While previously marketers’ life was a lot easier with only a few top magazines, some radio stations, a handful of TV channels and a couple of newspapers to run a marketing campaign with, today it has become largely complicated with a plethora of TV channels, millions of websites and countless “apps”, not to mention a series of alphabets like APIs, SDKs and DMPs.
While it was just enough to identify consumer requirements and communicating benefits earlier, today marketers need to create immersive experiences to engage consumers. This means that a branding company like BrandQuest has to smoothly consolidate an entire new array of skills and abilities.
If you are dazed with a sea of advices and instructions, here are a few definite principles that you will find helpful.
1. Define Business Goals
Today marketing arena is full of so many activities that everyone has to struggle to keep up. Simultaneously every marketer is also stressed up with a thought of being “progressive” and integrating the upcoming media into their marketing plan.
However, the indication of a good marketing strategy is not regarding how many neologisms and gadgets are stuffed into it, but regarding how effectively it accomplishes worthy goals. Hence your ability and skill of defining your goals will have a significant effect on whether you get success or failure.
2. Evaluate Awareness, Customer Referrals and Sales
Sadly, marketers tend to create either a “one size fits all” strategy or a complicated model to invent marketing objectives. Nevertheless, evaluating just three metrics, most businesses can be sufficiently covered. These are awareness, customer referral and sales.
Certain brands are not renowned, some others face trouble in converting awareness into sales and still others want to encourage consumer referrals. While all these three are important for every business, one of them should be focused otherwise your strategy can become a mess.
3. Have a Dedicated Team to Recognise, Evaluate and Utilise Upcoming Opportunities
Your marketing executives are expected to be busy in monitoring the market, spotting business opportunities, collaborating with product teams and operate promotional campaigns. It’s unwise to expect them also to keep up with the huge range of emerging tactics and technology, particularly because most of them won’t work well anyway.
Hence it is imperative to have a dedicated team for recognising upcoming opportunities, discussing with startups and operating test-and-learn programs to assess their true potential. No doubt, most of them will fail, but a few winners will more than just compensate for the losers.
Once an upcoming opportunity has been used successfully in a test program, you can then integrate it into your normal strategy as a feasible tactic to accomplish your objective of awareness, advocacy or sales.
4. Segregate Innovation and Strategy
Unfortunately, several companies make the mistake of grouping innovation and strategy together because both of them are considered as things done by “smart people”. As a result, when organisations approach an innovation, they are inclined to employ their best people on it, who have been seen to have a knack for getting results.
That’s the reason why innovation teams are often full of senior executives. Since innovation is considered to be crucial for the future of the business, they also often have plenty of resources at their disposal. They are bound to succeed. Too often, failure is not an option.
However, strategy is basically quite different from innovation. A good strategy is something that accomplishes certain objectives. However, innovation focuses on forming something totally new and unfortunately new things usually don’t work as standard solutions. The reality is that innovation is a complex affair.
Hence failure should be an alternative, which is why technologically focused ventures are prepared for the failure of a great part of their investments. However, failure should be limited to be cheap and so, resources (and hence senior executives) should be kept to minimum.
If you want to learn more about marketing strategies, you should study corporate branding strategy in Sydney by BrandQuest. Keep learning from these marketing gurus to succeed in your business.