Building the annual marketing plan is never easy and with fast-moving new ad-formats and platforms, it’s becoming increasingly difficult. You need to take into account business goals and objectives to create a marketing strategy based on how to reach those.
It’s easy to either make the plan too complex and not actionable, or too rigid so it doesn’t allow for changes during the year. This depends on the industry and pace of change. How fast are channels, goals, and formats changing? These are factors that affect how much flexibility you should leave in the budget allocations and the marketing plan.
Building your marketing strategy with marketing attribution can make it easier.
1. Business Objectives
Sometimes, your marketing goals could feel like a random guess. That’s why they to be tied to wider business objectives and strategy. This involves having the right data to start with and communication between all departments.
Essentially, your marketing strategy should start from the main goals. Which are the goals and KPI’s the company wants to hit in the coming year? For example, the goal might be to double revenue or increase profits by 30%.
Less tangible goals could be for example:
- To increase transparency in the spend and the marketing budget.
- To gather more data for enabling learning and future optimizations
2. Marketing Priorities
After the business objectives are established, you have to prioritize. The marketing team has to decide and estimate where they can make a significant impact.
This involves communicating across teams and decision-makers and taking a closer look at your resources. It’s better to focus on priorities than spreading resources. In other words; it’s better to do a few things right than a lot of things poorly.
It’s important to be realistic about your capabilities. If it takes on too much there is a risk that no goals will be achieved as the efforts are spread too much.
3. Marketing Goals
Your marketing goals are slightly different from business goals. These are tactical and quantifiable priorities that define what you will do to support the wider business objectives.
There are mostly four different categories of goal metrics: Impact, Output, Activity, and Readiness.
The impact is how much it affects the business goals.
The output is the result of actions.
Activity is the amount of activity
Readiness is how ready the marketing team is to perform.
This might be more tricky to define but once you do, you can move on to the building your marketing strategy.
4. Marketing Strategy
How will you reach prospective clients and how do you convert them into customers? Which channels are you going to use?
You probably already know that it’s not possible anymore to reach your goals using just one channel. So you’ll have to go multi-channel. But how do you know which ones?
To be able to formulate a good and realistic marketing strategy in-depth understanding of the customer journeys are needed. You’ll need to know which channels are the most cost-effective in different stages in the funnel.
You probably have some of the data to help your decisions already. First-click, last-click, and some multi-touch you can find in Google Analytics, Facebook Ad Manager, etc. But building a multitouch attribution, that takes into account all touch-points so you can see what works best, is not that easy.
That’s where Windsor.ai can come in to optimize your marketing strategy with marketing attribution.
You can see which and across which channels customers reach you.
5. Key Actions
Both in terms of resources and marketing investment, you’ll need to find out the key actions.
What are the actions necessary to reach the goals?
How often will the plan be adjusted?
If you advertise mostly online and the marketing team is working fast as well, you can optimize it as you go along. On the other hand, if you, for example, run tv-ads you can only adjust and optimize it in slower cycles.
Most of our clients work on a weekly or bi-weekly optimization cycle.
In today’s world when marketing is becoming more technical you’ll have more challenges to consider when you are building your marketing plan. But starting from the business objectives, taking into account the resources and forming the marketing goals will lead you to the best results.