Think before you act when it comes to your marketing

I’ve written previously about the value of having a strategy when marketing your company. But for many businesses, it’s easy to fall into the trap of simply “doing stuff”. The pitfall of “just having a crack” and punching out a blog, posting to Facebook, or buying advertising space, is you can’t tell what, if anything, is cutting through and bringing more business in the door.

A strategic plan, on the other hand, gives you the foundations to execute your marketing activity. Without it you’re really employing, a “spray and pray” methodology.

1. Know what not to do

A good plan should always set the direction and focus for the business – starting with key goals and objectives, followed by the practical strategies and tactics you’ll use to get there. The strategy should also be fact-based and supported by research too. Strategy guru Michael Porter from Harvard Business School puts it this way: “The essence of strategy is choosing what not to do.” Porter is 100 per cent right. By focusing on those strategies that will have the most impact on the business, you optimise your resources and have the best chance of achieving your goals.

When the plan is established, be prepared to give it time to percolate – this might be 12 months or several years. Some experts recommend 12 months as the perfect timeframe for a small to medium sized business (SMB).

You can push the plan to multiple years, if you have longer term aspirational goals. In this instance, be sure to break the plan into achievable segments, with clear cut milestones. The point is that having a strategy gives you a blueprint for staying on track and avoiding those activities that won’t add value or sales. Your strategic plan is a living, breathing document, so review it and tweak it as conditions change.

2. Putting the client first, second and third

Marketing that focuses on your business is a massive turn-off for consumers. Rather, clients are interested only in how you can help them, and less concerned with how good your advice might appear compared to the competition. In 2016, the client should be the focus of your strategy and how your services address their pain points. Take a situation where a client is unsure about the best investment strategy for retirement. They want the confidence that your advice will guide them through the process. Therefore, as part of your strategic planning, develop the messages, which will resonate with your target clients.

3. Track, track, track

A good strategy tells you what not to do, as much as it tells you what to do. Once your strategies are set, you can determine the best methods for executing them – in other words, your tactics (campaigns, events, digital activity and so on). More importantly, each tactic must have a target attached, to allow you to measure success.

Tracking an activity’s effectiveness over time means you’ll learn what works best and where to focus. If your strategy involves targeting self-funded retirees, you might decide on a series of events catering to this market. Your event planning might include:

• Setting targets around the number of leads you want to generate
• Tracking all leads from the event right through the sales cycle – give them a code that ties them back to the event where the lead was generated
• Reviewing the event and whether it achieved your desired targets.

The best businesses always start from good strategic planning. While it might seem nebulous and hard work at times, the process will ensure you’re focused and more effective when it comes to marketing execution.