If you want to begin creating a winning marketing strategy for your business we have provided 4 of our must-haves for you to start.
Full disclosure: the tips in this blog post may not work perfectly for your business. Because you need to consider a lot of factors when devising a marketing strategy, there is no one-size-fits-all plan that works across the board. However, one thing is true for every business… you need to actually have a marketing strategy!
In order to create an advertising budget that you can stick to and yields results, you must have a plan for how to spend those marketing dollars. That’s why the first step anytime R&A Marketing takes on a new client is to have an extensive discovery process where we can learn about short-term and long-term needs for your business. We share this step and a few other must-haves on creating a winning strategy below:
To build a solid business that can weather market dips and economic turmoil down the road, you must start having long-term goals. R&A works with clients to develop yearly goals that are achievable and yet push retailers to grow. Then we follow up 10 or 11 months later to measure the success and failure of the marketing plan to achieve those goals and adjust accordingly. These goals may be to increase margins and profit, reach new markets, and even open additional locations. We know the month-to-month sales are important to your staff and your family, but long-term goals help steadily improve sales so you can build a sustainable business that lasts many generations!
Another way to set yourself up for success is to have the ability to adjust quickly to the market. At R&A Marketing we avoid being tied down to long term media commitments. The market and the industry can change very quickly. We want to be able to flex our muscles with different media mixes at any given moment allow us to overcome and capitalize on these changes. Often this is because the business is attempting to use the same medias and the same media mix that worked a decade ago. And in the past ten years alone we have seen the emergence of digital marketing as well as a plethora of new media options. So if your business is also in a rut, it may be time to try out something new! And if a new campaign isn’t performing the way you thought it would don’t be afraid to pivot and divert funds to a different media.
Mass Media Paired with Targeted Marketing
At any point, only 2% of the market is ready to buy furniture. We need to take a few steps to make sure that this small group thinks of our retailers when that time comes. It begins with a large reach, which is done thru Mass Media (TV, Marriage Mail, Radio, etc). We like to allocate a good portion of our budget to this. The message is focused around an offer that appeals to the whole 2%. The next layer to the plan is utilizing a targeted media with a specific message to that audience. This can be done through direct mailings, targeted display ads, and email marketing. This approach will help ensure that you are reaching new potential customers in addition to getting your message to highly qualified buyers.
20-30% Investment in Digital Marketing (Depending on your goals)
We believe bringing in a more qualified buyer is more valuable than door swings. Digital marketing is a great investment for most retailers to help accomplish this because it is a cost-effective way to reach a highly targeted audience. R&A helps retailers incorporate digital advertising vehicles like geotargeted ads, social media marketing, IP retargeting display ads, custom websites, and more into every marketing campaign. If you aren’t utilizing these tools yet, it’s time to work them into your marketing plan!
Whatever the size of your advertising budget, a marketing strategy will help you use every dollar wisely. A good strategy will help you get the word out about your brand and your business so that you can bring in highly qualified customers. But we know that creating a good marketing strategy and following up to measure its success is hard work. That’s where R&A can help.