How can you be sure that you are focusing your resources in the right areas, for an effective marketing strategy?
This week, I wanted to share with you some insight from a recent meeting I had with a client, with regards to his marketing efforts over this challenging period.
At this time, it is important not to create too much variability in your strategies and to focus on your rocks, the ones you can truly rely on. There is already too much variability out there, in the market.
How do you take that decision? That’s what I want to walk you through in my video this week.
If you would like to hear more about this please feel free to get in touch.
Best Marketing Strategy for Business Growth
What I am going to share with you today, is very hot off the press and once again, the disclaimer is, that these are completely my thoughts and my way of looking at things.
Recently, I had a question, from a top executive, asking, “What should be our best way to dedicate our marketing resources in terms of budgets, in terms of talent, to ensure that we are generating the right kind of business and the overall business meets its financial objectives?”.
Why this question was asked was because the next few months, in this economy, is going to look very similar to the last few months. The economic situation, the global health situation is going to be tough.
It is a very pertinent question, and I want you to pay attention to what I am about to say because it might be contradictory to what you are hearing or what you think and that’s absolutely fine. At the end of the day, it is about getting different perspectives, so you can make the best decision for your unit, for your organization.
What I mentioned to this executive, was really this, saying “Go back. Look at the last few months and see where you are getting your business from, your enquiries, your leads from. Where is your marketing department getting that business? I’m assuming that those channels have not substantially changed compared to a pre-Covid situation.”
He very confirms, “You’re right. We know our top two channels and they have been consistently performing, but then there have been other channels as well, where they are becoming green shoots and we are seeing some traction. At the same time, there are other channels, which are not very effective these days.”
Great, so he had his top channel, which is actually consistent. It could be that less lead flow is happening from that channel but that is still the top channel.
Look, you have an option of now going after 10 different strategies and trying to throw stuff at it, hoping that something will stick and that is one way of looking at things. But my viewpoint and my philosophy here is that you should be looking at your top strategy. That’s exactly what we’re doing in our businesses and helping clients accordingly.
Because that is proven pre-Covid and even in these times you can see that you are getting the enquiries from. You should go times 10. You should go times 30 if you can really focus on one strategy and scale it up to no limit because you know that you get a positive ROI.
It could be that your return has dropped but you know you get positive ROI on that strategy.
And to that, he said, “Oh, okay, because we were kind of coming up with all the different strategies that we should be trying.” I said, “In these times, the main job of the top executive, is to reduce the variability as much as possible because there’s already so much of variability happening in the external situation.”
How do we limit variability? How do we ensure that we are creating consistency in our marketing approach in our communication to the marketplace? Follow through your proven strategy, your proven channel, but then really apply yourself to it.
If, for example, you were doing email campaigns which were only to ‘X’ number of data points, make it 10 times that number.
Buy a database, gather a database, get some alliances done, where you can share the data points.
If you were looking at doing social media channels then see how else you can actually expand or amplify your marketing channel.
Then he replied, “How about the things which are showing some green shoots, Shweta. Should we not follow that through at all?” .
I said, “As a simple measure, a rule of thumb is that you have your top strategy and you go times 10, times 30 on that. Really see how we do better, to get better returns and better results. And then take a second strategy, that is it.”
Just have two strategies. Take the second strategy, either it is the second proven strategy or the one which is becoming a new strategy, especially in these times. And then you start testing that. You start seeing what kind of numbers you are getting on this, what is the kind of return you are getting. Get your measurable marketing objectives in place, your MMO.
And then, if it is not working to the right level, bin it.
Because if you are saying yes to this strategy then obviously, you are saying no to your first strategy, in terms of the resource deployment. So, bin it.
Maybe then add another strategy there, to test it. At any given point of time, you are looking at two strategies.
One is the main one, which is the amplification, times 10 times 30. See how we make it better, how do we get more returns and more scale on that.
Then you have the second one, where the testing is happening, you are trying it out. If it works great, if it is giving you a better return than the first one, then great, let’s deploy resources there.
If not then remember, your job as an executive is to also be very conscious of your resource deployment. It’s the allocation of assets, where do you allocate assets, so that you’re generating, you’re maximizing the return in your marketing department or in your organization.
I hope that helps. The job right now is to reduce variability, to work with things which are consistently delivering results. If the return has gone down because of economic reasons, it does not mean you quickly jump to something exciting, something untried, because you think or you hope that it will give you better results. The objective is to make the first one better, do the scaling factor because you know that it is giving you returns.
As I said, it might be contradictory to what you have been hearing or reading or what you think, but it is all about trying different perspectives, it is all about thinking differently. And then really seeing, what will work in my business, with my current resources and how best am I supposed to be allocating my attention and my resources, to get results.