Updated: Oct 18
Analyze the Situation
Prior to creating a marketing strategy, you need to have a grasp on your situation. What are your strengths and weaknesses? What are your threats or opportunities? We recommended conducting a SWOT analysis to find out. It is also crucial that you're knowledgeable about the current market. The best way to learn is by performing a competitor analysis. Think about products similar to yours and what sets you apart or what gaps you can potentially fill.
Find Your Target Audience
Now that you have a better understanding of your situation, you must find your target audience. Do you already have buyer personas for your company? You might need to consider redefining them if things aren't working. Of course, if you don't have a buyer persona, you'll need to do some market research to create one. A buyer persona is a collection of demographic information, including gender, age, income, location, etc.
Define Your SMART Goals
You'll never be able to improve your ROI if you don't have any goals. Once you understand your situation and have your target audience, you can start defining your SMART goals (Specific, Measurable, Attainable, Relevant, and Time-Bound goals). One goal could be to increase your following on Twitter by 20% in six months. Any goal your write down should be attainable and relevant. Your goal should also be ultra-specific, easy to measure, and bound to time.
Analyze Your Tactics
By now, you have your situation, target audience, and goals. Next on the list is figuring out what tactics you will need to reach your goals. If your goal is to increase your Twitter following by 20%, for example, you might include responding to comments, hosting giveaways, or increasing post frequency in your tactics list. Once you have a better idea of your goals, you can brainstorm ways to reach those goals. Of course, while coming up with tactics, you must also keep your budget in mind.
Create Your Budget
Prior to implementing any of the tactics on your list, you must have an understanding of your budget. Your tactics might include advertising on social media, for example. Of course, if you lack the necessary budget for social media adverts, achieving that goal might not be possible. Always write down an estimated budget with each of your tactics and include any assets you may require. We hope that you've found this article helpful in coming up with a marketing strategy for this year.