It’s the world of new technologies! While the Metaverse is not exactly here yet, companies face an ever-changing business landscape. How marketing is done is also part of this. Utilizing novel technologies can be a great way to attract new audiences, build communities around your product and services and boost sales. Why is marketing important? Next to sales, marketing plays a crucial role is the very survival of a company. Having a great product but with no one that knows about it is a recipe for failure. As such, having a marketing strategy in place and experienced staff that is executing this is a must-have for any business owner. In this article we will cover some simple approaches as to how you can develop a marketing strategy that is effective. In addition to any standard analyses and models such as a SWOT analysis, Porter’s Five Forces model, STP marketing model and the marketing mix (4 P’s), this article will focus on three overall approaches for developing a marketing strategy. These models and analysis tools should of course be used at all times when putting a strategy together.
Approach 1: Trial & Error 💡
The first approach is to conduct a series of trials and tests. Building up a marketing strategy slowly based on results achieved and data gathered. This is one of the most cost-effective approaches and is quite flexible to implement. A company can start with email marketing and move on to testing various social media channels followed by SEO and content writing for example. Putting in sufficient time and effort for every test is key though. If the choice is made to test PPC campaigns then doing so for a reasonable amount of time is highly advisable for determining whether it is an effective strategy or not.
To implement this approach, start by looking at the marketing expertise you have in your team and determine what budget is available for conducting the various tests. Of course, knowing how long you’ll be testing things out and when a strategy needs to be in place is advisable (can’t test things out forever). Ultimately, combining everything that works into a marketing plan will pave the way the forward to develop a solid foundation on which a company can attract its targeted audience, generate leads and convert these into customers.
Approach 2: Goal Setting 🎯
Developing a marketing strategy from a strategic point of view involves applying concepts of strategic management. Starting with a company vision, set some marketing goals. This will in principle set the stage for the marketing strategy you’ll be applying and the marketing plan and budget required for implement said strategy. The next step is to conduct market research to identify which market(s) ought to be focused on (at every growth stage). Once a market has been defined, with research data backing the decision, it’s time to segment the market and identify a target or beachhead market. It’s good to have a clear idea of the TAM, SAM and SOM at this stage:
With a goal in place and target market identified, it’s then time to devise a marketing plan that can achieve the desired marketing goal(s) set. Finally, execution is everything in today’s day and age. Hence, having staff with the required knowledge and experience is key for actually realizing the desired results and achieving a goal. Proper planning, strategy development and research are only one side of the coin. If execution is sub-par or done with a lack of data, it can severely affect the results achieved and lead an entire strategy to be dismissed (even though it might’ve been the right one).
Approach 3: Traction Channels 🚀
An Alternative approach is to gradually build up different channels of traction. Based on the book Traction, there are 19 channels that companies can tap into to build up traction:
It is recommended to start with one or two channels at the time and build up from there based on the budget and resources available. The benefit of this approach is the fact that the various channels can be used by any company, regardless of the industry, product or market. There’s also a clear layout of options available, which makes it simple to start. This approach also makes it easy for companies that are just starting to map out their marketing activities based on different channels of traction and monitor the results of each channel. Ideally, combining certain traction channels leads to a strategy that can be implemented on the long-term.
Putting a marketing strategy together is key for the success of a company. Attracting the right audience, communicating your products and services and being able to build a customer or user-base is essential for long-term success. Of course, there’s more than one approach for developing a marketing strategy depending on company resources, budget and staff available. Regardless of the chosen approach, data is key and being able to collect this is very valuable as a comprehensive dashboard along with key metrics is what allows one to evaluate all marketing efforts made and deciding which strategy works best. In doing so, it’s highly recommended to use the appropriate marketing tools as part of your tech stack.