Do you have a small or medium-sized enterprise (SME)?
Whatever your business goals, you need an effective marketing strategy to achieve them.
81% of small business owners attribute the success of their business during the pandemic to their marketing strategy.
71% felt their the marketing strategy was critical to the survival of their business.
In this article, we’ll look at how you can create an effective small business marketing strategy and measure its results against your business goals.
What is a marketing strategy?
A marketing strategy encompasses what your small business needs to achieve specific business goals through marketing.
- The goals you want your business to achieve.
- Snapshots of your current business to compare KPIs at a later date.
- A clear definition of your target customers and their location.
- Explanations of the steps to follow to make your brand known to your target audience.
- Plans to measure the performance of your marketing campaign against your snapshots.
- Ways to adjust your tactics accordingly.
Why is a marketing strategy so important?
According to a survey conducted by CoSchedule, marketers who documented their strategy were 414% more likely to be successful in achieving their goals through marketing.
What is the difference between a marketing strategy and a marketing plan?
Your marketing plan exists in your marketing strategy, outlining the tactics that will be used to achieve your business goals.
Step 1: Set goals for your small business
Before you can create a marketing strategy and start defining the tactics your small business will use, you need to set goals.
What do you want to accomplish as part of your overall growth through marketing?
Most businesses want to increase their revenue, so we’ll use that as an example.
While increasing revenue is a great starting point for small business goal setting, you should keep the rule of SMART goal setting in mind.
Your goals should be specific, measurable, achievable, relevant and timely.
A great example of a SMART goal for SMBs is “to increase revenue by 33% by the end of the fourth quarter.”
This SMART objective would allow you to break down the specific needs to achieve this objective, such as the number of:
- The customers you would need to generate that revenue.
- The leads you would need for your sales team to generate enough additional customers.
- The website visitors you would need marketing to generate enough leads.
Now you have a specific goal for your marketing strategy: to increase the number of visitors to your website who are most likely to go from visitor to lead and ultimately convert a lead into a sale.
Step 2: Create a Baseline
Before you start executing marketing campaigns, you need to document the key metrics that will establish your baseline or starting point.
A baseline will allow you to determine which marketing tactics are driving specific numbers, such as an increase in website visitors, callers, and leads.
For example, if your current marketing goal is to increase website traffic and generate more leads and you plan to run campaigns across multiple marketing channels, you need to know how many website visitors and leads you currently receive from each of these channels.
This allows you to create SMART goals and compare your success to your starting point.