2020 has undoubtedly been an unusual year. The global pandemic had an impact on every business. With the challenges brought by worldwide pandemic, most of the companies had to cut their budgets, neglecting techniques and making business owners to review their methods and prepare for the affect.
As budgets are receiving much needed scrutiny and attention, it becomes essential than ever to maximise impact, even with less to spend. Although 2020 reshaped some businesses and put through test their ability to adapt, many companies witnessed a true value of their marketing departments.
Step 1: Review This Year and Set Your Strategy
Before you can set new strategies in place, it is important to have a look at the current situation. Going through your entire business marketing strategy annually might seem like a lot of work and effort – but it’s worth the time. What goals did you have for 2020? Were you able to achieve them? Which of your marketing efforts are doing well, and which are failing? Where are you getting our highest ROI?
These questions will help you to determine where your focus and your budget should be going as you head into 2021. In the process of setting next year’s budget, it is important to intertwine marketing goals with the overall goals of your company. Marketing plan should be designed with the aim of your business to achieve specific goals. This means that the process of creating your strategic goals and the respective budget should go in line with other departments.
When start planning your 2021 marketing budget, consider preparing it in quarterly increments. It can assist you to maximise your planned expenses, ensuring you are staying flexible and using your resources effectively. It is useful to write each month of the year at the top of a list, then list the marketing tactics you plan to employ during the month underneath it. This process helps you picture how many different marketing activities you’re committing to take on each month.
Besides, potential investors and financial institutions are less engaged in vague and vanity metrics than in revenue and ROI.
Step 2: Review Your Target Audience and Segments
Have you covered your target audience as part of your content marketing strategy? Do you have a clear understanding of whom you company is trying to reach?
Make sure this target audience is clearly defined. Ask yourself:
Step 3: Consider your Brand Foundation
If in 2021 your goals include boosting awareness or generating leads, building your brand is a foundational element in your marketing. Without taking the time to build a brand strategy, the foundation of all of your branding efforts will fall flat. For instance, if you’re having trouble getting traction with your marketing efforts or you’re attracting the wrong kinds of customers, you may have a weak brand that lacks strategic focus.
A well-defined brand strategy can help you to not only better understand your unique value proposition and ideal customer profile but also solidify your mission statement, values, and competitive differentiators.
There are four key ingredients you need for a strong brand foundation:
Although it is impossible to predict what will happen in 2021, we can learn from this year’s planning, and then rely on data to help us invest our marketing dollars in the areas that will maximise our impact in the year ahead.