In this Marketing lesson, I explain how to define a strategy into three distinct strategies, including business, customer & marketing.
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All right. So, because online marketing is so broad, it's easier to look at your overall strategy as three distinct strategies that all share a common goal. These strategies cover your business, your customer, and your marketing, and having a clear and well thought out strategy keeps you focused and it serves you as your roadmap, as you explore new marketing channels.
Now there isn't a one size fits all solution here, every business needs to create its own strategy. If you're selling custom t-shirts to sports fans online, your plan will bear little resemblance to a local restaurant. Your strategy will vary, but the focus is always to create shared value.
Shared value is when the goals of your customer overlap with the goals of your business, your entire marketing strategy should be built with shared value in mind. Forget for a moment that you're selling a product or a service, and instead adopt the mindset that you're selling an experience. That experience will contribute to your marketing success.
The first of our three strategies is business strategy. We want to identify the mission statement, objectives, value proposition, and elevator pitch. These four elements help focus our attention and they'll make it easier as we look at our customer and marketing strategies. But before we get there, we need to cross the basics of the list. Is your business digital? Do you have the right structure in place? Will your online marketing efforts fit into your existing process? And, do you have the time necessary to maintain your strategy? You can only plan an effective strategy. If you have a clear understanding of your business from the start, you need a big picture view to determine wich route makes the most sense.
So, for the stream VR, our objectives are to gain paid monthly subscribers, be a one solution stop for entertainment. And receive validation from the tech community. All right. So by now we've got a good understanding of our business, but now we need to understand who our customer is and where we'll find them.
With our customer strategy, we're trying to do two things. The first is to reach the correct audience. The right audience will have the best return on investment. The second is to understand that audience really know what it is that motivates them. We want to understand where we'll find that audience or more specifically what marketing channel we can leverage to connect with them.
For the stream VR I'm going to put my efforts into two different audience, males age between 24 to 35, who are interested in gaming. And females age 24 to 35, who are interested in movies and TV shows. We could even get more specific if we needed to, but this is a solid starting point.
Next we need to put ourselves in the mind of the target audience. We also want to identify what channels this audience is using. Is it social? If so, what network? Is it a blog? Are they likely to be searching on Google, or visiting a particular website? We'll look at the key performance indicators or KPIs. These will be what you're measuring. It could be how many people subscribe or how many people visit your website.
Let's create a target. What are you trying to achieve? For stream VR, we'll assume that they want to get 50K paid subscribers in three months. So take your time and think through your core demographic, the goals for each and what your final target is.
Now that we understand our business and our customer, it's time to identify by how we're going to go about our online marketing.
So our marketing strategies will be focused on our customer segments. And from here, we're going to look at all the channels we intend to market on. Now, at this point, you might not have a sense of all the channels you want to use and that's okay. Take an educated guess for now and then refine this plan as you continue through your strategy.
For these segments, I anticipate marketing on Facebook, Google ads and the Google display network. It's important to be flexible as you collect more and more data, you'll be able to get closer and closer to your real target. You may also learn that your plan was too aggressive or maybe it's even too conservative.
There is a lot to think about when building your marketing strategy. Spending time doing research to further understand your business, your customer, and the marketing channels available to you is key, so all in all your marketing strategy is the final piece of this puzzle. Build it last and revisit it often.
In the next video, I want to go over the importance of search engine marketing. Let's take a look.
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