Marketing should be viewed as an investment, not an expense, but in order for it to be an investment, every £ you spend needs to generate more than £ in profit. A recent study in the US by a research and analytics company found that 40% big businesses’ marketing expenditure was wasted. The question is, which 40%?
At ActionCOACH, we teach our clients that marketing is all about education and communication. Once your potential customers know what it is you do and how you do it (education) and you know what it is they want (communication), it’s much easier to convert them from suspects to prospects.
Your marketing strategy is your method for “buying” leads that you can then go on and convert to customers.
3 most important factors in developing your marketing strategy are:
Target – being very specific about your ideal customer base so you can get to know them and speak to them in a way that they will respond to;
Offer – providing something that will get your target prospects hooked. This may be solving a problem that they have or offering something different, in which case you will have to work on your USP (unique selling proposition);
Copy – how you get your message out depends on your target audience and is likely to be via a number of channels, e.g. social media, e-mail marketing, advertising and telemarketing. But however you do it, you need to follow the AIDA principle – draw Attention, stimulate Interest, create Desire and don’t forget to include a call to Action.
Your marketing plan is likely to consist of a number of marketing strategies and you need to test and measure the results from your strategies to ensure that you are investing in the ones that bring leads in through the door. Remember that not all marketing strategies need to cost a lot of money, and if you are creative and focused, you can build a great marketing plan on a limited budget.