24 Nov Develop A Marketing Plan For The New Year
Now is the time to reflect on the past year and decide what it brought to your company. Did you have a record year? Were things slower than they have been? There are a variety of factors that impact your business throughout a year. A marketing plan can help move revenue in the right direction.
It is important to develop advertising initiatives that will benefit your business in the best ways possible. The key aspects to consider when developing a marketing plan include reaching your target audience, establishing business advancement goals, and analyzing advertising tactics to reach said goals.
Reaching Your Target Audience
Your target audience should include people that are most likely to be interested in your company’s products or services. You can determine this focus group with a variety of different demographics, including age, gender, location, interests, and more. Defining your audience can help you avoid overspending to reach people that have no interest in your business category. Audience targeting can increase ROI as much as 2 times more than broad marketing methods. This is because people who are interested in your products are more likely to act on an advertisement.
If you feel like your company has too broad of a product or service offering to target a specific audience, perhaps consider creating segmented groups. Segmentation allows businesses to channel their resources appropriately and create targeted ads that reach the right people with relevant content. This step alone can help focus your marketing plan and help you reach the right audience for your business.
Establish Business Advancement Goals
It is impossible to improve the ROI (return on investment) of your marketing plan without defining your business advancement goals. Your goals should be measurable, attainable, relevant, and specific. For example, setting a goal to increase website traffic by 15% during your 3 slowest business months is much better than just broadly stating that you want more website visitors. That way, there is a clear definition of time and metric, and the goal is relevant to your business needs.
Business goals are extremely important to define in a marketing plan. Defining these initiatives can help you decide the correct avenues to utilize to best meet these goals. Using the example above, it may not be the best method to put an ad in the newspaper to increase web traffic. Instead, perhaps a SEM (search engine marketing) campaign would be the better option. Using these goals as well as your target audience are the perfect steps to lead you into the last thing to consider, your advertising tactics.
Analyze Your Advertising Tactics
There is such a wide variety of marketing mediums available, deciding which is right may seem like an impossible task. However, by analyzing your current advertising tactics, you can get an idea of what mediums are more successful for your brand than others. Advertising analysis should be an ongoing process – it is important to always understand how your advertisements are performing. Whether they be digital analytics or a physical count of store visits or calls, it is important to measure the success of every marketing initiative.
As mentioned previously, defining your target audience and establishing your business advancement goals can be two great ways to narrow in on the advertising tactics that will work best for your marketing plan. For example, to reach highly specific audiences, it may be better to consider digital marketing. It allows you to use advanced targeting and keywords to reach relevant and interested prospects. In contrast, if your goal is to get your business name out to as many people as possible, perhaps a traditional advertising method such as radio would be the better option.
Need Help with Your Marketing Plan?
If you’ve considered these aspects and still aren’t sure how to reach your new year marketing plan, contact Media Venue. We are a full-service media partner with the expertise, resources, and creativity to optimize the return on your investments. We specialize in both traditional and digital marketing, so we are sure to understand and have resources in whatever initiatives you are looking into. Contact us today for more information or visit our website to discover our wide plethora of capabilities. Enhance your marketing investment with Media Venue!
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About Our Blogger
As Media Venue’s social media manager, Michelle Dunaway has her finger on the pulse of the constantly-evolving social landscape. Her extensive background in both creative and technical writing coupled with her experience in the marketing world fuel a dedicated interest in keeping up with industry trends. Researching and writing about best practices in digital marketing allows her to utilize these practices to serve her clients.