Back To Basics

We all know the saying, you can't see the forest for the trees. That adage applies to your marketing strategy. Sometimes we get so wrapped up in the micro details, the bigger picture gets lost. Stripping down your marketing plan to its basics can help you see what's working, and where you're going wrong.

WHO ARE YOU TALKING TO?
The single biggest mistake made by businesses in regards to their marketing strategy is marketing to themselves. Marketing is all about having a conversation with prospective customers. Look at it like a dinner party—if you're the person who spends the evening talking about what you like, what you're comfortable with, and what appeals to you, you will lose your audience. Who is your customer? Are there new customers out there you're not hitting? What do they want to talk about?

IT TAKES MONEY AND TIME
No matter what you do in regards to marketing, you will be spending money. Often lots of money. A large percentage of what you spend won't have a direct cost-value relationship. Brand building, the type of marketing that gets your name in front of your potential customers without selling a particular product or service, is long-term. You didn't build your reputation with your current customers overnight. You won't do it with new customers in that timeframe, either. This is called "top-of-mind recognition". You need to be the first company your potential customer thinks of.  Brand building  is measured in months and years. Targeted marketing, things like sales or events or promotions, have a more immediate return. Keep in mind, however, that a sale involves a loss-leader product or service. An event involves expenses you might not foresee. All businesses, markets and strategies are unique—however, a good ratio of branding versus targeted marketing is 5:1. You want to build your reputation at least 5 times more often than you want to have a sale.

WHAT ELSE DOES YOUR CUSTOMER DO?
Knowing your customer, and your prospective customer, allows you to speak to them on their terms, and in the places where they are. Things like social media, television, radio, movie theater advertising, gas station pump advertising, newspaper, magazine, bus sign advertising, etc., all have value only if your customer sees them. What does a typical day look like for your customer? A typical month? What are their habits? We paint with a broad brush in marketing. Each element of your strategy should work together. Don't put all your eggs in one basket, unless your customer dictates that. Follow your customer and you can't go wrong.

HAVE A ROAD MAP
If you don't know where you're going, you can't get there. If your goal is to increase sales of Product X by Y%, simply blasting your message out to the world without a plan and without measurable metrics is a waste of your time and money. Set your goals and build a map to get there.

STAY THE COURSE
When you've developed your plan, stick to it. Review it regularly, make necessary course changes, but don't scrap it without good reason. An effective, well-developed strategic plan will be a combination of quality customer intel and solid market knowledge. Make media buys that work for you and your customer, not what works for the media company. Newspaper advertising is ideal for certain demographics, a waste of money for others. The same goes for television, radio, and all other venues. If you've done your homework, your customer will tell you where to advertise.

Marketing is a marriage between the science nerd and the trendy art student. Understanding the strategy behind it, and building the creative element to support that strategy, will help your company grow.