The development of a good marketing strategy is an essential part of modern public facing business practice. In this article, we run through some of the most important aspects of marketing strategy that Welsh business leaders need to consider if they want to succeed.
Market Segmentation
Before you can even begin trying to develop a marketing strategy, it is essential that you segment your potential target audiences. The more you find out about your target audiences, the more you can separate them into distinct groups that can be marketed to specifically. Agencies like Level Marketing help businesses to conduct the research necessary for effective market segmentation.
Mobile Compatibility
According to figures collated by Statista, over half of the world’s internet traffic is mobile. It is vitally important that all marketing materials online are completely mobile compatible. Mobile compatible websites are fully scalable, have simple and accessible design, use up very little memory and contain links to app store products and social media pages. Even the most old-school Welsh business should make sure that all of its online marketing materials are mobile compatible.
Key Performance Indicators
All business leaders should be prepared to take an honest look at how their marketing strategies are performing so that they can make positive changes. Key Performance Indicators are metrics used to measure the success of marketing strategies. They are used to track the progress of marketing objectives and determine if they are being achieved effectively. Common KPIs in marketing include website traffic, conversion rates, customer lifetime value, customer acquisition cost, return on advertising spend, email open and click-through rates, and social media engagement. The KPIs chosen depend on the specific marketing goals and objectives, and the data used to measure them is collected through various analytics tools. By regularly monitoring and evaluating KPIs, businesses can make data-driven decisions, refine their marketing strategies, and achieve better results. It’s important to note that KPIs should be specific, measurable, achievable, relevant, and time-bound (which can be remembered using the acronym SMART) to ensure they are meaningful and actionable.
If you develop a marketing strategy without considering the KPIs, you are likely to ‘run down a dead-end street’, so to speak. Never market blindly.
Reactive Marketing
It may be worth incorporating reactive marketing efforts into your overall marketing strategy. Reactive marketing refers to a marketing approach that responds to the changing needs and behaviours of customers in real-time. It focuses on quickly adapting to new market trends, consumer behaviours and events as they happen – and adjusting marketing strategies accordingly. Reactive marketing is useful to businesses as it enables them to respond to changes in the market and consumer behaviour in a timely manner, which helps them remain relevant and maintain a competitive edge. For example, if there is a sudden increase in demand for a particular product or service, a business using a reactive marketing approach can quickly adjust their marketing campaigns to capitalise on the trend. Additionally, reactive marketing can also help businesses avoid wasting resources on ineffective campaigns or strategies. By being flexible and responsive, businesses can make the most of market opportunities.