Being a company that people talk about is of course the very best marketing. But this often refers to the "art" of business. We still need the science piece.
After all, business is the process of taking calculated risk. And marketing strategy both mitigates risk and leverages it to produce amazing results.
In plain terms marketing strategy is a systematic way to get people to know and like your company or your product. Systematic is the key word here. The following 7 qualities are associated with strong systematic marketing strategy and tactics.
1. Repeatable
That's great that a marketing tactic works once, but will it work again?
One time promotions can be an effective short term tactic, but in marketing...if you have to start from scratch every single time you want to reach more people, well that can be expensive.
Not only that, but some marketing can get less and less effective as you repeat it over and over again. I'd put chronic promotional discounts on that list.
Find a way to do things that work well (and hopefully pay for themselves), when they're repeated over and over again.
2. Measurable
Part of being able to repeat something, is knowing if it worked well the first time around. Feedback from different marketing tactics helps you make decisions on stopping or going.
So what are you going to track? Subscribers? Visitors? Survey results?
Having your employees attend networking events and industry conferences, might feel like a great marketing exercise, but how do you know? What are you measuring?
Pick marketing strategies and tactics that allow you to measure your progress along the way.
3. Flexible
In a dynamic marketplace, flexibility isn't just nice to have, it's a essential. If something isn't working, you need to be able change it...quickly.
Signing up for a lengthy contract with a certain type of advertiser may save some money up front, but what if the competitive landscape in your industry changes overnight and you need to allocate resources to a different type of media?
Now more than ever...leave room for change.
4. Testable
If you're going to fail...fail fast, fail early, and fail small.
Direct marketing is a great example of this. If you send out 1000 mail pieces and nobody responds...well, shut it down...aren't you glad you know that, before you paid for 1 million pieces?
5. Scalable
This is when marketing gets fun. As your marketing does well and yields results, can you make it bigger so it gets more results?
Pay Per Click search advertising is a tremendously scalable marketing tool for some businesses and not others.
If you're a local laundromat in Kentucky, you might be able to adjust your website and campaign just right so that 30% of your Google Ads are converting to customers. That's fantastic!
But how do you scale that? There may only be a small number of people in your area doing searches for laundromats, and that number probably isn't going to explode in the short term. Just because it's scalable doesn't necessarily mean you shouldn't do it...maybe it just means it shouldn't be part of your primary marketing strategy.
6. Variable
Marketing strategies with tactics that are too repeatable, measurable, and testable can be BORING. People like consistency, but they also want something that they don't expect. People like surprise.
So make your marketing strategy multi faceted, and also introduce elements into your marketing strategy that they don't predict. Build it into your plan.
7. Momentum-able
We're talking about acceleration here.
For example, if your marketing strategy involves building partnerships with high schools, does it get easier as you go along?
Is it easier to get the 20th school on board than the 2nd? Is it much easier to get the 200th school than the 20th?
Picking companies that reference each other when trying to figure out what they should do is something to consider, if you want things to get easier in this partnership example.
But generally speaking, some things start out easy and get harder down the road...try to stick with strategies that do the opposite.
This list isn't exhaustive at all. Can you think of any others that could be added to this list?