Does anyone else feel like we have been humming along quite nicely in 2022? No doubt we were all craving a bit of normalcy after the past two and half years of uncertainty.
That said, here we are already in the last quarter of our current year with 2023 approaching and nearly within countdown mode.
Don’t Simply Rinse and Repeat
For companies in all industries, the months of October and November are typically the stretch of time when budgeting, planning, strategizing, and analyzing are happening in preparation for the year ahead. For a large majority that includes brainstorming and formalizing their marketing initiatives.
Unpacking what worked well and didn’t work well over the past 10+ months with your marketing campaigns is the best way to pack it even better for the new year ahead.
It’s tempting to return to the familiar and repeat when it comes to marketing plans but that isn’t a wise “strategy”. If a company is evolving and growing then business objectives and visions should be shifting accordingly and marketing objectives need to keep pace and remain in alignment with those.
Marketing Touchpoints Don’t Operate in a Silo
No one has a crystal ball and can predict everything that might occur over the course of the next year. However, you can and should identify milestones that you want your business to achieve and then prioritize the goals associated with them.
Next steps would be to do a deep dive on your metrics, reports, statistics…any and all data that you can curate from the past 12 months, to help determine what marketing campaigns should be nixed and what ones make sense to either revisit or use again.
In addition, take time to understand forecasts and anticipated trends in your industry or niche market and consider how and where your ideal buyers are getting their information. What the answers are now versus a year or two ago are more than likely significantly different, so you can’t rely on what was the reality then as the way forward; even if only a calendar year ago.
It’s normal to map out your plan by marketing channel and/or marketing bucket allocation but remember that customers don’t experience your marketing that way. Each interaction they have with your brand is part of their entire user experience; marketing touchpoints don’t operate in a silo.
Dedicate time to unearthing insights that might inform how your customers are moving through their buyer journey and be sure your marketing mix strikes a chord and is valuable to them each step of the way.
Some Qs to ask:
- Who is your target audience?
- What are their pain points, barriers, FAQs or concerns? Or on the flipside what do they want to accomplish?
- What content could address those challenges and/or ambitions and which of your company’s offerings could be a fit?
- Where does your demographic go for information (Websites? Social media? Google?)
- What call-to-actions do you want them to ideally act on?
The Rise of Intentional Content
More and more, brands are having to create and meet their customers where they are at. People are fatigued and weary with information overload. As such their needs and expectations extensively need to be catered to.
Understanding what your target audience is actually seeking rather than making assumptions can far better inform how you go about generating intentional content.
Instagram Reels, YouTube, and yes, even TikTok are now part of marketing plans for many businesses of all kinds. According to this recent Forbes article, TikTok became the #1 ranked social media platform this year (2022).
Marketing efforts both digital and print (yes, tangible in-your-hand collateral for many is still a viable selling point), that are purposeful and consistent with an eye towards hitting a bulls-eye, will drive awareness for your company’s product or service suite.
Capturing in-market consumers takes more work and some creativity but with a well-defined lead-generation strategy, successful outcomes typically follow.
Despite our skim and scan tendencies, readable content, either short or long format, still has a seat at the table. It needs to be easy to consume (think graphics and imagery alongside text) and engaging, provoking, and/or informative.
Bolstering your brand’s thought leadership can be done by originating high-value white papers, blogs, and case studies that don’t focus on selling principles but on helping desired buyers make informed decisions.
And of course, a modern, user-friendly, and relevant website should always be seen as your largest marketing tool.
Reverse Engineer Your Budget
Most business entities establish budgets for annual marketing endeavors. It is also necessary to consider ensuring there is a marketing buffer or bank carved out for the inevitable needs that crop up. Many times, budgets are set based on what is expected or anticipated and while that is foundational, too often it is what surfaces unexpectedly that requires the most marketing attention.
In February 2021, Deloitte’s annual CMO Survey reported that marketing budgets are now roughly 11.7% of a total company-wide budget. The U.S. Small Business Administration recommends small businesses (businesses with revenue less than 5 million) allocate between 7% and 8% of total revenue to marketing, assuming your business has margins in the range of 10-12 percent.
One helpful strategy to determine a marketing budget is to work backward from your goal. If you want to bring in $1M in sales, a range of research says that a marketing budget should be 8-12% of that.
Prospective Buyers Want To Be In the Driver’s Seat
As your company preps for 2023, keep top of mind that today’s prospective customers want to be in the driver’s seat and control their purchasing process by interacting with companies organically and on their own terms.
Aim to educate customers by thinking outside of the box and being innovative with your marketing mix. Doing so will differentiate you from the crowd and allow you to authentically connect with your customers.
