etc. Then, develop a content calendar that outlines what types of content you'll create and when you'll publish it to these channels.
People - Identify any key team members and their roles and responsibilities. Plan any necessary training and development to ensure your team is equipped to execute the strategy.
Processes - Establish the timeline for executing the deliverables by highlighting your short-term (6 months), mid-term (6-12 months) and long-term (12 months +) goals. Consider the activation process and determine how you will gather feedback and make optimisations.
Place (Distribution) - How will your products or services be delivered? Explain the sales approach and how you will maintain relationships with customers to generate loyalty and advocacy.
Step Six
Technology
Invest in marketing technology tools that can help you optimise your campaigns, improve effectiveness and track performance. These tools can provide valuable insights so you can make data-driven decisions and maximize your budget efficiency.
For example, consider email marketing platforms, social media management apps and video editing technology.
Step Seven
Budget
Research the costs associated with each chosen marketing tactic and channel. This includes advertising, content creation, design, and any other expenses specific to the chosen tactic and channel.
Allocate your budget based on the importance and potential return on investment (ROI) of each marketing channel. Consider the 70-20-10 rule, where 70% of the budget goes to proven channels, 20% to experimental channels, and 10% to new methods.
Step Eight
Review + Adjust
Define your metrics to measure success by setting your KPIs and regularly monitor the performance of your marketing campaigns. Analyse KPIs such as conversion rates, click-through rates, and return on investment. Adjust your budget allocation based on the performance of each channel.
Finally, be prepared to adjust your plan as the year progresses. Market conditions and consumer behaviours can change, so stay flexible.
We hope you find value in the tips shared here, and utilise the complimentary workbook to embark on your journey towards a prosperous new year!
Ready to make a splash in 2024?
DOWNLOAD OUR FREE MARKETING STRATEGY WORKBOOK NOW!