We recommend Porter’s 5 Forces, a SWOT analysis, an Ansoff Matrix Analysis, a PESTLE analysis, the STP Framework, and the Marketing Mix (also known as the “7 Ps of Marketing”). You can also use marketing models to analyze why they are successful. Note any tactics and messages they use, along with when and how frequently they post. Make sure you also analyze your competitors’ marketing. Social media platforms (according to Statista, the most popular are Facebook, YouTube, WhatsApp, Instagram, WeChat, and TikTok).Website marketing (including content marketing).Here are some marketing channels you should look at: Now that you have a clearer picture of who your audience members are, spend some time researching how other brands market to them online. What motivates customers to continue purchasing from us?.Why did customers choose us over the competition?.What do customers like about our products and services?.Who are our most profitable customers? Who are our most unprofitable customers?.It will also help to brainstorm answers to questions like: It might help to create a marketing persona like this one: In that case, start by defining your target audience.ĭon’t write “the general public” or “locals.” You should be specific about the characteristics of your target audience, including their age, gender, interests, pain points, motivation, experience, industry, and expectations. You may already have a clear picture of what these projects will be (in that case, skip to “Choose Your Marketing Channels & Tactics”). With your basic expenses accounted for, you need to start thinking of the extra costs you’ll incur for marketing projects. If we extrapolate this figure to 12 months, CoSchedule needs a minimum of $370,080 for marketing annually. In that case, CoSchedule’s monthly marketing operational cost would be $30,840. $650 for Search Engine Optimization (SEO) and content explorer tools. $150 for social listening and social media tools.Special projects like the cost of product launches or channel-specific projects don’t belong under the “operational” umbrella - we’ll account for these later.įor example, let’s say that CoSchedule incurs these costs monthly: These expenses include the cost of marketing tools, website hosting services, marketing team member salaries, and paid WordPress themes. These costs are all the basic things you need to pay for to keep the marketing department running. Next, you’ll need to estimate your monthly marketing operational costs. Recommended Reading: How To Set SMART Marketing Goals You Can Achieve Estimate Your Monthly Marketing Operational Costs You may need to sacrifice one goal so you can afford to reach another, so know in advance which goals are “musts” and which are “nice to haves.” Once you have a small list of 3-5 goals, prioritize them. Increase the number of free trial users with Paid-Per-Click (PPC) ads.Expand your email list to consumers in the U.K.Improve social media Click-Throughs with a dedicated Instagram strategy.Increase organic website traffic with content marketing.Here is a short list of possible goals to get you inspired: How will you boost revenue? What strategies will you use to increase sales? Every marketing department aims to “boost revenue” and “increase sales,” for example, and these goals don’t give you much direction. Doing so will help you estimate the types of expenses you will incur.īe specific with your goals. Identify Your Marketing Goalsįirst, you need to identify your marketing goals for the year. Now that you know what a marketing budget is and why you need one, here’s how to calculate how much you need in your annual marketing budget.
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