Everyone and anyone nowadays hype about putting in place an ‘effective marketing strategy’. These three words are so clichéd and overused that whenever I hear them, I will start to shiver. I frequently find myself rolling on the floor laughing my heart out when I hear or read about the ‘effective marketing strategies’ that some of the companies put out into the market.
Hello! Effective marketing strategy? It’s easier said than done. Just because you put out an expensive TV ad does not mean it’s an effective marketing strategy. Just because you spent RM1 million in print advertising in some fancy magazine does not mean you have an effective marketing strategy. Or just because you employ some young, pretty girls to pass out brochures and pamphlets in some overcrowded mall is not an effective marketing strategy.
If it’s not effective marketing strategy, then what are these? I call them money-wasting marketing strategies. TV ad? No one remembers unless your ad shocks the pants off the people who watch it. Print ad? It’ll end up wrapping nasi lemak. Young, pretty girls? The guys will look more at the girls than your products while they disgust your female customers.
As I came across Olivier Blanchard’s blog:-
“Most business leaders simply have no faith in Marketing. They don’t see it as an effective business function, they see it as an expense rather than an investment, and more often than not, marketing takes on the form of a formulaic, uninspired afterthought that barely ever ventures beyond the stale world of “marketing deliverables” like brochures, websites, mailers, press releases and print ads. Worse yet, these deliverables are often utterly ineffective in both design and purpose, adding insult to injury in the world of pragmatic, no-nonsense business execs. This is not good, and it needs to start changing immediately”
The fact is you don’t need an effective marketing strategy, you need a successful one. So what are the factors that make a marketing plan successful? Here are some key factors to ponder:
1. Your brand
Understand how your brand is unique in the market compared to your competitors. If you don’t have a unique distinction, go back and figure one out. A unique distinction can be a succinct brand promise you make and consistently deliver to your customers.
Once you’ve got your unique distinction, use it as a filter to choose and develop your marketing tactics.
As Seth Godin wrote:
Hello! Effective marketing strategy? It’s easier said than done. Just because you put out an expensive TV ad does not mean it’s an effective marketing strategy. Just because you spent RM1 million in print advertising in some fancy magazine does not mean you have an effective marketing strategy. Or just because you employ some young, pretty girls to pass out brochures and pamphlets in some overcrowded mall is not an effective marketing strategy.
If it’s not effective marketing strategy, then what are these? I call them money-wasting marketing strategies. TV ad? No one remembers unless your ad shocks the pants off the people who watch it. Print ad? It’ll end up wrapping nasi lemak. Young, pretty girls? The guys will look more at the girls than your products while they disgust your female customers.
As I came across Olivier Blanchard’s blog:-
“Most business leaders simply have no faith in Marketing. They don’t see it as an effective business function, they see it as an expense rather than an investment, and more often than not, marketing takes on the form of a formulaic, uninspired afterthought that barely ever ventures beyond the stale world of “marketing deliverables” like brochures, websites, mailers, press releases and print ads. Worse yet, these deliverables are often utterly ineffective in both design and purpose, adding insult to injury in the world of pragmatic, no-nonsense business execs. This is not good, and it needs to start changing immediately”
The fact is you don’t need an effective marketing strategy, you need a successful one. So what are the factors that make a marketing plan successful? Here are some key factors to ponder:
1. Your brand
Understand how your brand is unique in the market compared to your competitors. If you don’t have a unique distinction, go back and figure one out. A unique distinction can be a succinct brand promise you make and consistently deliver to your customers.
Once you’ve got your unique distinction, use it as a filter to choose and develop your marketing tactics.
As Seth Godin wrote:
“As soon as they start using the tactics of the other guys, playing the game they play, they become them. As soon as they decide that they can buy (not earn) attention, it all changes.”
2. Your customers
Understand who your customers are. And this goes beyond demographics. Find out their inimitable behaviour patterns, lifestyle and what you are really selling them. Find out why it matters to them?
But how do I find out? Customers’ touchpoints. Design your touchpoints to engage your customers. Be personal and yet professional. Contrary to what you may believe, your customers actually love to talk. They love to tell you who they are, what they like about you and how they’re making their buying decisions. They are also telling you what their frustrations, their disappointments and their expectations. All you have to do is keep your radar always on and listen.
3. Measure
Measuring your marketing efforts is important. You won’t know what is working and what’s not if you don’t measure. Here’s some of the metrics that you should considered.
Research the cost to acquire a customer in each channel. Find out the life time value of a customer in each channel. Determine which channels you should focus on.
Also, calculate the retention rates by channels. Decide where overall retention and reactivation initiatives must be concentrated on.
Adapt a kaizen mentality. Try to improve slightly every metric you are monitoring with every marketing plan you put into action. A little improvement every now and then goes a long way.
4. Religiously follow up
2. Your customers
Understand who your customers are. And this goes beyond demographics. Find out their inimitable behaviour patterns, lifestyle and what you are really selling them. Find out why it matters to them?
But how do I find out? Customers’ touchpoints. Design your touchpoints to engage your customers. Be personal and yet professional. Contrary to what you may believe, your customers actually love to talk. They love to tell you who they are, what they like about you and how they’re making their buying decisions. They are also telling you what their frustrations, their disappointments and their expectations. All you have to do is keep your radar always on and listen.
3. Measure
Measuring your marketing efforts is important. You won’t know what is working and what’s not if you don’t measure. Here’s some of the metrics that you should considered.
Research the cost to acquire a customer in each channel. Find out the life time value of a customer in each channel. Determine which channels you should focus on.
Also, calculate the retention rates by channels. Decide where overall retention and reactivation initiatives must be concentrated on.
Adapt a kaizen mentality. Try to improve slightly every metric you are monitoring with every marketing plan you put into action. A little improvement every now and then goes a long way.
4. Religiously follow up
Effecting change to marketing plans requires discipline and a clear strategy complete with directives, priorities, deadlines and a detailed picture of what the “end game” looks like.
In summary an effective marketing strategy is to able to increase your customer base, increase their lifetime value and engage them to be your repeat customers and brand ambassadors.
