Setting Marketing Priorities
Setting marketing priorities can be overwhelming. You need to send emails to your customers. You have to decorate the shop and put out new items, and let us not forget social media, advertising, word of mouth and the list could go on and on. With so many important marketing tactics, how do you decide where to focus your attention? What attention do you have left, you might ask yourself sometimes! Here are some tips to keep you on the right track and make sure you can get better returns with your marketing.
1. Goal Setting – Take a look at your various ongoing and planned marketing ideas and tactics. What is the goal for each of these tactics? What do you want it to achieve or what is it currently achieving? Review the goals and ask yourself which goal has the strongest impact on your business success. It’s the 80/20 rule. You get most of your results from a few of your efforts. But before you can determine what results you are getting, you need to know what your goals are.
For example, your email marketing goal may be to increase sales by 10% whereas your social media marketing goal may be to build your email list or number of followers. Which of these has the most potential to help your business grow and prosper? That’s the goal you prioritize. Only you know which will make more of a difference, but if you have a lot of followers and you are using social media wisely then you can generate increased revenue through that channel as well.
2. Review What’s Working – Take a look at your analytics. What marketing tactics are currently working well and generating the best results? For example, maybe your social media marketing isn’t bringing in the traffic you thought it would. You can have “in person” analytics as well. Ask your customers what they read – blogs, the newspaper, etc. Consider advertising there to increase your returns and measure what the result is.
Perhaps your blog content is more effective at generating organic search traffic than you thought it would be. You’d then prioritize your blog content marketing efforts over your social media marketing. That’s not to say that you’d disregard social media, however it’s often more effective to spend time repeating systems and efforts that are generating results. Know where you started, where you want to go and how close you are to getting there.
3. Evaluate Your Resources – It’s quite possible that some of your marketing tactics can be outsourced or automated. Leverage your resources wherever possible and spend your time, energy, and attention on those marketing tactics that need you to be personally involved. For example, creating partnerships with industry leaders in your market needs your involvement. Scheduling and even writing blog posts does not necessarily need your input if you have good contractors on your team. You need to personally attend business events, but you don’t have to write all the blogs.
4. Money In, Money Out – What marketing tactics fit into your budget? Certainly you probably have some fantastic marketing ideas that you’d love to do but just aren’t sure you can afford them. You could do a simple punch card to give a discount for returning customers and find that it’s one of the best marketing tools you have but newspaper ads just aren’t cutting it.
For example, creating a mobile application is a wonderful marketing tactic, but it can be expensive. It’s important to evaluate the cost along with the realistic potential. You might realize that while a particular marketing tactic may be a bit pricey, it has the power to generate tremendous income. If you set up shop at a local event that is for “special” holidays, like a Christmas market at the state fair, it might cost $2,000 for the booth but your sales and exposure are worth 10x that – you might consider those options and how you expect the return to help your shop.
Writing a book can cost a pretty penny. You have to have it edited, formatted, and a compelling book cover created. And if you’re outsourcing the writing then you’ll also need to pay a ghost writer. However, a book can generate income and sales for years. It’s also a great credibility resource, and can open doors for you.
Prioritize your marketing based on what it can do for you and how well it’s working. It may take some time and research to learn the answers to these questions. However, you can then be sure you’re placing your attention on the most powerful and productive options.
What’s your favorite way to market and what are your results? I love the idea of crowdsourcing some new ideas, so share in the comments, please!