For example, let's say one of your business goals is to expand your brick-and-mortar retail store into an e-commerce website. Your marketing strategy for that goal could be to introduce your products to a new national market segment. You would then break down your strategy even further into short- and long-term objectives while defining your specific marketing message. Delve into how a marketing strategy and a marketing plan work together.
For example, assume your search ad generated 5,000 impressions in one day, of which 100 visitors have come to your site, and three have converted for a total profit (not revenue!) of $300. In this case, a single visitor for that keyword is worth $3 to your business. Those 5,000 impressions in 24 hours could generate a click-through rate of between 18-36% with a #1 ranking (see the Slingshot SEO study for more on potential click-through rates), which would mean 900-1800 visits per day, at $3 each, or between 1 and 2 million dollars per year. No wonder businesses love search marketing!
When you tell people that you’re going to run your own agency or consultancy, it carves into their mind that you are going to rent out an office space and hire a bunch of employees. More often than not, that is the worst decision you can make. If you’re like 99% of the population, chances are you have bills that need to be paid. If you want to get started and grow, you are going to have to make sure you can personally survive first.
There’s a culture in today’s age of startups that extreme growth is the only marker of a successful business. There’s a lot of pressure when it comes to taking on more clients and you may discover that you can be financially satisfied with a certain number of great clients. You may ultimately decide that rapid expansion is not what’s best for you. Unless you have outside investors breathing down your neck, the ability to live a financially stable (if not better) life on your own terms may be more enticing to you.
Website design is more than just a pretty page. Your website is often the first impression your prospects will get of your company. That means that your website has to be more than pretty (that helps), it needs to be clear and functional. If your site is cluttered and hard to navigate you will automatically lose potential buyers. Just think about the last time you went to a poorly designed and over cluttered site. Did you stay long? Did you get an immediate impression of that company? Similarly, if visitors can’t tell what you sell or what your value proposition is, they will leave. All it takes is the click of a button and they are on to the next provider. There’s often a direct correlation made that if your website is hard to work with, your company must be hard to work with.
What’s funny about the popularity of Mad Men – a show that many claim to love yet never seem to actually watch – is that it depicts agency life during a completely different era of advertising. Imagine a show about AdWords? A live feed of marketers bidding on keywords with some character profiles peppered in there? Talk about content. And, no – it wouldn’t be called AdMen.
Paid search is another crucial tool of digital marketing. Take, for example, Google AdWords, the dominant platform for pay-per-click (PPC) advertising. Basically, you get ad space on SERPs, and Google gets paid whenever someone clicks on your ad. It’s a great way to complement search engine optimization (SEO) tactics, especially if your business is new and you want to see instantaneous returns on your marketing budget. AdWords is a highly flexible and measurable tool, and you can expect profits to outpace costs as you continue to increase your budget.
Merkle is a global performance marketing agency with over 25 years of experience. Headquartered in Maryland, Merkle has offices in Shanghai, London, Barcelona, Chicago, Atlanta plus 20 other locations throughout the world. Merkle was recently acquires by the Dentsu Aegis Network, and the agency delivers data-driven, technology-enabled marketing solutions to large corporations. Learn more here.
Once you’ve connected with a reputable buyer and answered their initial questions, they should send you a Letter of Intent (LoI)—a document that specifies how much the buyer believes your agency is worth and their proposal for the deal. If you agree with their evaluation and plan, you can move into setting up more specific terms. If not, then this is a great time to ask them questions on how they reached their evaluation and negotiate for changes. If you’ve done your homework up until this point, you should have precise information on how much your agency is worth and why, which you can leverage to reach a more agreeable number. Above all else, make sure that you’re happy with the evaluation the buyer gives you before you move forward. Otherwise, you’ll just be wasting time you could have spent closing with a more compatible buyer.
The social media marketing team at Thrive offers custom solutions for your specific needs when it comes to social media. Whether you're looking to increase the likes or follows of your brand's page or if you need a targeted campaign to generate revenue and new customers. These are some of the following services you can expect from your dedicated social media specialist at Thrive:
One of the main purposes of developing a marketing plan is to set the company on a specific path in marketing. The marketing goals normally aligns itself to the broader company objectives. For example, a new company looking to grow their business will generally have a marketing plan that emphasizes strategies to increase their customer base. Acquiring marketing share, increasing customer awareness, and building a favorable business image are some of the objectives that can be related to marketing planning. The marketing plan also helps layout the necessary budget and resources needed to achieve the goals stated in the marketing plan. The marketing plan shows what the company is intended to accomplish within the budget and also to make it possible for company executives to assess potential return on the investment of marketing dollars. Different aspects of the marketing plan relate to accountability. The marketing plan is a general responsibility from company leaders and the marketing staff to take the company in a specific direction. After the strategies are laid out and the tasks are developed, each task is assigned to a person or a team for implementation. The assigned roles allows companies to keep track of their milestones and communicate with the teams during the implementation process. Having a marketing plan helps company leaders to develop and keep an eye on the expectations for their functional areas. For example, if a company's marketing plan goal is to increase sales growth then the company leaders may have to increase their sales staff in stores to help generate more sales.