Things to Consider While Developing Your Online Marketing Strategy
To succeed online, you need to have an effective marketing strategy. Miss this and you will waste your money and time. So what are the things to consider when developing an online marketing strategy?
1. Your Objective: Someone has said that growth without a defined purpose is the philosophy behind cancer cells. In the same way, marketing (whether online or offline) without a clear objective is a sure blueprint for unimaginable loss for everyone involved.
Therefore, make sure your end result is clear before you even spend a kobo on marketing. Your success or otherwise should be measured by how well you performed against this.
2. Your Target: If you market to everyone, you market to no one. This will determine what kinds of platforms you should target, how to target them, the messages you’ll send, the offers that you make and so on.
The more detailed you are in creating a persona for your ideal target, the more effective you’ll be in designing a marketing campaign that reaches him/her.
3. The Competition: Who has the largest chunk of market share in the niche you are targeting? What have they done to get to their position? Are there things you’ve observed they are doing wrong? Are there ways you can differentiate your business clearly to your advantage?
Taking time to study what the competition does and has done saves you the unnecessary expense in trying to reinvent the wheel. It helps you know what you are up against (You certainly don’t expect them to sit still and allow you to reduce their market share).
4. Your Funnel: What is your process from customer acquisition to when the purchase or order is made? Does your funnel make it easy for visitors to navigate from your points of acquisition to your most wanted response?
You need to get this process right or you might as well NOT bother to even start a marketing campaign. What’s the point if you can’t close a sale?
5. How You Intend To Use Content: While everyone raves about content marketing (Yes, it is a very effective model for turning prospects into happy customers), you can waste valuable time and money if you do NOT develop a content marketing strategy that best suits your resources, talents and budget.
6. Your Point/Style Of First Contact: For some it is search engines; for others, it is social media sites. For yet a large group of businesses, it is media buying. Some have a strategy that takes advantage of each option. What’s yours going to be now, the next year and going forward?
Remember, you have to make your preferred point/style of first contact maximize the human and financial resources at your disposal.
7. Tracking And Conversion Rate Optimization: You can’t just stop your marketing strategy at actions that lead from your sales funnel to the sale. You have to develop an effective way of filtering out processes and campaigns that emerge as clogs in the wheels of progress.
For that you need to have a way of tracking your marketing campaigns and, based on insights gleaned, determine how to improve conversion (For this you need to have a good understanding of what it takes to constantly optimize your conversion rate).