5 Questions Every Business Should Ask for a Stronger Marketing Strategy
Have you ever dreamed of being a nomad, throwing caution to the wind and trusting The Universe to provide for your every need?
It’s a romantic vision, one we’ve all entertained on occasion.
But you’re a business owner now. While aimless existence works for backpackers and hippies, when you’re running your own company, it’s the kiss of death.
Businesses rely on planning and strategies, especially when it comes to marketing. Use these questions to guide your strategy development and ensure your company gets off to a strong start.
1. What are your business goals?
And don’t just say, “get crazy rich.” Really think through what you’re trying to achieve. Are you a new company trying to raise brand awareness? Is driving revenue your only goal? Are you trying to increase customers’ lifetime value? Goals inform your marketing blueprint. The more specific you get, the more tailored and effective your game plan.
2. How will I reach those goals?
Now that you know where you’re trying to go, you can identify your next action items. Let’s say sales are at $100,000 right now, but you want to hit the million dollar mark within the year. A $10,000 marketing budget would be unrealistic in light of what you’re trying to achieve. Remember that your budget should always reflect your goals, so invest accordingly.
3. Why do my customers love me?
If you’re not sure that your customers do love you, you’ve got a whole other set of problems. But if you’re seeing adoring Facebook posts and a rabid Twitter following, you’re on the right track. Now it’s time you got to know your customers a little better.
Find out who these people are. Why do they buy your products? Is it your competitive prices, unique messaging, or exceptional customer service? Do they see you as a trendy, aspirational brand?
Identify personality or purchasing trends and segment customers into distinct groups. Maybe they follow similar social media accounts or share offline interests, in addition to liking the same products from your company. All of this information helps you create tailored campaigns for different groups of customers.
4. How well am I connecting with my customers?
Marketing to existing customers is easier and less expensive than trying to bring in new ones. This is why focusing on the lifetime value of your customers is so important. Figure out which aspects of your messaging resonate with your audience, and which receive lukewarm responses.
Develop customer referral or rewards programs to make it easy and appealing for customers to refer you to friends. Look for partnership opportunities with other companies, promoting each other’s products. You want to stay on your customers’ radars, strengthening your relationships with them even when they’re not actively buying.
5. Do I need help?
No one likes to admit they could use a hand. But if you want to be successful, you’ve got to know when to ask for help. When you’re just starting out and strapped for cash, you may not be able to afford more than a cup of coffee with an acquaintance who is a marketing pro. You’ll probably spend hours watching tutorials and reading DIY marketing guides. But you’ll be building your foundation, and that’s what matters.
After you start generating cash flow and have money to spare, you can hire an agency to run your campaigns. Even if you’re well versed in marketing at this point, it’s worth hiring professionals to execute your strategies. Let your agency create polished marketing campaigns for you, so you have more time to focus on what’s important – building the business.
A good marketing strategy answers important questions about your company. It provides a foundation you can build on as the company grows.
Take time to think through your goals and build a marketing plan that speaks to your audience and does your product justice.