Monday, 19 October 2020 10:31

A 4-Step Guide To Develop Your Best Denver Marketing Strategy

It should go without saying that marketing is incredibly important to the success of your small business. Without the right marketing measures in place, you’ll fail to attract customers for your business. But that doesn’t mean any old generic marketing campaign will do the trick. Your tactics need to be well-targeted and appropriate for your business. And it’s not always easy to develop a campaign on your own. As Denver marketing experts, we’re here to help you navigate the right path towards marketing success.

Create Your Ideal Denver Marketing Strategy In 4 Simple Steps

Today we’ll break down effective marketing strategies into simple terms and determine which steps you need to take to create the ideal marketing strategy for your business.

Step 1: Determine Your Marketing Budget

Whenever we bring on a new client at our agency, we always ask the question: “How much are you willing to spend on your marketing on a monthly or annual basis?” While you can adjust your marketing spend in the future, it’s better to establish a reliable budget right from the start. An appropriate marketing budget must be (1) sustainable, (2) realistic, and (3) based on reliable data.

Unfortunately, many business owners only have a rough idea of their marketing budget. When you aren’t prepared with the right numbers, you may risk wasting your funds which will ultimately impact your bottom line. You need to think critically about your business and your current profit margins.

When you determine your marketing budget, you should take into account the state of your brand. More specifically, how long have you been in business? As Entrepreneur Media notes, newer companies (in business for 1-5 years) may want to put larger percentages of their revenue towards marketing than established companies that have been in business for longer than 5 years.

At FiG Advertising + Marketing, we recommend most small businesses allocate up to 20% of their annual revenue to their marketing strategy. We’ve found this percentage generates the maximum ROI possible when utilized strategically. Of course, this percentage can change depending on the situation. Some well-established companies can achieve great results by allocating 10% or even 7% of their revenue to marketing.

Step 2: Understand Your Target Audience

Your products or services are not designed for everyone. There is likely a specific audience of consumers that benefit the most from your business and are more inclined to become recurring customers. It’s time to think critically about your ideal target profile, who they are, and where you’ll be able to reach them effectively.

Many business owners will breeze through this step with an unrefined target audience like “Gen Xers,” “stay-at-home moms,” or “anyone interested in our services.” These kinds of general target audiences simply won’t do. As other marketing pros at Inc. note, your target market needs to be clearly defined so you know exactly where and how to market your company.

To develop a clear picture of your ideal audience, you need to:

  • Examine your current customer base - Are there any common characteristics or interests among your customers?
  • Review your competitors - Who are they targeting? Is there a niche market that they’re overlooking?
  • Consider your services/products - How are your offerings valued by your current customers? What features are most appealing to them and how are they used?

Once you have a more well-rounded picture of your target audience, you’ll be able to move into the next step of building your strategy.

Step 3: Pinpoint The Right Marketing Methods

Now it’s time to determine which marketing methods will deliver the biggest bang for your buck. This step is a critical point in your marketing strategy because if you select the wrong marketing methods, you may risk wasting your funds for a minimal return. At this point, you’ll need to carefully evaluate your options across traditional advertising methods and digital marketing channels.

Even though digital advertising is gaining popularity in the industry, traditional media can still deliver effective results. Some of the most common forms of traditional advertising include:

  • Print mediums (magazines, newspapers, etc.)
  • Broadcast advertisements (radio, TV, etc.)
  • Outdoor (billboards, flyers, etc.)
  • Direct mail campaigns (postcards, catalogs, etc.)

On the other hand, digital mediums are becoming mainstays for virtually every kind of business. The most frequently utilized methods of digital marketing include:

Traditional vs Digital Marketing

So, which methods are best for your needs? It’s a difficult question to answer since it depends heavily upon your target audience, your goals, and your industry. Both traditional and digital marketing methods come with their own sets of pros and cons. For instance, these methods can often conflict when it comes to:

  • Control Over Timing - Once your traditional advertisements are executed, they cannot be updated. On the other hand, digital advertisements can be updated on the fly.
  • Audience Targeting - Traditional marketing, such as magazine ads, can reach a segment of your target audience, but not all of your targeted customers. Online ads have more advanced targeting capabilities, so you can always reach your ideal target profile.
  • Engagement - With digital marketing tactics, consumers can easily engage with, reply to, and comment on many different types of digital media. Traditional marketing tends to be more of a one-sided conversation.

At the end of the day, it’s usually best to have a mix of new and old marketing methods in your strategy. Your audience is likely scattered across numerous mediums, and to effectively reach them, you’ll need to pursue a multi-pronged approach to your Denver marketing campaign.

Step 4: Execute Your Strategy

This step is often the most difficult for small business owners. Now that your strategy is thought out, you’ll need to actually create the advertisements, get the ads placed on the appropriate mediums, and track their success. It’s not always easy to juggle your marketing strategy with all of your other daily responsibilities. That’s why you may want to hire a professional Denver marketing agency. Luckily, you’re already in the right place.

At FiG Advertising + Marketing, we have been planning, executing, measuring, and improving traditional and digital marketing campaigns throughout Colorado for over a decade. We’ve built up a vast network of media connections throughout the state to help get your ads placed in front of the right consumers at the right time. We’re design experts and digital marketing professionals, and we’re fully prepared to generate the best ROI for your next marketing campaign.

Contact FiG Advertising + Marketing today to learn how our Denver marketing agency can benefit your business.