A well-defined marketing strategy is a must have for any project regardless of size. If you want to drive your project forward a competitive advantage and a decisive roadmap is required, as this will set you apart from your competition and help you achieve desired goals.
Here are EIGHT steps in driving your project to a successful outcome.
ONE: Know your product. Familiarise yourself with what you are selling. If it is an apartment block, for example, know the intrinsics. How many apartments, how many bedrooms per apartment, do the apartments have ducted or split system air conditioning, what facilities are available in the apartment building, is there any NDIS provisions… and the list goes on. By knowing your product back to front you will have a clear path forward in knowing how to market your commodity and have the correct information ready to implement. Expertise and knowledge is your most valuable tool.
TWO: Identify your target audience. Delving in and getting down to the nitty gritty of data research is a must for a successful marketing campaign. By effectively identifying your target market it allows the marketing management team to focus their efforts and customise their messaging to an area that is receptive to the product at hand. When you build a brand with a well-defined target audience you are more likely to deliver a product that resonates with a selective pool of customers who are genuinely interested in what you are offering.
THREE: Research your target area. Knowing your target area is key to an effective marketing campaign. Thorough researching involves studying other similar products that are available in the market; discovering if these similar products will be direct competition to the project; evaluating price points that are already existent is the area; and most importantly understanding what the target area needs – are there any gaps that can be filled or unmet niches. By both aligning the campaign but also differentiating opportunities with this research it enables more positive traction and genuine interest.
FOUR: Determine the marketing budget. By setting an early budget it allows for marketing resources to be allocated and balanced effectively. Budgets help prioritise marketing by enabling strategic channelling of resources to varying avenues. Creating a marketing budget sets a clear and decisive path, as without this clarity the marketing campaign can fall short and targets won’t be met. Strategies should be flexible and accommodating to changes, and plans need to be detailed on daily expenditures. Not all projects will need the same level of spend, this is why it is important to sit down with relevant stakeholders and take the time to create a customised approach to maximise return.
FIVE: Create Brand – Create a brand or use an existing brand and stick to it. By creating a distinctive brand, you essentially create a unique identity for that product. This identity provides recognition and this recognition allows your product to stand out from any competition. Brand marketing and the managing thereof creates a polished appearance which engages and grabs the attention of your potential client or customer, building trust and reliability at every touchpoint.
SIX: Create a strong marketing plan that is both achievable and functional. A well-defined marketing plans needs clear goals. It also needs to be achievable in the sense that the goals which are detailed need to be reasonable and level. By understanding and creating a marketing plan that is realistic to business resources, time frames and capabilities it allows for a stronger and more cohesive approach. Setting Key Performance Indicators (KPI’s) provides essential information and direction when creating a marketing plan. By focusing on more targeted initiatives and monitoring these KPI’s the desired plan will be more achievable driving a more successful growth for your project.
SEVEN: Create a strong and authentic presence. By creating compelling and authentic content that your target audience can relate to, you are more likely to be successful in your overall marketing campaign. Customising content, both of traditional formats i.e. brochures, mail and the like, and digital forms whether it’s social media updates, web pages or blog posts, creates a stronger presence and increases conversion rates.
EIGHT: Continue to manage and measure results – Once a campaign is set in motion it needs to be continually fuelled to ensure the ongoing momentum. Use of metrics, evaluations and timeframes are all essential in providing a clear picture for outcomes. There are numerous KPI’s that are relevant in this ongoing marketing management – Return on Investment (ROI) is one of the key indicators as it provides a clear measure on the project’s profitability and efficiency. Calculating ROI can benefit the project by highlighting areas that are both positive and negative enabling the ability to pivot and make changes and informed decisions where relevant.
In a nutshell successful marketing attracts a new target market, creates customer/client loyalty, solidifies a trusted brand and in turn creates leads and sales for your product. It creates a much-needed awareness and is, all in all, the foundation of success.
