Marketing Strategy: Know Your Positioning. Get Clarity. Analyse.
I created Midas Digital so that I could become and exemplify the results-driven attitude towards B2B marketing strategy, something that I had always wanted to see in other marketing agencies. My focus is on my clients, of course, but it is also on growth. Successfully marketing for clients means natural growth for my agency so you can see why it’s important.
I’ve been working in marketing for well over a decade now, run multiple businesses both from startup to take over’s and I don’t see myself stopping anytime soon! I’ve worked in almost every sector of marketing that you can think of – ever since my first job in a phone shop, I’ve been fascinated by strategy, self development and what it takes to drive real business growth!
I am always asking myself how we can grow together and better ourselves and my team as an agency. I also understand the importance of learning as much as possible about my target market to market better and more appropriately…and simply put it’s not easy!
What’s intrigued me is just how many times I was asked this question: “Where do I start with my marketing?” If you have ever asked yourself this question, if you are currently looking for your answer, read on!
Why do you exist? Be Clear and be certain!
Setting yourself a goal is a big deal. In life or in business, once you have a goal set in your mind you should be completely driven towards it. You need to make sure you understand how you will get there and why you want to get there. Clarity at this stage is vital, and comes from what I like to call “current positioning”. To get clear on current positioning you need to understand why your business exists and why you do what you do, other than for profit.
For me personally, my current positioning was centred around passion. I wanted to use my drive and my skills to help our clients with marketing that provides not only measurable results, but measurable growth as well.
Often we enter into business of the back of a passion but sadly sometimes the opposite is true. If you are going to enter into a venture first isolate that which drives you. It is the answering of this driving force that must manifest itself in the marketing that you do!
You should be able to write down in one or two sentences what you stand for. This will help you gain clarity as well as purpose and direction. Below, I have listed three questions that you should ask yourself:
- What do you do and what are your core competencies? – We all have something to offer our customers, if we didn’t we would never have been able to take those all important first steps! Think long and hard about which of your services provide the most value to your customers, and why. Are there any segments of marketing that you have specialist knowledge in? Could you become more of an expert in your field?
- Who do you do it for? – Is your product or service designed specifically for someone? The more specific and targeted you can be (in regards to service construction and marketing) the greater your chance of achieving success in your endeavours. You need to paint yourself as a specialist answer to a n obscure question.
- How do you do it? – How do you/how are you going to achieve the results you crave?! If you cannot yet answer this question then you need to get more specific. Chose an avenue, stick to it, learn it and eventually you will master it. One challenge at a time, one “How” at a time – do not bite off more than you can chew – we only have time to chew so much at any given moment!
This list of questions is by no means exhaustive. If you can, ask yourself more.
It’s all in the positioning
The official definition of a positioning statement is this:
“An expression of how a given product, service or brand fills a particular consumer need in a way that its competitors don’t. Positioning is the process of identifying an appropriate market niche for a product (or service or brand) and getting it established in that area.”
Positioning is a broad term, but it can be made simple with ease, if you know what you are doing. To get you started, I’ve included this draft template for your positioning statement:
This is the perfect beginning to your positioning statement. At this stage you need to keep it simple and once each box has been filled in, THEN you start to explore your answers. Never be afraid to ask yourself why you have chosen a certain answer. Always be prepared to critique yourself. This is how you get those perfect 10/10 answers, which will then give you that perfect marketing strategy. We suggest copying this template onto your office whiteboard, failing that, copy it onto an A1 piece of paper. Make sure every single member of your team is up-to-speed on your positioning statement, this way, everybody is working towards the same goal.
Don’t be afraid of analysis
A marketing strategy would not be a strategy without analysis. Once you have devised and then implemented your campaign, you need to learn what has worked and what hasn’t worked. By doing this it means that you can DEVELOP, EVOLVE, and GROW. Your marketing strategy will get better each time you analyse. You must be measuring these metrics. In my experience these are the top 7 KPI’s to measure and learn:
- Sales Growth – one of the easiest methods of measuring success is the sales revenue metric. This gives you an obvious insight into the most important statistic of all – profit! This also serves to give your analysis a direction, do you investigate why you are suddenly seeing an unprecedented spike in sales revenue? OR do you investigate why you are experiencing a drop in sales revenue? Either way, measuring this statistic will without a doubt give you valuable knowledge that you’ll carry with you throughout your analysis.
- Leads – leads are what keep the heart of your business beating. The more leads you have the more sales opportunities you have. If you are lacking in leads – or if your leads are stagnating, ask yourself why, identify the problem and then take steps to rectify the issue ASAP.
- Website Traffic – Website traffic itself can consist of a whole host of different and equally measurable metrics. Things such as sessions, users, page views, pages per session, average session duration, bounce rate and others are all vital providers of information. You should utilize specialized tools to make the most of this data, Google Analytics for example, has literally been built for this type of analysis.
- Website Traffic to Lead Ratio – this KPI begs the question “of all my website visitors, how many of them go on to become leads?” It allows you to examine not only the quality of your website traffic but the conversion rate of your website as well. It will highlight potentially ineffective pages, which you can then adapt to fit your analysis!
- Social Media Reach – Your social media marketing strategy must be forming a large/very large part of your marketing plan. By monitoring this KPI carefully, and consistently, you can learn exactly how you and your business fit into an ever changing online social world. You need to make sure that your brand is doing exactly what you want it to do, when you want it to be doing it. Keep a close eye on social media reach (your followers and how many likes your posts get) as well as social media post engagement (how many people like AND share your posts online).
- Landing Page Conversions – a landing page is your most effective way to capture crucial lead form information, such as contact information and lead interests. These pages therefore are a vital piece of your marketing plan. If they aren’t working for you then you won’t be getting the leads that your business needs to sustain consistent and effective growth. You need to be assessing the amount of people who are visiting your landing pages (and how they are getting there) and you need to be making sure that the pages you implement are CONVERTING. If they aren’t, change them.
- Blog Post Visits – Keeping yourself in the know when it comes to your blog post performance is a great way to gauge what your customers are reading/what they like to read. If, for example, a blog post on a particular topic is outperforming the rest, then it would be an excellent idea to keep creating blogs that adhere to the topic that is succeeding. This way, you may well sharpen your hold on a particular niche.
Other industry specific KPIs exist – Do not limit yourself to these seven!
This is just an entry level guide to the big wide world of digital marketing. It is a massively complex entity and once you are able to understand its many facets then you will without a doubt achieve the success that you have been wanting! Let us help you to get one step further along your marketing journey. Download our worksheet to self evaluate your digital marketing using both quantitative and qualitative data – combining these two allows for a deep and comprehensive exploration of your own marketing techniques! Again, I say, never be afraid to ask yourself why you have chosen a certain answer. Always be prepared to critique yourself. Good luck, and remember, never lose sight of your goals!