Most likely your business has a new budget starting fresh in January of 2020.
Many companies create the marketing budget as a percentage of revenue, or a percentage of desired revenue. The marketing team works closely with the sales team and uses the forecast to anticipate how to reach potential new customers, convert quotes into orders and build the pipeline. This then allows a company to set its sights on expanding the business. An accounting firm looking to expand, for example, might focus its marketing strategy on its growth. They may be looking for an accountant practice for sale to add to their portfolio, and their marketing may reflect this.
Dividing the budget up into company awareness building and product/service advertising can help build the steps needed to build inquiries.
Deciding where to put the effort and expenses in media depends what influences your customers and how you can best attract potential customers.
If most of your customers come from referrals, perhaps your marketing plan rewards those who bring in new business with a discount on their products or services… or with a value-added product. Making it easy for your existing customer to share your contact information is a great way to help customers to refer new business to you.
How do you reward your referral network? Do you even know who your best referral customers are?
Do you know what they say when they refer your business and how they referred it? Is it via social media, a business card, sharing a contact from their phone?
Do you always ask “How did you hear about our business?” and “What have you heard about us?”
Both of these questions seem elementary, but the answers can provide a helpful key to where to spend your money.
“I saw your phone number painted on one of your trucks… on a yard sign… it popped up on my social media feed… I googled and your ad came up…. My buddy texted it to me.”
Does your marketing plan for 2020 include keeping track of how the leads reached you?
We are almost halfway through 2018. Are you on track with your marketing calendar?
Marketing activities should have been set up to support your sales goals.
What worked during the first half? What didn’t?
If you haven’t done your measurement lately, you may want to measure the results from your 2018 marketing activity now. Knowing what works for your business is great information for your marketing strategy.
Tracking information about your marketing activities helps you understand how customers find you. Are you keeping your marketing programs up-to-date? What is a waste of time and what is delivering results?
Hopefully you already know which key performance indicators are important to the growth of your business.
Does your marketing plan include reminders and measurements for:
- Website visits? Updates to your plug-ins, themes and SSL certificates?
- Google organic results? Keywords SEOed on your website? Is your company coming up in results?
- Social media likes, followers, and members?
- Which social media do your customers participate in?
- What was your most successful blog post or social media campaign? Do you know why?
- Number of press releases issued, picked up and shared?
- How many people used your contact us page?
- New product inquiries? Where did they come from? Did they turn into sales?
- What about clicks on your landing pages, squeeze pages, affiliate links?
- How many new email addresses did you add to your mailing list? What industries and categories?
- How many speaking engagements completed?
- Newsletters written, emailed, opened, clicked?
- Trade shows walked, attended, exhibited, breakout sessions attended, presented?
- Webinars developed?
- Podcasts published, downloaded, length of time listened to, number of reviews and stars, distribution channels?
- YouTube videos published? How many people subscribe to your channel?
- Book sales?
Perhaps you never formally created a marketing calendar in your success plan. Now is the time to get started. Create a marketing calendar for the second half of the year now. so that sales in your business runs like a machine.
By having your marketing plan in place, you’ll know what is a good opportunity for marketing… and what is a real money waster.
Not sure how to get started?
Your company could probably benefit from a marketing consultant to get your plan in place. You’ll find having a plan that is strategically designed to support your overall sales and marketing goals will provide much better results than just trying to execute some marketing efforts.
For income, age, lifestyle and population density of any particular area, Zip Tapestry, a handy website tool, allows you to just type in a zip code and have quick demographic info at your finger tips.
Could be great if you’re looking for the next location for your retail shop, planning to relocate your business and not sure about neighborhoods… or just planning your next move in general.
Reminds me a little bit of a program called Claritis from Neilson that I learned about in the late 90’s. You can look at a variety of factors of a geographic area… and then look at the psycho-graphics.
I like how easy it is in Zip Tapestry to enlarge the map, set it to one of the parameters like average income… then just mouse around to find out the various zip codes… You can see the screen cap of Franklin TN outside of Nashville in the photo.
Switch it to average age to find the pockets of the age group that is most likely to use your products and services.
Click on the Tapestry tab to see the phrase that describes a percent of the population. Then click the arrow to learn the definition of there phrase. It’s a quick way to get direction on geographic areas.
Hat tip: LifeHacker
Having a tool that allows you to modify the settings can be really helpful.
That’s why I like this interactive map that is driven from data from the US census.
If you are including average household income in your marketing plan and your business is geographically based, you may find this interactive map that uses census data to isolate counties and tracts within the county by income extremely helpful.
It allows you to have a visual analysis of average income which could be a handy tool in creating your marketing program in your business plan.
The tool includes the enlarge and reduce map components with the Google guy (the little orange/yellow figure that you can drag into the map to get a visual of walking or driving in the area.)
I could imagine if you were trying to figure out an EDDM mailing or where to open your next store, this could be a real help!
Does your marketing program include video? If not, you may want to reconsider, especially if your target market is consumer focused.
This from a Cisco white paper dated May 29, 2013:
Globally, consumer Internet video traffic will be 69 percent of all consumer Internet traffic in 2017, up from 57 percent in 2012. This percentage does not include video exchanged through peer-to-peer (P2P) file sharing. The sum of all forms of video (TV, video on demand [VoD], Internet, and P2P) will be in the range of 80 to 90 percent of global consumer traffic by 2017.
Based on the way this was written by Cisco, I’ve seen a wide range of numbers touted — but all of them pointing to a lot of video watching and the huge implications for marketing professionals:
Yesterday Social Media Roadmap publisher, Deborah Chaddock Brown, shared this with me: Video and social media without a doubt will continue to grow and as Cisco predicts “65% of all internet traffic in 2015 will be video.” – Social Media Trends for 2014, October 7, 2013.
My response? “I better get filming. And editing!” You can even see from these broadbandsearch.net social media statistics that the majority of the social media content is now video, you may also find some of the other stats interesting!
This morning Brian Hoffman from Killer Infographics shared Your Video Marketing Handbook infograph with me. Note the bottom third of the infograph (before the sources) offers 5 points on how to effectively market and use your video to get the results you desire (my paraphrasing):
- Include a hook
- Appeal to emotions
- Use social networks (try to get a celebrity endorsement)
- Crank out quality on a regular basis
- Use a call to action to get them to the next step
One challenge with marketing with video, similar to many of the other internet platforms, when the video information stays out there on YouTube or Vimeo, things change so rapidly, information quickly becomes out-of-date. You might want to shoot the current breaking news but if you use traditional marketing strategies from years ago, they might make your content a little redundant. Here’s a video I compiled from marketing info that isn’t that old, but many of the stats and images feel “ancient.”
So how will you be using video in the next few months in your marketing? Leave a comment below.