marketing strategy works for all industries, from startups to Fortune 500s.
Have you ever re-examined your marketing strategy in a while? Do you have one?
In today’s market, no pre-pandemic marketing strategy can be viable. It’s high time to review your strategy and make changes if you’re not getting the results you desire. Your strategy should adapt to the modern customer.
Surprisingly many marketing departments don’t have a strategy. They just use a bunch of disconnected tactics. Marketers are finding it difficult to achieve their goals and get results.
Marketing organizations are under increasing pressure to change their strategy in order to survive and grow.
What is a marketing strategy that works?
Marketing strategy is a plan that outlines how you will reach your goals. It is not a combination of several tactics. Having a marketing strategy is not acceptable.
These are the four key attributes of a great marketing strategy.
Reduce waste
Marketing success is at stake. It is essential to reduce waste.
You should be able reduce your investment with an efficient strategy. This means you will spend less time, money, or effort in order to reach your goals.
Maximize your revenue
Peter Drucker once stated that marketing’s goal is to get a customer. Marketing must generate revenue.
A good marketing strategy will allow you to generate more revenue and maximize it. Each dollar spent on marketing must yield multiples.
Get faster results
Marketing is often unsuccessful, but it can get results. The best marketing strategy will allow you to achieve results as fast as possible.
Marketers cannot afford to sit around waiting to see if a campaign is successful. You need results quickly.
Increase confidence
Marketing success is only possible with insight. You can be more confident in your marketing’s success when you know what works and what doesn’t.
A marketing strategy that is effective must offer valuable insight to support your current and future activities.
These goals may seem impossible, but modern marketing strategies make them possible.
Modern marketing strategies
Marketing is unpredictable, uncertain and always changing. This is the nature of the beast.
Modern marketers adopt test-driven marketing to capitalize on this trend.
No one can predict what will work. Because of the rapid changes in the world and consumer behavior, testing and experimentation have become crucial.
Marketing organizations can use test-driven marketing to help them focus on the most effective parts of their marketing. They do this by running a series of experiments that validate assumptions and gain valuable insights.
Marketing organizations can quickly get results by combining a strategic focus in areas with high return and the power of experimentation. This allows them to learn from their mistakes and save time and money.
Moreover, experimentation is central to this strategy. This eliminates any debate about how to reach your goals. This test and learn approach makes it possible to achieve any goal, even if it is not proven. Based on real-world performance and data, the best ideas and most successful ones win.
This makes test-driven modern marketing one of the most efficient. It has all the key attributes mentioned above, is easy to implement, and is extremely powerful.
My clients who adopted test-driven marketing strategies have seen their revenue rise by millions in the past 12 months, gained invaluable insights and are now moving forward with great momentum.
Test-driven marketing is the best option to increase your marketing results and reach your goals.
Implementing test-driven marketing
An effective strategy should be easy to comprehend, simple and long-lasting. Marketing that is test-driven passes the litmus exam with flying colors.
These are the steps to implement test-driven marketing.
Step 1.
Each strategy depends on the environment in which it is implemented. This means that you need to evaluate your industry, your competitors, and your abilities. This is not a SWOT analysis. That would be a silly exercise. You need to identify the markets that offer opportunities for you to gain an edge and keep your market share.
Step 2: Keep your eyes on the prize
Marketing organizations face the greatest challenge: a lackluster focus. It’s not about conducting lots of experiments. Test-driven marketing means focusing your efforts on the areas that matter.
Together, identify three to four areas that you need to focus on. These are the areas that, if improved, will have a huge impact on your business. These are your strategic pillars and you should focus all of your efforts and investments on them.
It can be daunting to have a narrow focus, but don’t be afraid of taking action. In six months, you can review your strategic pillars.
Step 3: Experiment
Once you have established a few strategic pillars you can start to implement experimentation within your marketing organization, focusing on the most important areas.
This requires two things to be successful: an optimization and experimentation plan and a focus on the strategic elements.
Both are not difficult but can be daunting for marketing teams unfamiliar with them.
Step 4: Insights
You’ll learn a lot of valuable insights by running lots of experiments. The goal of experiments isn’t to produce a better result. That’s just a side effect. Experimentation has real value when you gain insights. Your marketing will be exponentially more successful if you learn what works and doesn’t work in the future.
These insights can be captured best by creating a “book” of knowledge or an insights library. This is a central repository for key observations and takeaways that you have gleaned from your experiments.
What worked well? Why?
What hasn’t worked? What hasn’t worked?
What are the best internal practices that we should adopt, supported by data and evidence?
Step 5: Apply
You will have great success in marketing if you follow these steps. Don’t stop there!
You can immediately improve your marketing performance by applying the insights to your existing marketing efforts.
Marketing teams often run out of resources and are unable to fully reap the benefits of the insights that they have gathered. Test-driven marketing is extremely powerful because it allows you to spread your insights across the company and in your existing campaigns.
You can bring in additional departments such as sales, customer service, and customer research to help you learn more about test-driven marketing. This will allow you to increase the effectiveness of your experiments and gather more insight, which in turn will help you help your organization adopt a test driven approach.
Rethink your strategy
Modern marketing agencies have come to realize that the world and its consumers have changed. Your strategy needs to change in line with this. Failure to do this would be a huge mistake that many companies make without realizing.
You have 2023 to change the way you approach marketing. You can get better results faster and with less waste if you abandon your current marketing strategy and adopt test-driven marketing.
The post From startups, Fortune 500s: This marketing tactic is unbeatable was first published on MarTech.