In order to compete in today’s business environment, all businesses need to have a good handle on how marketing can help their bottom line. From small businesses like restaurants and retail stores up to Fortune 500 companies, there are effective strategies that can be used to bring your business the attention it deserves. Dwayne Harmon, Founder and Owner of Metanoia Consulting, shares 6 solid marketing strategies that will help your company succeed.
Create an Inbound Marketing Plan
Inbound marketing is the practice of creating effective, useful content that will naturally draw customers to your business. Inbound marketing has replaced some of the outdated techniques that were previously used in the marketing industry. With inbound marketing, companies can attract consumers or other companies with which to do business.
Inbound marketing, as opposed to traditional outbound marketing techniques like TV commercials or billboards, is a more subtle way of getting attention for your business. When a company provides useful information on its website, the company builds an online reputation and creates a better environment for itself in terms of sales figures and click-throughs. This dovetails nicely with SEO techniques because it provides a functional backbone to keep the attention of visitors brought in by your SEO strategies.
Inbound and outbound marketing should be used together for the best results. The topics and issues covered by inbound marketing can be supplemented through the judicious use of outbound marketing techniques. For example, your foodservice company can present original recipes on its website, balancing inbound content with outbound techniques like direct mailings and TV ads.
Setting S.M.A.R.T. Goals and KPIs
In order to understand today’s marketing environment, it is necessary to understand some of the metrics that go into determining how successful your marketing has become with the public. S.M.A.R.T. stands for Specific, Measurable, Attainable, Relevant, and Timely. This means that you need to consider all of these criteria before releasing a piece of marketing material.
KPI stands for Key Performance Indicators. In order to create an effective marketing strategy, there are several KPIs that you need to track and measure. These include sales revenue, cost per lead, inbound marketing ROI (Return on Investment), traffic-to-lead ratio, landing page conversion rates, social media and mobile traffic, and conversion rates.
Keeping track of these vital data points will let you know whether you are succeeding based on measurable milestones. If your indicators are going down, you will know that you need to change part of your marketing plan. Being data-driven is a huge part of marketing success today.
Understanding the Growth Gap
Once you have determined what are the most important data points to keep track of, you will need to examine how you can make those indicators work for you. Comparing your actual results with your goals will result in a gap that needs to be closed in order to achieve success in your field. Targeting all of your efforts on making your marketing plan work for your company is a smart way to create better performance.
When you understand the growth gap between your goals and your actual performance, you will be able to target your business’s most important functions. For example, if you are not measuring up with regard to inbound marketing ROI, you will need to make sure that your content is fresh, up-to-date, and useful to your customers. You may find that you are presenting the wrong material to the customer.
Setting a budget is always an important part of running a business, and marketing is no different. Allocating your marketing budget to the needs of your business can be challenging. You will need to take a clear-eyed look at the methods you are using and whether they have put your business at a disadvantage. Simply continuing on with older methods because they are easier to put in place will do your business no favors.
It is better to put money into forms of marketing that will create a measurable advantage for your business. Inbound marketing is great for this purpose because it is relatively inexpensive to produce and maintain. Inbound marketing on your own website or social media presence is more cost-effective than running multiple television or search engine ads.
Create Tactical Plans
In order to bring your business to the best possible level of success, you should always create quarterly and annual goals. If your goals are not met, it is important that you understand why. Realistic goal setting can be a challenging prospect, and you may need help from a marketing specialist to do so. Taking care of your existing customers is a priority, but you also need to put a great deal of focus on attracting new ones.
When you measure your progress with different marketing methods, you will be better able to determine where your successes and failures lie. When you have a good handle on all of the marketing efforts you are making on behalf of your company, you will be able to make plans into the future. Sharing this data with clients can help present your business in a positive light.
Marketing Strategies for 2019
Companies of all types and sizes need to understand the basics of marketing. In its most essential form, marketing means encouraging customers to take advantage of your products and services. Marketing has become more subtle over the past several years, with inbound marketing taking a strong position with regards to technique.
Understanding your goals, projections, and statistics means that you will be able to see firsthand the impacts of your marketing decisions on your bottom line. Dwayne Harmon emphasizes that businesses need to understand today’s marketing environment before making any major changes to their strategy.