Things to Consider When Coming Up with Marketing Strategies
Whether you’re planning to market solely online or use a combination of digital and traditional marketing tactics, if you want to effectively build your brand, reach your audience, and get a good response, there are a few things you’ll need to consider besides what type of marketing you plan to do. For example, your budget can affect where and how you advertise. If you decide to move ahead with an idea before thinking about all of the different aspects of it, you could end up spending more than you make with that particular campaign and could end up costing yourself a lot of money. While it’s a good idea to brainstorm as many ideas as possible, below are a few of the things you’ll want to consider before moving ahead with any given marketing strategies.
Your industry can greatly affect the type of marketing and advertising you do. For example, if you supply manufacturers with sheet metal, you obviously don’t want to be wasting your time and money advertising on Pinterest. However, if you work in the fashion industry, spending a lot of time and money on Instagram is a good idea.
While those examples are pretty obvious, you want to take your industry into consideration carefully. Think about whether those who purchase from you are spending time on certain platforms or influenced by certain strategies.
Your Target Audience
If you want to be able to grow your audience, you first need to know exactly who they are, and then need to take them into consideration when planning marketing campaigns. Part of knowing your industry is also knowing your target audience. You shouldn’t just know who they are, but you should know where they spend time, what they like and don’t like, and what type of advertising they respond to best. Creating ad and marketing campaigns geared toward Millennials for a target audience made up of mostly Baby Boomers could be much less effective than you expect and could even result in a loss.
Believe it or not, your location can make a big difference when it comes to marketing. It’s important to take into consideration whether or not you are trying to reach a national or even global audience, or if you’re wanting to reach people in your area. If you’re trying to reach a global audience, your ads will need to be tailored to what the masses respond to. If you’re going for a local audience, though, you can use icons, incorporate customs, and include jargon that only your local area knows and appreciates.
If you want to do both, you should consider taking two different approaches in order to most effectively reach your different audiences.
The United States spends roughly $197.47 billion on marketing and advertising, and whether your contribution to that is a few hundred dollars, a few thousand, or nearing $1 million, your budget is a factor that you’ll need to take into consideration when planning out your marketing. It some cases, you may find yourself underspending and not reaping the benefits that particular marketing strategy has to offer. However, in other cases, you could end up overspending for something that isn’t worth the money, time or effort. Whatever you choose to do, make sure that you put the appropriate funds towards it and have room in the budget.
Another factor you need to take into consideration when deciding on marketing strategies is the amount of bandwidth do you have—or rather, the amount of time and energy you have available to dedicate to a project. While some marketing efforts can almost manage themselves, other projects take considerable amounts of time and attention from start to finish. When coming up with different strategies that you think will work for your company, always consider whether or not you and the people involved in the process have the ability to give it your all to ensure its success.
Your available resources are another thing you should be considering when brainstorming marketing ideas. For example, do you have an employee who will be able to take and manage the project? If you don’t have anyone on staff who can manage it, do you have the money and a point person available to outsource the project, (if necessary)? Even if everything else falls into place, if you don’t have the resources you need to cover a strategy, everything could end up falling apart.
The Ability to Track Results
The average cost per action for paid search and display ads is $49 and $75 respectively; however, your costs could be much higher. If you aren’t tracking your campaigns and analyzing results, you’d never know. While virtually all digital marketing efforts can be tracked and analyzed, not all marketing strategies can be tracked as effectively as they should be and that’s something you should consider when planning. If you aren’t able to track results, it doesn’t mean you shouldn’t use that strategy, but you will definitely want to keep a close eye on it to determine whether or not it’s working and is worth it.
What other factors do you take into consideration when brainstorming marketing strategies?