A successful marketing strategy shouldn’t be implemented on the run. It needs careful planning to determine your audience and their preferences. Do they use Facebook? Are they on Twitter? Do they prefer Instagram? Or do prefer to receive a catalogue or flyer? Are they heavy consumers of radio or print media?
Planning should also take in factors such as cost and your budget for marketing. Advertising costs can fluctuate during the year. In the fourth quarter of 2017, according to Adstage, the cost per thousand impressions (CPM), Facebook increased 37% compared to the previous quarter, whereas as Google decreased by 30%. This statistic indicates Facebook is a costly option leading up to Christmas so this year, you may think about shifting your focus to other digital platforms or other forms of advertising to achieve a better return on investment.
Without tracking our marketing, we don’t know how we are performing. Digital media offers plenty of easy options to track how your campaigns are faring – website clicks or social media likes can be easily monitored. Contrary to popular thought, traditional advertising can also be efficiently monitored. Discount codes and point of sale surveys can help us understand what has worked and what hasn’t.
One part of tracking that can cause confusion is when you need to track. Ideally this should be ongoing over long periods of time. A week-to-week approach is not always helpful as the week of Easter for a bakery compared to the week after Easter does not paint a clear picture of sales or marketing success. Tracking month on month, quarter on quarter and year on year will help determine the success over a period of time.
A mistake that some can make is what worked once, will work over and over again. Markets change, costs change, products change and it’s important to mix up the marketing strategy to adapt. This is where an integrated approach is critical. By spreading your marketing across range of channels available makes it easier to ramp up one form of marketing and cool another depending on customer preference, time of year, cost and product changes.
FC Business Solutions offers support on a range of marketing solutions from graphic design to digital solutions to traditional advertising. To help you plan, track and re-assess, contact Jeremy at firstname.lastname@example.org