What does your marketing strategy look like?
When was the last time you reviewed this? Your business is always changing and developing, and as such, your marketing strategy needs to be adapting alongside these changes. If you haven’t had the time or opportunity to review your marketing strategy as of yet, there’s no time like the present!
January is always a great opportunity for fresh starts, and to review the positives and negatives, success rates and areas for improvement. Although we are nearly at the end of the month, this is still the best time to review your marketing strategy, taking into consideration any new 2024 data as well as all of last years.
Today we’re going to be covering why you should be reviewing your marketing strategy in January, and what that entails.
What is a marketing strategy?
First up, what actually is a marketing strategy? You may be asking yourself this question, and maybe you don’t have one! This January, your task may be creating and implementing one in the first place.
A marketing strategy defines your business’ approach to marketing, promoting the brand to your target audience. It involves your marketing channels, business objectives, budget and target audience. It is different to the marketing plan in the sense that it defines the long term goals and approach you will take, in comparison to a more detailed weekly plan of action.
What does it consist of?
Now that we’ve briefly identified what it is and the basics of what is involved, we’re going to go through in more detail some of the non-negotiables in a marketing strategy.
Your goals and objectives will be one of the most important parts to get clear on, as they will inform the rest of your strategy. You should aim to make your objectives as specific as possible, using the SMART framework: Specific, Measurable, Achievable, Relevant and Time-bound
Marketing channels and content
Specifically, what channels are you going to use, and what content will you put out? Posts need to be well thought out, adopting quality over quantity, on channels that are most appropriate for your audience and brand. Not everyone needs a TikTok, and not everyone will thrive on LinkedIn etc.
Identify who your target audience is, and your ideal customer. This is so you can create more personal messaging and content, as well as identifying how you will stand out to them against your competitors.
How are you going to accurately finance this? This covers the tools you’re using, advertising in the right places, putting content out on the right channels both organically and paid. Budget is a critical part of the business, and the marketing strategy is no exception.
Why should you review on a regular basis?
As we prefaced earlier, industries are always changing and your business will need to adapt consequently. So will your marketing strategy.
Have a look at your performance indicators and analytics. Are these the results you’re trying to achieve? Is there a more optimal way you could be achieving this? Have you had input from your team?
Why is it the best time to review your marketing strategy?
So after all that, why is now the best time for review? Again, January is an ideal time to be making changes, to give yourself a fresh start throughout the new year.
But now shouldn’t be the only time to review this. Set yourself markers throughout the year to look back, review and reflect, and make changes as necessary. Strategy is an integral part of your business’ marketing, you shouldn’t do it and then forget about it.
Tide 55 can help with all aspects of your marketing, including the strategy. Do not hesitate to get in touch!