Measure twice, cut once.That’s an old carpenter’s adage and it holds for crafting a successful marketing and media strategy, too. Before spending a single dollar, take the time to create a solid campaign. By formulating a plan based on logic, Synergy3 – a leading Long Island-based marketing agency with over 30 years of experience in strategic marketing, branding and media—has assisted firms in increasing growth from 3% to 10%. And our proven process always starts the same way. We begin with a basic understanding. Even though some of these questions may seem obvious, the methodology has proven to be both effective and efficient. What are your marketing objectives? What is your target market? What media maximizes your ROI?
The Logic Before the Plan blog series and our complimentary online workshop takes guests through a more in-depth review of the steps required to achieve maximum ROI for a marketing budget. However, before creating a media strategy, you must also understand your market position and perform a competitive analysis. In the future, Synergy3 will address these vital topics.
Today’s introductory blog provides a synopsis of the six steps needed for a successful marketing and media strategy. In the upcoming weeks, Synergy3 will deliver more detail on each of the topics summarized below:
Step 1: Know Your Target Market
Whether you are B2B or B2C, you should have a basic understanding of your customer population. Once you have your market position established and know your competition, frequently revisit your existing and target customer profile(s). If you haven’t developed one yet, start there. Who are your current customers? Why do they buy from you? Do they share a common lifestyle and interests? Begin your plan by drafting a detailed customer profile. Once completed, consistently market to them exclusively, and do this before expanding your market. Make sure you start with the “lowest hanging fruit,” and then broaden your target as relevant to your overall plan.
Step 2: Build Your Brand
Your brand is your identity. Once you know your target market and make decisions based on that information, the next step is to focus on how you present your brand. This is a crucial component, and depending on whether it’s done well or not, can either attract or repel a customer. Therefore, it’s vital that your brand appeals to your target audience and shares the benefits/features of your product mix. From the brand icon colors to your logo, messaging, and more, you must accurately represent your market. For example, every color causes a unique physiological reaction, so choose wisely.
Step 3: Establish Your Budget & Goals
Base your budget on projected and historic revenue and their respective cycles. Typically, you start with a percentage of gross profit and establish benchmarks. The correct allocation depends on many things including your specific product offering and industry, your business capacity, and your selling cycles. Set your goals for the first three months to three years. Then, create reporting mechanisms to maintain accountability.
Step 4: Determine Your Reach and Efficiency
What is your market? Be as specific as possible in defining market penetration and demographics. Then, choose the right media to match and maintain efficiency. Be sure that you’re choosing the correct channel to target your customer profile. By “staying the course” and firmly maintaining the efficiency of your media plan, you’ll achieve a much greater ROI. Also, work with a media consultant that can rank and negotiate, and often, you’ll save a lot.
Step 5: Minimize Your Risks
The best way to minimize risk is to use a mix of media and to rank the contenders. Whether it’s social media, television, radio, direct sales, referral/resellers, trade events/publications, or text messaging, choose the channel that can deliver to your target profile at the lowest cost possible. Compare all media and those within the same type to get the best outcomes. After careful analysis, it will become evident what to choose and in what ratio to the overall budget. For best results, use multiple channels and make adjustments when necessary.
Step 6: Analyze Performance & Confirm ROI
Each week, month and quarter monitor performance across all media and then tweak your spend based on which channel is producing the best. Depending upon the industry and calendar, the distribution of marketing dollars may change to accommodate seasons and/or promotions. Your budget should be flexible. Constantly measure, analyze, and then if necessary, make adjustments so that results correlate directly with your objectives. The key is to monitor the outcome consistently.
Stay tuned for more blogs in Synergy3’sThe Logic Before the Plan series. “A campaign’s success is based on logical planning with defined revenue goals and performance-based evaluations,” says Jeanne Fontana, CEO of Synergy3. “We’ve helped many firms achieve growth of 3% to 10% and we will do that for you, too.”
Get the marketing plan you need for success. Schedule your free online 30 minute workshop now. (Links to calendar page or synergy3corp.com)
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