5 Questions For Building the Right Marketing Strategy and Plan that Drives Business Growth

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5 Questions For Building the Right Marketing Strategy and Plan that Drives Business Growth

 

To create business growth, you need to constantly test new strategies and tactics. This article will provide you with everything you need to know about testing your marketing strategy and driving business growth, along with questions to ask to help identify gaps in your current strategy and marketing process. 

Let’s take a look at 5 questions that you should ask to build the right marketing strategy and plan.

 

What is your market’s consumer behavior?

Understanding consumer buying behavior is crucial to creating an effective marketing strategy. When you define your target market and start to analyze your customers, you’ll be able to see how they are currently finding and purchasing your products or services, which marketing channels they’re using, and how much they’re spending. By analyzing your target market’s buying behavior, you’ll be able to determine where your customers are most likely to shop and how much they’re likely to spend.

 

Questions to Ask:

Do you have an ICP (Ideal Customer Profile)? Do you know who they are, what they do and the major pain points that your product or service solves? 

Having an ICP in mind is crucial to developing your market analysis. If you don’t know WHO you are going after, you can’t find the specifics of their behavior.

 

What is your company’s biggest opportunity?

Analyzing your company’s biggest opportunity is a great way to identify the marketing channels that will drive the most sales and grow your business. By focusing your marketing efforts on the product or service that is generating the most revenue, you’ll be able to enhance your marketing strategy and drive business growth. 

 

Questions to Ask:

What is your company’s biggest opportunity? What product or service is generating the highest sales and bringing in the most profit? 

If the product or service that is driving the most revenue is sold online or through a physical store, you’ll need to focus your marketing efforts on that particular channel and use the right marketing plan. If your company’s biggest opportunity is to sell more products through an existing channel, you’ll need to focus on enhancing your marketing strategy and driving business growth by driving more sales through your current marketing channels.

 

Which channels will provide the best ROI?

One of the biggest advantages of creating or updating a marketing strategy is that you’re able to invest in proven marketing channels that provide a high ROI. By analyzing the marketing channels that currently drive the most sales for your business and the marketing channels that your customers prefer, you’ll be able to determine which channels will provide the best ROI. By doing this, you’ll be able to narrow in on what works and drive compounding growth. This is because you’ll be able to maximize the amount of money being spent on marketing by focusing on the channels that provide the highest ROI. 

 

Questions to Ask:

What are the marketing channels that currently drive the most sales for your business? Do your current marketing channels provide a high ROI? Are you confident in the data that you have? Is the data or information you are collecting clear as to what the results are?

Based on how you answer the above questions, clarify data and continue with high ROI marketing channels while testing new opportunities.

 

What is your marketing budget?

Before creating a marketing strategy, you’ll need to determine and have a definitive marketing budget. This is key to knowing profitability, a sustainable plan, and what marketing channels will provide the greatest results for your business. By focusing your marketing efforts on the channels that provide the highest ROI for your business, you’ll be able to enhance your marketing strategy and drive business growth. 

Questions to Ask:

What is your marketing budget? How much are you able to spend on marketing? If you have a large marketing budget, you can explore a wider range of marketing channels. If you have a small marketing budget, you’ll need to focus on marketing channels that provide a high ROI.

 

Create an actionable marketing plan.

Once you’ve answered these 5 questions, you’ll be able to create an actionable marketing plan that outlines the details of your marketing strategy. By outlining the details, you’ll be able to make sure your marketing efforts are consistent and effective.

Your marketing plan should include a wide variety of marketing activities, including social media posts, advertisements, and emails. By outlining the details of your marketing strategy in a marketing plan, you’ll be able to enhance your marketing strategy and drive business growth.

 

If you need help creating a strategy or plan, or need help evaluating your current plans, contact us to set up a free consultation to see how we can partner with you.[/vc_column_text][/vc_column][/vc_row]