At the beginning of the last quarter, marketing teams are crafting the perfect strategy that will be implemented for the following year. It’s essential to craft a marketing strategy that is aligned with the business and its goals for the year.
In the past few years, more and more marketing experts’ transition from traditional to digital marketing. Whether you’re into digital marketing already or looking for ways to be more familiar with it, this article is good for you.
The marketing strategy will vary depending on different factors that include the type of business, marketing trends, and the target market. If you’re a professional marketer, measuring the results of the strategies or methods is important. But, for the novice in the world of marketing, here’s a list of the effective questions and ways to measure the success of your strategy and how you compete professionally.
Does it match your company’s objectives?
A digital marketing strategy needs to be aligned with your company’s objectives. The goal of the marketing strategy must be directly correlated to the overall objective of the company.
For instance, your company may aim for the following: profitability, liquidity, efficiency, and stability. These goals primarily focus on the financial aspects of the company.
What’s your backup strategy?
The alphabet has 26 letters. If the strategy A didn’t work, don’t fret! You still have 25 letters left.
No matter how solid your marketing strategy seems like, there can still be hoops and loops along the way. In addition to that, it has a tendency not to match the needs of your business in the long run. Thus, having a secondary or backup strategy is important for the continuous success of the business.
In all businesses, continuity of operation is also important. The company must be able to surpass an unnecessary event no matter how disastrous or big is its impact. In instances like this, a backup strategy is a handy tool to keep the company thriving.
What are the channels you want to track?
List down the channels you want to reach for your marketing strategy. Determine what the channels you want to track are and how you’re going to track it. When measuring the marketing strategy, it is best to rely on systematic methods for a well-documented approach.
What is the marketing metrics you want to measure?
Specifying what are the marketing metrics you wish to measure is tantamount to the effective measurement of marketing strategies. Some of the most common key marketing metrics that a marketer should measure are Marketing Qualified Leads (MQL), Sales Qualified Leads (SQL), Funnel Conversion Rates, Brand awareness, Customer engagement, Marketing spend per customer, Return on marketing investment, Lifetime value of a customer (LTV), Customer acquisition cost (CAC) and Customer Retention.
To sum it up, measuring the success of your marketing strategy, both traditional and digital efforts, is an important factor that shouldn’t be set aside. In order to determine your strategies’ success, practice quarterly evaluation and check the factors that will affect the business process.