It’s not every day that a company finds itself with a windfall. But, when it happens, it’s almost always a good idea to put it toward marketing. Here are four ways to put that extra cash to good promotional use.
- Make a customer profile
Define your customer, including demographics, geography, and other attributes, such as financial profile, challenges, motivations, locations they visit, web searches they perform, and any psychographic characteristics. Then, with this intelligence, create a persona. This task involves the entire team and helps them understand the community of people you intend to reach.
Use all of the tools at your disposal to create this customer profile. Aggregate any data you have such as email lists, and analytics related to website activity. This is your valuable infrastructure. Review your existing customers and understand how long it took your customers to purchase, why they purchased, the challenges they solved when they purchased from you. You may also explore the size of their orders and whether there were trends over time, as well as customer satisfaction levels. Examine the particulars of transactions-;how and when did they buy from your company?
Think about the persona that emerges from this data and how they make buying decisions. Define the purchase process so you know what you want customers to do when they see your messaging. With this knowledge, you’ll develop ability to create messaging that inspires your clients to take action.
- Create a plan
Once you’ve gathered this critical information, use it make some decisions. Who is your target audience? What is the best way to target them? What can you expect when the marketing is deployed? How will you measure success?
Create a structure for your campaign targeting, including details on who you’ll target, how you’ll reach them, and what you expect to happen when the marketing is running. Test out what you think will happen, and by making this determination you’ll know if you are succeeding or failing.
Finally, consider whether you want to budget the money over a longer period of time or if you want to blitz the market with messaging. Depending on your goals, you may decide to employ different strategies. If you have time, it may be a good idea to focus on value-driven content marketing. If you have money, focus on advertising.
- Put that strategy into action
Once you’ve deployed your strategy and the messaging is out in the marketplace, you’ll want to track what’s working. Study the analytics to learn more about your business and the type of messaging, imagery, and media that work. These are critical factors that allow you to adapt and improve and, ultimately, drive success.
Repeat this process until you have a methodology that you can rely on that brings you the success you are seeking. Over time, you’ll build powerful marketing insights that will help you grow your business.