Tired of investing in your digital presence without seeing a return?
That sucks, but it's hardly surprising...
Worldwide, businesses are pouring huge budgets into digital marketing. In fact, by 2021, spending is expected to reach around $120 billion, in the US alone.
Will all that competition, it's tough to stand out. To do so, you need to craft a detailed promotion strategy that speaks directly to your target audience. Read on to find out the essential strategic considerations to get you noticed and maximize your ROI.
Let's get started...
How to Build a Strong Promotion Strategy
Analyze Your Past
A solid promotion strategy should plan for 3-5 years into the future, but this is also a useful timeframe for looking to the past. Exploring your past successes and failures is a great way to develop a useful set of KPIs for the future.
The digital growth curve is steep. But despite the changing tools, the fundamental principles remain the same. Think outside the box when exploring previous performance and consider how you can apply prior successes to new technology.
Analyze Your Competition
In all aspects of business, there is much to be learned from competition, whether you're outperforming them or vice versa. Promotions are no different. Here's where to start...
Use Google's Benchmark Reports
Benchmark Reports use aggregate data to compare competitors across various metrics. Found within Google Analytics, not only is this an excellent basis for competitor analysis, it can also be used to track internal development.
Find What's Driving Their Traffic
You should also take a good look at your competition's organic traffic drivers. As your close competition, it's likely that the keywords they rank for will also sit within your niche. Research their keywords and use these as a basis for your marketing strategy, just don't forget to note what's not working for them, too.
Connect on Social Media / Join Mailing Lists
Facebook. Twitter. Pinterest. Snapchat. Follow competitor activity on all available platforms to gain the full picture of a competitor's business. You can then make decisions as to the most active platforms for your industry, as well as those that are under-utilized and can be used to your advantage.
You may also want to join competitor mailing lists. This way you can keep track of offers and see how they treat you as a customer.
Analyze Your Target Market
No matter how broad your product or service may be, you have to target your marketing.
99% of businesses don't have the budget to successfully target their entire consumer potential. In this case, it's better to effectively market to a particular demographic than to ineffectively market to all.
The Ideal Consumer
Carefully consider your ideal consumer and spend time developing a consumer persona. Then focus on placing this 'ideal consumer' at the heart of your promotion strategy.
If you can address your target audience directly, you're already halfway to a sales conversion. But to do that, you have to understand them fully. I'm talking likes, dislikes, emotional drivers and purchase power.
Previous & Existing Consumers
Consider how to promote to previous and current customers, too. For more detailed customer feedback, consider using after-sale customer surveys and incentivized feedback competitions. There's nothing better to drive your future promotions then insight from your ideal audience.
Set Your Marketing Budget
The truth is, a lot of small businesses waste money on digital marketing. Some of the most common reasons include outdated strategy, not understanding their audience and insufficient tracking. Each is preventable, but previous pitfalls can make it difficult to determine an appropriate budget for the future.
We advise you take one of the standard industry approaches to marketing budget planning:
· Percentage of Sales
Whichever method you choose, measurement is the most important factor. Make sure to monitor ROI for specific channels, too. That way you can adjust accordingly and let activity drive your investment.
Create an Actionable Calendar Plan
Finally, develop a timeline calendar. You'll need to map all of your key promo campaigns onto this. Then, for each campaign:
· Determine the resources required
· Determine the promo channels required
· Allocate a sufficient timeframe for each campaign
· Decide on appropriate measurement tools and metrics
Once that's all done, it's time to sit back and... no, wait.
A well-researched and defined promotion strategy is essential, but don't expect it to remain static. Promotion is a dynamic field, and plans with no flexibility are doomed to failure. Instead, create an informed strategy that you regularly: review, renew and revise.
More Tips to Boost Your Promotions Strategy
While analysis of past performance and competition is essential, success in promotion strategy also requires progressive tactics. To keep you ahead of the curve, here are three quick tips to boost your promo:
Use Big Data
54% of Chief Marketing Officers believe big data will be essential to their marketing strategy in the long term. We've previously explored how big data can help enhance customer experience, but analytics is also essential for promotions, particularly when it comes to competitive advantage.
Align with a Charity
Charity and social cause-related marketing are a win-win. You can help a worthy cause, but as a for-profit business, you also generate publicity, goodwill, and sales. If you consider charity involvement as a promotional tool, note that brand alignment is the most critical factor for success.
Use an Influencer
Working with an industry-specific influencer can be hugely impactful as a promotional strategy. In fact, getting a digital marketing influencer for your brand is a no-brainer. Word of mouth not only leads to more sales than paid advertising, but it also has higher customer retention rate.
Create Your Promotion Strategy
It's vital that you take the time to understand your place in the market, as well as your customers, competition, and resource. Only then can you develop a long-term plan, tailored to work specifically for your needs.