There’s a lot to measure when you have a marketing campaign in the works. Numbers will come in at you with little context, requiring a lot of know-how on your part to decipher what works and what doesn’t. If you’re still looking into what kind of marketing strategy you should select, make sure you’ve considered the following variables!
The way you market to a person will likely depend on factors that contribute to their habits and worldview. Dividing by age group and by gender will inform you greatly about which channel of marketing would best reach them as well as what type of message to send. Women ages 25-35 will likely be found on Instagram, for instance, and people in Phoenix, Arizona will view summer differently than someone in Chicago, IL. Deciding your audience demographics can be a monumental task, but once you’ve narrowed down such factors you’re a lot more likely to develop a strategy that reaches people.
When speaking of Return on Investment (ROI), one should first know the definition—the sales revenue on every dollar spent in a single campaign. This is calculated by finding the difference of the campaign expense and the generated revenue and measuring it as a percentage of the budget—so if you made $5,000 after spending $1,000, your ROI is $4,000, or 400% of what you invested. ROI is considered the best to measure effectiveness in a campaign, but what kind of campaign produces the best ROI? In 2019, half of marketers thought email was the most effective channel for ROI. Search engine optimization and pay-per-click advertising also produce high ROI.
Another essential part of strategizing your marketing involves knowing your business’s Strengths, Weaknesses, Opportunities, and Threats—or SWOT. Your strategy doesn’t exist in a vacuum after all—the circumstances surrounding it should influence your plans, because they will certainly affect your outcomes. When choosing a marketing strategy, research your current strengths and weaknesses as a business, and figure out if there are threats or opportunities available to you. It will end up much more tailored to the time and place surrounding what you’re marketing, and be more effective for it!
When developing a marketing strategy, people often jump ahead to the ads themselves. Putting in the research is essential, however. With a little background information, you can create a marketing strategy high in ROI and perfect for your audience!
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