Marketing strategy: a document often ignored
Often, especially among small and medium-sized companies, the marketing strategy is absent from decision-making processes. Fast-paced businesses, often with stable customers and suppliers for years, proceed in the management of ordinary work with little time devoted to thought or innovation.
Thought and research – as a matter of course – cost time. In the same way, non-managerial companies have to rely on the intuition of the owner to survive. If they have prospered so far, it is reasonable to think that no further complications are needed.
The last reason why the marketing strategy is in fact "skipped" in business processes is the promise of platforms – especially online – to take care of the business and customers through ads and fees in an automatic way. Why waste time creating an organic ranking document, choosing between multiple media, allocating budgets, taking responsibilities and making decisions when in fact the algorithms of social media and search engines promise to do it for us?
Is marketing strategy an abstract and useless process? Absolutely not and it is also fundamental for small and medium-sized companies.
What does a marketing strategy contain?
A marketing strategy first and foremost makes order.
It is a document that informs you about the external market. It collects what happens in the everyday world, allowing you to look beyond the known customers and extending the search for the characteristics of those ones not chooing you today.
How do your potential customers look like? Are there categories that you don't reach today, but you could potentially satisfy? What messages and levers can you use to expand your customer base?
A strategy will serve you to decide – over a certain time horizon – on which targets you will focus on; either local or national, it is crucial to know and define them and set your conversion goals.
Secondly, the strategy will set your message. It doesn't matter if the products you sell are crystal clear: what matters is for you to be aware of it and to have the tools to transmit it. What this means is to have a clear picture of your story, quality, differentiating elements and how to communicate them. In this process the " communication concept" is fixed, or that concept (that idea, if you will) that acts as the lowest common denominator of everything you transmit.
The concept will be followed by the media choice. Where will you communicate? How? Will you describe a product or an idea? Will you talk about yourself or about your customers’ needs? The choices are different and depend on what makes you unique.
Don't just leave it to the intuition of the moment, but make a plan that allows you to follow both what's based on facts and numbers, and what you want to bet on.
Digital At Play’s general recommendation:
- 60% of your average budget to be allocated in ads on stable platforms and based on the needs of users, like Google.
- 30% of your budget in social platforms, where the need is not yet expressed, but can be stimulated also through the use of influencers.
- 10% in experiments, even on new platforms or personal ideas that have the possibility, although more remote, to change your business.
How much will you spend and how much is it right to expect as a return? In other words what comes back in terms of awarness (how well known you are), visitation (how many visit you online or offline) and finally conversion (how many of those who visit you end up choosing you and buying your products and services).
Digital At Play’s general recommendation:
-€0.5 return for every €1 spent for the first three to six months.
-1€ return for every 1€ spent within the first year of activity (to balance of the marketing budget)
-1.5 / 2€ return for every 1€ spent from the second year.
What can Digital At Play do for you?
By choosing our consultancy service you can create with us a document that will guide the business choices on the subject of communication on new media. This means that you will be guided to understand:
- how's the market going around you
- how the competition works
- what your target is looking for
- how to broaden and attract your target audience
- your unique communication concept
- media choices
- budget allocation
- the return on investment set-up
Start now, contact us here: firstname.lastname@example.org