Careful research and planning are essential steps to achieving success in business. Scott Crockett CEO of Everest Business Funding says a major part of this is formulating an effective market strategy.
This strategy will set your business on the path to success and future growth by ensuring your target market will be able to easily discover what you offer and the value they provide.
Here are some of the key elements of planning an effective marketing strategy.
For a marketing plan to be successful, it must be SMART. That is, it must be specific, measurable, attainable, relevant, and time-bound.
Your marketing strategy will be the story that you tell the outside world about your business and its products and/or services. As such, it needs to have well-defined goals that you can measure over time and adjust as needed.
By putting SMART goals in place from the get-go, you’ll be able to match up internal processes with external outcomes. That will help you define what actions your team needs to take, for instance, to increase your engagement on social media by a certain percentage over a defined time period.
Know Who You’re Targeting
One of the most important aspects of a successful marketing plan is clearly identifying who you’re targeting. The answer to this question should, again, be well-defined and focused.
If you define your target audience too broadly, you’re not likely to “speak” to them all in a way that makes them want to act. It’s important to define your target audience by basic demographics such as age and location, interests, and what makes them who they are.
In this way, creating a buyer persona for your target audience is a good idea. This way, you can visualize who you’re targeting so that you can tailor the strategy and message to that “person.”
Create the Message
With a buyer persona in mind, you can create the message that you want to convey. Keep in mind that this doesn’t just pertain to written words but also to visual cues such as colors and graphics and audio cues such as music and sound bites.
Your comprehensive marketing strategy may include blogs, social media posts, newsletters, audiobooks, or explanatory videos. These should follow the same basic message guidelines, including tone, presentation, and actionable items.
Create a Distribution Plan and Track Its Success
Once the message has been created, Scott Crockett says it’s time to create the distribution plan. In other words, how do you plan to convey this message to your target audience?
This doesn’t just include the medium on which you’ll post the message – i.e., your website and social media pages – but how you intend to get people to notice the message is even there. It’ll integrate both paid and non-paid strategies.
As you roll out your distribution plan, tracking its success is important. You can do this through the many online tools available today, including social media engagements, open rates on newsletters, or visitors to your website.
By tracking this data in real-time, you’ll be able to make on-the-fly adjustments, if necessary, so you can be as effective and efficient as possible with your marketing strategy.
About Scott Crockett
Scott Crockett is the founder and CEO of Everest Business Funding. He is a seasoned professional with 20 years of experience in the finance industry. Mr. Crockett’s track record includes raising more than $250 million in capital and creating thousands of jobs. Scott has founded, built, and managed several finance companies in the consumer and commercial finance sectors.