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Do you have a small to medium enterprise (SMB)?
No matter what your business goals are, you need an effective marketing strategy to achieve them.
81% SME owners attribute the success of their business during a pandemic to their marketing strategy.
71% felt their own marketing strategy was crucial to the survival of their business.
In this article, we will look at how you can create an effective SME marketing strategy and measure its results against your business goals.
What is a marketing strategy?
A marketing strategy encompasses what your SME needs to achieve specific business goals through marketing.
This includes:
- Goals you want your business to achieve.
- Snapshots of your current business to compare KPIs later.
- A clear definition of your target customers and where they are located.
- Explanations of the steps to present your brand to your target audience.
- Plans to measure the performance of your marketing campaign based on your shots.
- Ways to adjust your tactics accordingly.
Why is marketing strategy so important?
According to research conducted by CoSchedule, marketers who documented their strategy were 414% they are more likely to achieve their goals through marketing.
What is the difference between a marketing strategy and a marketing plan?
Your marketing plan exists in your marketing strategy and describes the tactics that will be used to achieve your business goals.
Step 1: Set goals for your SMEs
Before you can create a marketing strategy and start outlining the tactics that your SMEs will use, you need to set goals.
What do you want to achieve as part of your overall growth through marketing?
Most companies want to increase revenue, so we will use this as an example.
While increasing revenue is a great start to setting goals for SMEs, you need to stick to the rules SMART setting goals in mind.
Your goals need to be specific, measurable, feasible, relevant and timely.
A great example of a SMART target for SMEs is “33% revenue growth by the end of the fourth quarter”.
This SMART goal would allow you to break down specific needs to achieve this goal, such as a number of additional:
- The customers they would need to generate that revenue.
- Potential customers you would need for your sales team to generate enough additional customers.
- Website visitors need you from marketing to generate enough potential customers.
You now have a specific goal for your marketing strategy – to increase the number of visitors to your site who are most likely to switch from a visitor to a potential customer and eventually switch from a potential customer to sales.
Step 2: Create a starting point
Before you start running marketing campaigns, you need to document the key metrics that will determine your starting point or starting point.
The starting point will allow you to determine which marketing tactics generate certain numbers, such as increasing the number of site visitors, callers, and potential customers.
For example, if your current marketing goal is to increase website traffic and generate more leads, and you plan to run campaigns on multiple marketing channels, you need to know how many site visitors and leads you currently receive from each of those channels.
This allows you to create SMART goals and compare your success to where you started.
Step 3: Determine the best tactics
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