Why do so many sustainable brands fail? They ignore these three keys.
Marketing strategy’s fundamental goal is to drive growth. The challenge has always been figuring out exactly how to do so.
Tactical changes like ad spend increases or audience targeting refinements can spur incremental growth, while product development investments can drive bigger (but riskier) returns. So how do you decide where your marketing strategy will focus?
Fortunately, a number of researchers have studied corporate growth over the years and created a robust toolset of growth models to help guide marketing strategy. Today, we’re going to talk about how to use one of our favorites, the Ansoff Matrix, in your marketing strategy
What is the Ansoff Matrix?
The Ansoff Matrix was developed way back in 1957 as a way to organize potential sources of corporate growth, and has dominated MBA courses ever since. The matrix organizes growth opportunities according to two axes: markets, and products.
- Market-Based Growth is customer-centric (an easy way to think of a market is as a group of like customers). Generally, you’re either looking to do a better job reaching a known market, or explore a new market to see what opportunities may exist.
- Product-Based Growth is category-centric (a handy definition of a category is a group of like products that serve a larger need, say shaving supplies). Growth solutions here may involve finding new uses for an existing product or developing new products.
In our version of the matrix below, we’ve outlined several opportunities to drive growth that exist within each Ansoff quadrant drawn from a Harvard Business Review study that analyzed 181 companies’ growth histories to understand the drivers of sustained profitable expansion. This list is by no means exhaustive, but gives examples of different growth sources your organization can look to include in your marketing strategy.
How Can I Use the Ansoff Matrix in My Marketing Strategy?
The Ansoff Matrix is the perfect growth model to use in growth planning and brainstorming sessions with your marketing team, product managers, and business unit leadership. It’s an ideal fit in situations where leadership expects marketing to identify solutions to growth goals, or where the department may not have a defined growth process. While the matrix in itself does not dictate marketing strategy, it highlights directions that your marketing and business development strategy might potentially take.
The next step once you’ve identified your potential growth opportunities is to rank those options by feasibility, which will likely involve internal research and discussion, external market research, and customer/influencer conversations. Your goal at this stage is to simply get a general sense of whether an opportunity feels viable, or whether you may be trying to cross a bridge too far. Armed with this early data, you can then build your marketing strategy’s foundation on the most viable opportunities.
Struggling with your marketing strategy? Not sure where to where to look for growth? Young Marketing Consulting can help. Contact us to schedule your marketing strategy consultation.
Negativity is an attention magnet.
These days, you could be forgiven for thinking that the world is falling apart. The worst of humanity seems to fill our newsfeeds on a daily basis, to the point where all that bad news appears to be seriously affecting people’s mental health.
But in reality, the world is safer than ever before, crime in the U.S. is approaching historic lows, and the U.S.’s renewable energy production recently surpassed coal-based output for the first time. Elon Musk, Bill Gates and Warren Buffet all think that now is the best time to be alive.
So why is it so hard for positive messages to cut through the clutter?
The answer is negativity bias, and it makes marketing a positive product or positive message more difficult than ever. Fortunately for those of us trying to fight the “good” fight, the recipe for successfully marketing good causes does exist.
Let’s start by examining the main challenge a marketer faces when trying to promote a positive message.
What is Negativity Bias?
Numerous studies have confirmed that people gravitate more toward negative content, which is likely caused by our brains being wired to respond more sharply to perceived threats. The majority of media and websites, driven by the goal of raising advertising revenue, have leaned into this negativity bias in order to grow viewership, which leaves little room for organizations looking to promote a positive message.
Or does it?
The reality is that people crave good news and positive stories. Promoting them simply takes a lot more work and a defined strategy in order to cut through the negativity. Let’s look at five ways to market good causes below.
Five Ways to Market Good Causes
1. Speak Directly to the Tangible Benefit Your Audience Will Receive
The most important realization for any organization trying to recruit consumers for a positive cause is that the altruists in any market represent a small percentage of the total universe. Let’s look at green purchasing as an example:
- Purchase criteria like “green” still are only the sixth most important factor in a customer’s purchase decision.
- While 82% of Americans have green purchase intentions, only 16% come close to following through
- Only 26% of European consumers are regular purchasers of green products
What this data means is that at the end of the day, no matter how noble your cause, people will still make their purchase decisions based on perceived individual benefits (value, convenience, price, etc.).
Your marketing should lean into this realization, and focus on the tangible benefits your audience will experience as individuals if they choose your offering. Data can help immensely here, as we’ll see below.
2. Put Data on Your Side
For the purposes of marketing “good”, there are two types of data:
- Statistics which show the extent of the problem you’d like your audience to solve
- Data that shows how your audience will benefit from your solution
As we’ve already learned, the first dataset will get people’s attention, but the second will drive them to action.
Let’s take renewable energy as an example, specifically combating global warming through solar power.
- The extent of the problem: the global scientific consensus is that we must limit overall warming by 1.5 degrees Celsius in order to preserve the planet’s current ecosystem. Doing so will require a massive, global mobilization that cuts greenhouse gas emissions at least 45% by 2030
Let’s read that statement as an individual human. What can one person possibly do about such a huge issue? For most of us, very little, which is why it’s important to focus more heavily on individual benefits.
- How your audience will benefit: switching to solar power will save you $1,000 a year in electricity costs
This second data point, drawn from this CleanTechnica data, links the action you want your audience to take, switching from fossil fuels, to the individual benefit that will help push them to make a decision.
Communicating with this kind of individual benefit data will help you grow traction in any marketplace.
3. Identify and Resolve Your Market’s Adoption Barriers
Customers will always follow the path of least resistance. So remove the resistance.
Customer purchase decisions generally follow the path of least resistance. While there are always exceptions, most people will choose the cheapest, easiest solution for most products. So what does this mean when you’re marketing a good cause?
Unfortunately, if your solution asks your audience to go out of their way, invest a lot of time for an uncertain return, or pay more, it will often fall on deaf ears. And the key to solving this challenge is to do the legwork in order to make adoption as easy as possible for your audience.
Here, I’ll use an example from a printing company trying to sell an improved paper cup to a major food and beverage retailer that would have made the recycling of that retailer’s cups much easier. The cost of using this new cup would have increased the price of each cup by a fraction of a cent. This doesn’t sound like much, but for a publicly owned company purchasing millions of cups a day, the profit impact plus the effort of switching vendors proved to be too much.
What could this printing company have done? Perhaps they could have offered discounts in other areas to put their price at parity. Perhaps they could have waived other charges. Or perhaps they were just facing a bridge too far. But the point is that “doing good” is not enough. The barriers that this particular customer faced needed to be removed.
How do we do it? Make the path you want your audience to take dead simple.
If you’re collecting donations, why not go to people’s houses instead of requiring them to come to you? If you’re trying to promote green energy, it might be time to hire a lobbyist to get preferential legislation passed that tilts the scales in your favor. If you’re marketing a more expensive green product, consider what you can do to come close to price parity with less eco-friendly competitors.
These efforts are difficult, but they matter when you’re dealing with decisions based on fractions of a cent.
4. Build External Pressure
As we touched on earlier, nothing motivates a business or market more than bad news. Poor press, public backlash, or shifting market preferences can all push an organization to take action.
Let’s take Jon Stewart as an example. His recent push to get the federal government to re-authorize the September 11th Victim Compensation Fund saw him going to great lengths to call out senators who were viewed as obstructing the bill’s passage, ultimately leading to the bill’s reauthorization for the foreseeable future.
How can you ramp up the pressure on your audience? There are many tactics to do so, from letter-writing to Greenpeace’s more controversial direct action efforts. These days, a coordinated social media campaign can often be effective. The key is to use this approach over time, and provide a pathway for those involved to take action in the meantime (per our third point above).
5. Dominate the News Cycle – with Positivity
Finally, it’s important to remember that more and more individuals are providing news and other content via social media. And deep down, people crave positive content.
A study from the New York Times and the Marketing Science Institute found that while content that evoked anger or anxiety was more frequently shared, positive content was actually more viral overall.
Over the long term, positive content is more viral.
As well, social media scientist Dan Zarrella has shown that the more negative your account, the more you’ll see your followers leave.
So what’s our lesson here? If you post positive messages and content about all the good results your cause is generating (as opposed to the challenges it faces), you’ll be doing a great job of counteracting the negativity generated out in the media.
And you want to tout those wins as often as you can – one study found that a ratio of 5 positive interactions were required to counteract one negative attitude or behavior. So turn up the volume and let your positive vibes fly!
I hope that you’ve found our five tips to market good causes in a negative world valuable. If you’d like to talk more about how to get your positive message out to your audience, please get in touch!
It’s hard to believe, but 2018 will be over in a few weeks. Before the new year arrives, it’s worth taking a step back to assess your marketing performance in order to build your marketing strategy for 2019. Let’s take a look at six steps you can take to make sure your marketing stays on track to big returns next year.
2018’s Year-End Marketing Checklist
Step 1. Assess Your Marketing ROI by Channel
Most of us keep a close eye on our marketing ROI for a particular campaign, but how often do we step back and ask whether we should even be executing a particular campaign? The best tool I’ve found to do so has been a (relatively) straightforward ROI breakout by channel. The metrics you’ll want to consider:
- Cost per qualified lead by channel
- Cost per sale by channel
- Revenue generated per channel
- Marketing spend per channel
The numbers above will give you what you need to determine your marketing ROI by channel, as well as identify any conversion hurdles that could improve that figure. As an example, if you’re heavily invested in social media but struggle to generate traffic or sales returns from that channel, it’s worth asking whether that spend could be better used on other activities.
Step 2. Audit Your Web Performance
Your web presence is one of the most critical marketing tools and customer interaction points. Which is why it’s vital to regularly take stock of your web performance metrics to identify any significant wins or serious concerns. I recommend starting with three high-level metrics:
- Web traffic
- On-site conversion rates
- Target keyword rankings
In each case, set your review period to cover at least the last two years in order to identify your long-term trends, and then start evaluating each metric by source and medium. You’re looking for two things:
- Your long-term web traffic trend: ideally it’s increasing. If it’s not, you’ve got some content marketing and web traffic generation to do.
- Any peaks or valleys: these spikes will show you where you’ve been successful, and where you’ve floundered. Trace your successes back to the source and replicate those activities.
Step 3: Identify Your Biggest Content Successes
Content is king (as we’ve covered in a previous content marketing blog). And in every content campaign you’ll find pieces that perform better than others. Your goal is to identify why these particular posts worked and replicate that success in the new year.
To do so, begin by reviewing your most popular social posts to see what commonalities they share. Did you stumble on a particularly compelling social media hashtag? Did you catch the eye of one or two social influencers? Or did you manage to ride the coattails of a trend to gain some exposure of your own? Your goal is to distill 2018’s social media success into 2019’s calendar, so make sure to document what worked well and have your content marketing team tailor its efforts as appropriate.
Once you’ve reviewed your social media performance, it’s time to examine your on-site marketing content. Take a look at your website’s analytics and review your most popular posts and pages. Again, you’re looking for commonalities. Did your listicles outperform everything else? Are your white papers real hits? Identify what’s working, and double-down on your content marketing.
Step 4: Refocus on Your Industry and Your Audience
Markets evolve. What your target audience may have wanted in 2018 might be old news in the new year. Take some time to browse your trade press, industry groups, message boards, and other sources for what changes might be coming so that you can make sure your value proposition remains current.
Event better, survey your customer base in order to ensure that you’re still meeting their needs. The best way to stay in business is to meet your customers’ needs better than anyone else. And the better you know them, the more confident you can feel that you’ll be putting out the right message in 2019.
Step 5: Polish Your Brand Identity
If your business slows during the holiday season, you may find that it’s an ideal time to take care of low-hanging brand identity fruit that has fallen to the back burner all year. A creative refresh, website tune-up, or asset review may be the perfect task for the slower period.
Step 6: Re-Evaluate Your Marketing Stack
The marketing software that was the perfect solution to your needs two years ago may be showing its age today. Or worse, its costs could be rising. The end of the year is a good time to get a handle on whether or not you’ll need to upgrade your marketing stack in 2019. As you do, consider these questions to help assess your marketing software:
- What is the business need that the marketing software solves?
- How is it priced compared to its alternatives?
- How much employee time would be gained or lost if you switched to a different tool?
- What functionality would be lost or gained if you switched?
- How much additional revenue do you think you could drive if you switched?
I hope that our six-step year-end marketing checklist helps you refocus and drive progress in the new year. If you have any questions or would like to discuss support with any of the items above, please contact Young Marketing Consulting today.
Does your organization conduct regular evaluations of its marketing strategy?
The smartest marketing functions regularly assess their marketing performance, identify areas where they can improve, and revise or build campaigns to address these challenges. There’s no time like the beginning of a new year to set your marketing strategy resolutions, which help focus and streamline your activities to focus on those areas that will drive improved marketing ROI. Below, we’ve mapped out 4 easily achievable new year’s resolutions that will allow your business to flourish in 2017 and beyond.
Marketing resolution #1: Set SMART campaign objectives
How many times have you sat in a meeting and heard something to the effect of “we need to get better at this”? In those situations, it’s easy for everyone to agree on a vague goal or action like “explore revenue opportunities in adjacent markets” and leave the room feeling like progress has been made. But in reality, this kind of decision making often leads to misalignment and poor marketing performance because it’s too general to help guide your efforts.
Enter our first marketing resolution: setting SMART marketing objectives (Specific, Measurable, Attainable, Relevant, and Time-Based).
Being specific means you are setting specific marketing performance metrics you want to achieve. Compare “get more people to come to our site” with “Increase site traffic to our subscription page by 15%”. The second statement gives your team a much more clear idea of your goal, making it easier to track progress and focus your efforts.
You won’t know whether or not your marketing strategy has succeeded unless you can measure your progress in some quantitative way. It can be easy to say “we want to be the best marketing company” or “we’re going to be people’s top choice for legal services,” but without any way to measure what “top” or “best” are, you’ll never know if you’ve achieved what your marketing set out to do. Make sure you’re setting measurable goals: improving social media mentions, increasing ad campaign ROI, growing the number of visitors to your website, etc.
Nothing frustrates leadership and employees more than unrealistic goals. I recently sat in a room with a small regional college’s marketing team and heard them say that they wanted to be the first college choice for all high school seniors in the state. Given their resources and the strength of their competition, this goal was wildly unrealistic, and I could already see how it was sapping their progress toward more achievable goals. When creating marketing strategy and campaign objectives, give yourself a reality check and ask yourself if this is something you believe the business can realistically achieve.
Your campaign objectives should be relevant to your business and how your business operates. Ask yourself why a particular marketing goal is necessary to your business or how it will help you achieve your strategic goals before proceeding. Often times, this simple test will help save thousands of dollars in wasted time and resources.
Deadlines get things done. More importantly, they bound a marketing campaign to an outcome within a particular time frame in order to assess progress toward a larger goal. Without a deadline, you might see a small sales increase in a month as a positive effect of your marketing campaign. But if you’re trying to achieve a five percent sales lift within a month, you may view your marketing campaign as underperforming due to the timeframe. If you’re working on a larger marketing campaign, create multiple milestones that build toward a larger objective in order to keep your team focused.
Marketing resolution #2: Test and measure channel ROI performance
You’ll never have all the time, budget, or staff you feel like you need to execute your marketing strategy, which is why measuring channel ROI performance is so important. Are you converting more leads from events and conferences or your website? Once those leads are converted, which are more likely to turn into customers? Evaluating your channel performance on a regular basis allows you to focus your resources on your marketing activities with the highest return, rather than trying to do everything at an equal level.
We’re currently working with a technology solutions provider to identify which of its marketing efforts lead to the greatest sales return for one of its products. We began by looking at the lead source of all of its customers, sales prospects, and new leads. In doing so, we found something interesting: the majority of its customers and sales prospects began as inbound web leads. This evaluation tells us that investing more resources in SEO and other online lead generation strategies will likely drive higher immediate returns than other channels, which will help them save marketing budget over the long run.
Marketing resolution #3: Be focused when working with limited resources
If you’re working with limited marketing resources, don’t lose hope. Two of our favorite marketing strategies below can help you make the most out of limited marketing budgets.
- Use concentrated targeting: Concentrated targeting is an effective marketing strategy for smaller companies with limited resources. This strategy focuses on marketing to one well-defined, specific segment of a customer population in order to maximize your reach to this audience. Specific tactics could include establishing promotional relationships with associations or industry groups in your space, limiting your PPC advertising or direct mail efforts to a particular geography, or narrowing your content marketing to target a specific demographic. Although there are some disadvantages to this strategy – demand among your chose audience may fall, or you may mistarget your audience – it can create a huge competitive advantage over other companies who do not speak as directly to your chosen audience.
- Stick to one channel: It’s always better to execute a single campaign in one channel well rather than trying to cover every possible channel where you may be likely to find customers. Take social media. While there are hundreds of potential sites you could advertise on, Facebook is near-ubiquitous, so we often recommend starting consumer-targeted campaigns on that channel first and assessing performance before expanding outreach efforts.
Marketing resolution #4: Keep your online presence active
Although it can be easy to get caught up in immediate business needs, keeping your online presence active is an essential marketing activity since the majority of customers will heavily research potential products and services online before making a purchase. In the short-term, an active presence will keep your business fresh in your target audience’s minds (which can help you create repeat customers). Longer-term, a sustained online presence will grow over time so that you can capture leads who are not aware of your company as they do their research.
Here are a few tips to keep your online presence active:
- Blog often and consistently: Google’s algorithm prioritizes recent content, and when it comes to this content there’s nothing like blogging. In fact, websites with blogs have 434% more indexed pages, every one of which will be showing in search results to a user out there somewhere.
- Stay active on social media: The more you share relevant material that your target audience will likely engage with, the better your chances of starting conversations with individuals and companies who have a strong chance to be your customers. This activity will also show up on various search engines and help with your search indexing.
- Monitor your reviews (and solicit them!): One of the most powerful online tools marketers have are the reviews of satisfied customers. If you don’t have any reviews, it’s time to start reaching out to your customers to ask them to help. If you aren’t monitoring your reviews, be sure to keep an eye on the major review websites and respond to any negative reviews you’ve received so that they don’t damage your reputation.
We hope that these marketing strategy resolutions have been helpful for you. If you’d like to discuss how you can evaluate or improve your marketing strategy in 2017, contact Young Marketing Consulting today.
Welcome to the third and final post in our series on maximizing the time you spend on marketing. Here’s what we’ve covered so far:
- How to Decide How Much Time to Spend on Marketing
- Four Steps to Build A Time-Saving Marketing Strategy
Now, it’s time to get tactical. Your goal during this stage is to structure your marketing channels so that you can “set and forget” them. In other words, build your marketing platform so that it’s always working for you in the background while you tend to sales and operations. To do that, let’s dive into the four tactics that will help you maximize the time you spend on marketing:
- Implement the Basics of Search Engine Optimization (SEO)
- Establish a Digital Advertising/Search Engine Marketing Presence
- Set up Your Marketing Automation System
- Prepare for Inbound Lead Generation
1. Implement the Basics of Search Engine Optimization
“SEO is like breathing. You just need to do it, every day.”
This quote is from Frank, our head of Digital Marketing, and it sums up the essence of search engine optimization. So many SEO books have been written, and so many more blogs have been posted on various SEO tips and recommendations, that the core of SEO can be obscure for the layman. But SEO’s three pillars are much simpler than they seem:
- Optimize your website “under the hood” so that your pages have the strongest density of key terms you want to be known for in the right places in your site’s code (your URLs, your page titles, etc.)
- Publish regular content that includes your keywords, which will keep your site fresh in search results
- Get people to share your content and link to your website (ideally using your keywords in their links)
We recommend using Google’s excellent Keyword Planner tool to identify the target keywords you’ll use as the cornerstone of your search engine optimization strategy. Once you’ve got your SEO terms, review your website and make sure that those terms are reflected in the areas of your site such as your URLs, header tags, and internal links. After you’ve taken care of the basic nuts and bolts, it’s time to start creating new content. Set aside a day, write four blog posts that feature your target keywords, and then set them to publish weekly for four weeks. Repeat this process each month, track your progress using Google Analytics, and Google Webmaster Tools, and adjust your content as necessary.
2. Establish a Digital Advertising/Search Engine Marketing (SEM) Presence
Search engine marketing goes hand-in-hand with SEO. But whereas SEO is a more passive, “organic” channel, digital/PPC advertising lets you jump to the front of the search engine results page (SERP) line. Because of that efficacy, your pay-per-click advertising strategy should be different than your SEO strategy in one significant way:
Use SEM to target new audiences, rather than the existing terms where you rank well organically.
For example, if Young Marketing Consulting was ranking highly for, well, marketing consulting, but not as highly as a digital marketing agency, we would want to invest in PPC advertising campaign to put us in the top results for Washington DC digital marketing agencies.
The next thing you want to do in a strong digital marketing campaign is to create an experience that will reward your leads for giving you their information. What offer will draw their interest enough to click on your ad, and once they land on your page what will give them that extra nudge to sign up?
Finally, you want to think about where (and when) your audience will be. If you’re selling breakfast food, there’s little point in advertising after 10 am or so. And if you’re only operating in the Washington DC metro area, for example, you’ll want to limit your ads as appropriate.
Once you’ve established the areas above, you’ll just need to set your budget, turn on your campaign, and let the software do the work.
3. Set up Your Marketing Automation System
Marketing Automation is one of our favorite aspects of digital marketing. Ultimately, what we all want is to make the process of generating and nurturing leads as pain-free as possible, which is the promise of marketing automation. There’s only one problem: setting up an automation platform requires you to invest a lot of upfront work to get up and running. Luckily, you’re working with a marketing firm with a lot of marketing automation experience.
The most important key to success for any marketing automation effort is to have your business rules clearly defined ahead of time. Think of your business rules as a series of IF/THEN statements. If a lead does X, what should happen? Keep building out these statements until you reach the end of the line. Take your ideal workflow to everyone who will be affected by your marketing automation and see if there are any outliers you aren’t covering. Once you’ve got your business rules blessed, it’s time to build your system.
One of the most common questions we get asked as a marketing consultant is to recommend a particular software suite for marketing automation. There are roughly four thousand possible choices, and the real answer is that most of them are exactly the same. They all allow you to customize your fields and workflows, create autoresponders, group and track leads and contacts, etc., so the tool you use will come down to personal taste. Pick the tool that best fits how you’d like to work and you’re off to the races.
4. Drive Inbound Lead Generation through Offers
Finally, now that you’ve got your marketing automation infrastructure in place, the last step is to continually put out offers to your audience that will entice them to take action and either give you their contact information or make a purchase. These are the “carrots” that will draw potential leads to you, and there are a few tips for making them valuable. The ideal inbound lead generation content is:
- Time-Sensitive – it’s hitting your lead at the right time, driving them to take an action within a certain window
- Unique – it separates your offer from the others out there
- Valuable – what you’re offering is valuable enough to drive action on your potential lead’s part
- Personalized – something that speaks to your individual lead’s core
- Repetitive – you’re not just doing it once and seeing what happens. You’re putting the offer out over a long enough period of time to see if it truly performs
With the above set up, you’ll be in great shape to maximize your inbound lead generation in no time!
Thanks very much for reading our series. If you have any questions or would like to discuss anything related to SEO, SEM, marketing automation and inbound lead generation, please contact Young Marketing Consulting today!
What’s the most valuable asset in your business?
I recently posed this question to a room full of business owners, and received the usual answers: people, process, intellectual property, and more. And while these suggestions weren’t necessarily wrong, I was surprised at how long it took until a member of the group volunteered what I consider to be the correct answer: time.
Time is the only resource your business can never make or buy more of, and there’s never enough.
So how can we invest in areas that maximize our time? The answer, as we’ll see, lies in harnessing the potential of modern digital marketing and automation. But we’re getting ahead ourselves.
If you’re in charge of marketing a small business, experiencing significant growth at any size organization, or maturing your marketing function, you’re probably facing a scenario where immediate operational concerns regularly overwhelm the time you feel you can devote to more long-term investments such as marketing. Last week we tackled the question of how much time you should be spending on marketing. This week, we’re going to assume you’ve referenced our handy marketing spend benchmark guide and know how much time and money you can invest in advertising and promotions. In both cases it’s probably less than you’d like, so its time to get strategic about how you’re invest.
A Four-Step Marketing Strategy When You Don’t Have Time for Marketing
Any good digital marketing effort begins with a solid strategy. Building that foundation by following the four steps below will help you maximize the effectiveness of your time spent on marketing.
1. Identify your target audience
Every marketing agency and consultant will trot out this chestnut, but it’s never been more true than in today’s digital marketing world. You’re about to start making decisions about where to invest your limited resources, and the easiest way to do so is by narrowing your focus on a core market. That’s why we’ve defined a target audience as follows:
Your target audience = defined demographic or psychographic segments that allow you to narrow your promotional efforts to fit your resources and generate a positive return
Demographics are the measurable areas such as income or revenue that dictate whether your customer can buy from you, while psychographics are the values and attitudes that determine whether they will. Defining both in as granular detail as possible is the starting point of any solid marketing strategy.
2. Build your channel strategy
Your marketing channels are those advertising paths you’ll take to reach your target audience. And while the internet gives today’s digital marketer a nearly infinite number of advertising platforms, your channel strategy should be based on those efforts that will scale with as little effort on your end as possible and are in heaviest use by your target audience. We’ll be addressing those channels more in the second part of this series, but for now here are some teasers for those who like to work ahead:
- Searching Engine Optimization (SEO)
- Search Engine Marketing (SEM/PPC Advertising)
- Marketing Automation
- Inbound Lead Generation
3. Create your business logic
Solidifying your business logic is THE critical step to saving time in your marketing efforts, but very few companies spend time in this area. Why? Because business logic looks like this:
It’s a tedious exercise to go through every scenario and permutation of how, for example, your organization captures and nurtures a lead, but doing so is a critical step in order to create a replicable marketing process. To ease the pain, try thinking like a computer: if X happens, then Y happens. For example, if a lead submits a web form and asks for a quote, then they’ll be routed to your sales team.
The more you codify your business logic, the more you’ll recognize inflection points and set yourself up for a strong marketing automation function when it comes time to build your system (which we’ll cover next week).
4. Prepare your carrots
The last element of our time-saving marketing strategy concerns your offers. At its core, digital marketing is about information exchange: your goal is to provide your target audience with something that they consider valuable enough to give you either their money or some piece of information that you can use to market to them in the future. So what are those carrots that you’ll dangle in front of your audience?
Carrots can range from discounts and special offers to exclusive deals to well-researched guides and tutorials, but you won’t necessarily know what works until you try them. So what you want to do at this stage is to sit down and develop your offers. Plan them out over the course of your campaign, and then incorporate them into your marketing channels.
What’s that you say? We haven’t gotten into the marketing channels yet? Patience, gentle reader. Part 2 of How to Market When You Don’t Have Time for Marketing is coming next week.
Looking to learn more about marketing strategy? You can hear from Young Marketing Consulting at these upcoming events:
How to Market a Startup Business (in partnership with the Libre Institute)
October 24th, 2015 | Registration by RSVP to Sandra Benitez, 757.694.5745 or firstname.lastname@example.org
During this panel discussion, we’ll be covering how to market your business effectively when faced with limited time and resources. We’ll be discussing the basics of marketing planning and lead generation, as well as taking questions from the audience.
Marketing SWOT Analysis (at the Signature CEO Conference)
November 16th and 17th, 2015 | Register
We’ll be presenting on how to perform and leverage a marketing SWOT analysis at this conference, which is geared toward event companies and professionals. Attendees will learn how to perform an in-depth business evaluation that will give them a clear understanding of how to leverage their business’s strengths and opportunities while responding to your weaknesses and threats.
How to Market Your Business When You Don’t Have Time for Marketing (in partnership with the Arlington Chamber of Commerce)
February 24th, 2016 | Registration information coming soon
Time is the most precious resource any of our businesses have, and the last thing we want to do is waste it on failed marketing efforts. During this session, we’ll cover how to set up a marketing campaign that virtually runs itself by focusing on tactics such as easily replicable lead generation activities, marketing automation, and search engine optimization.
Marketing Strategy Bootcamp (in partnership with Capital One and the Washington Area Community Investment Fund)
September 29th, 12 noon to 4 pm | Registration closed
Small business owners understand the importance of branding and marketing for their business, but it still often remains at the bottom of their to-do list. In our final Small Business Boot Camp presented by Capital One we’ll cover tried and true marketing tactics and customer engagement to grow your business sales. You will learn how to develop and implement your marketing plan in a way that maximizes your time and success.