Which marketing or communications plan best describes your small businesses formal marketing plan? Let’s hope your business has moved beyond all of them, however, if you do identify with some of the categories listed in this infographic, here are some new bullet points for your internet marketing strategy.
The first thing to identify when creating a marketing plan for any business is to understand who you are trying to reach or your target market. This would start by examining who is the audience you currently have and who do you want to reach. If you sell a product or service begin with a customer analysis to decipher which type of clients are best to pursue to grow your business.
The next step is to conduct a market situation analysis. Conduct your own business marketing review of how your small business is currently performing and look for items in your current strategy that need improvement. After you identify some of your weaknesses or areas in need of improvement, begin to conduct some competitor bench marking and analysis. This step will help you to evaluate where your company or product fits in the market place and what competitors you will need to beat to gain more market share. As your business is completing the competitor analysis also begin to evaluate businesses within your market segment that you may be able to partner with to grow your market share together. This can be a valuable strategy when trying to compete in a market against competitors that may have more capital and resources available to them.
After a lot of insight and research is put into the situation analysis, it is now time to look at the current baselines and begin with your objective setting for the upcoming year. The main ingredients in correctly setting up your business objectives is to understand your Mission, Vision and Goals. All of theses items must align to strategically hit your goals each quarter to eventually accomplish your vision of success at the end of the year.
Once the goals are correctly constructed for the year, now is the time to understand the most effective way to report or track your progress on each goal. When it comes to Internet Marketing, most businesses and websites use Google Analytics to track almost all of their goals, conversions and leads. When tracking with Google Analytics, it is essential to understand the key performance indicators (KPI’s) that led a customer to an accomplished goal or conversion. Understanding the process of how your business was able to convert a lead into a conversion will further help your business refine your goals and marketing strategy to consistently evolve and become more efficient in your market.
Now that your business has completed the situation analysis, objective setting and has implemented a way to track its’ progress, what is next? Digital Marketing Strategy. This can be very simple or elaborate depending on what the business is trying to accomplish. However, it basically comes down to this – what is the most efficient and effective way for the business to achieve it’s mission, vision and goals both long term and short term. When it comes to a website marketing plan, generally breaking it up into these four categories will help in planning your map to achieve your business marketing goals.
Market Segmentation and Customer Targeting – Where does your business fit and who are you targeting.
Competitive Advantages, Positioning and Value Proposition – Why is your business better and why should customers purchase your products or services over the competition.
Content Marketing Strategy and Targeted Audience Engagement – How do you plan to engage with your audience and what content related to your business will they find most interesting or appealing.
Multi-Faceted Website Marketing Communications Strategy – Basically, which internet marketing tools do you plan to utlizie to reach, engage and convert your audience into customers.
At this point your business should have all the data it needs to form an effective internet marketing strategy for your small business. Here is a short list of web tactics and tools to choose from to aid you in your marketing journey.