Startups and small business enterprises have little in the way of resources to execute detailed, bombastic marketing campaigns. With a bigger budget, you can feasibly reach more people and generate a more compelling message — but that doesn’t mean it’s impossible to create an effective marketing campaign with a smaller, more moderate budget.
If you are looking at creating and executing an effective marketing plan, here is our secret that can help you create one.
Creating and executing a marketing plan is a lot like cooking a meal. You may ask how so? Here is a simple analogy to it:
Just like a meal, no two marketing strategies will be the same. That is why it is important to measure and adapt to the ever-changing consumer behavior and environment. Let us discuss few of the parameters in depth on which your Marketing Plan can be built:
1. Defining company’s marketing objectives
Identifying specific marketing objectives to support your company’s long-term goals is of utmost importance. Identifying need / market demand for your product / service; defining right communication message; Identifying right, but effective channels of marketing; defining qualitative or quantitative parameters to design a measurable metrics are some of the elements to be considered while defining company’s marketing objective
2. Identifying the right target market
After putting in long hours in building the product / service, it is time to introduce people to the offering. The process of knowing, whom and when to market your product or service – can result in much higher rates of return. Identifying the right target market involves implementation of systems (Analytics) rather than relying on indiscriminate marketing.
3. Learn & Tweak your strategy
Measurement is what makes marketing a science of performance. Many business owners prefer spending money on marketing only when the budget is flexible enough to accommodate it. This is because the rate of return on marketing is, in many cases, unpredictable. But identifying parameters to define measurement metrics would help you tweak your marketing strategy, giving you higher returns on marketing investments. Some of the parameters you could consider are Total Visits, Channel specific traffic, bounce rate, lead to closer ratio, cost per lead, consumer retention rate etc.
Regularly checking these metrics will provide you with an accurate pulse of the health of your marketing campaign.
Apply this to your store. The objective of this article was to help you identify steps in planning of right marketing strategy for your store. Now pick up the right marketing channels and give it your best.
This Article has been conceptualised by Mr. Apoorv Houzwala, an associate partner at YellowMustard and currently the Founder Director of Welworth3G Advertising (A Brand Consultancy Firm) and is also a Consultant to Welworth Creative Media (A Media Consultancy Firm).
Welworth Advertising associates with YellowMustard to expand services in the field of Digital Marketing.