The Benefits of Sticking to a Strategy
All great marketing campaigns start with a well-researched, informed, and thought-out strategy. Hopefully, this means you have a great product, you have identified and understand your audience, and you know how, when, and where to connect with them. But what happens when you want to branch out to a new audience? Your research tells you that the opportunity for growth is there – but breaking into a new market or breaking through in a new audience is difficult.
Often, that means you need to develop a new strategy for this market, develop a plan with key benchmarks and then commit to seeing it through. Is there an opportunity for failure? Absolutely. But there is also an opportunity to succeed.
For some companies, especially successful ones, embarking on a new strategy and marketing effort can be difficult and nerve-wracking because it takes time for your message to resonate. And often in those early days, when your message is still breaking through the results don’t feel as comfortable as your other campaigns.
The success metrics don’t look the same. The CPC or CPM is much higher than with your current audiences – who are already engaged and primed to hear your message. Maybe your conversions for your new audience are way down when compared to past campaigns. For some companies, or marketers, when the numbers don’t look good, that discomfort is too much and they cancel the strategy within the first few weeks or months.
All great strategies and plans should include or account for the cost of investing in your future. It should include a commitment to sticking with a strategy, not forever, but based on data for a period and a certain dollar figure. This gives you time and autonomy to build your audience, share your message and move the needle on your conversions. Or not.
Very few businesses, products, or services can claim overnight or immediate success – so why are you expecting something different? Remember that a new marketing strategy is an investment in your business, and, like all good investments, they take some time to bear fruit.
If you’re looking for help with a new marketing strategy or breaking into a new market, let’s get started.