Can you believe May is here already?! As we head into the new financial year, it's time to start thinking about your marketing strategy for the year ahead. Whether you're a seasoned pro or a new small business owner, a successful marketing plan is essential for growth and success!
We’ve rounded up 5 things you should be looking into this month to help you create a successful marketing plan for the upcoming financial year.
Before you dive into your marketing strategy, let's talk about budgeting. It's essential to determine your budget and allocate funds appropriately. Think about your previous business goals and financials, but also keep an eye out for any market changes that could impact your budget. Setting aside a marketing budget is important for businesses to make sure they can achieve their marketing goals without overspending. Your money should work smarter, not harder, and a budget will help you to avoid spending on anything that may not provide a significant return of investment.
Now that your budget is set, it's a good time to ensure your marketing strategy is in place, it’s time to make sure that your plan aligns with your business goals. Outline your goals, making sure they are specific and achievable based on what you want to accomplish and what is relevant to your target audience. Consider your tactics and evaluate how they can help you reach your marketing objectives. Have you checked in with your current marketing strategy? Now is a great time to reflect, see where you have gone off track and what actions you need to put in place to stay on target.
Don't forget, the market is always evolving, and you don't want to be left behind. Ensure you are staying up-to-date with industry trends and adjust your strategy to keep yourself in the game. This time of year is a great time to review and revise!
You should always be regularly reviewing your performance, but this time of year is a good time to be checking in on your marketing plan and adjusting your tactics as necessary. Don't be afraid to switch things up if a channel isn't delivering results. Keep track of your progress towards your goals and use data and insights to inform your decisions.
This leads us into the backbone of successful marketing planning, DATA! Regularly checking in on your data and insights to see how your campaigns are performing provides you with information to make DDD… data-driven decisions! You'll easily be able to see what's working and what's not to adjust your plan accordingly. It’s simple really, when you have the data to back up your decisions, you can make them with confidence!
To help you out, here are some trends our team at Digital Collective co are all over at the moment:
One of the most significant trends that is continuing to evolve each day is video content. Specifically on platforms like TikTok or Instagram, which have exploded in popularity in recent years. In fact, studies show that Reel content gets 67% more engagement than standard posts on Instagram. According to The Social Shepard, in April, TikTok alone had 30.8 million daily active users. That's a lot of eyes on YOUR brand - daily!
Check out this reel we did for our lovely client, Carla Middleton HERE
Another key trend is the importance of advertising. We know how hard it can be to grow organically on social media platforms, investing in ads can help increase brand awareness, drive traffic to your platforms and hopefully help generate sales. When it comes to incorporating ads into your marketing mix, it’s important to remember to target specific audiences and demographics suited to your business. This ensures that your ad is reaching the right people and is more likely to perform well.
User-generated content (UGC) and influencer content can be powerful tools for your brand. UGC allows your customers to become advocates for your brand, creating authentic content that can help build trust and credibility with potential customers. Influencer content can help you reach new audiences and tap into the influencer's existing community of followers. By using both UGC and Influencer content, you’re pretty much showing how much people love your brand while expanding your audience too. What a win!
Check out this UGC Reel for our client, Bondi Active HERE
Email Marketing Strategy
Finally, don't underestimate the power of the old-school email! There are still millions of active email users worldwide, creating a strategic email marketing campaign can help you build relationships with your audience. Email campaigns are personal, sent directly to your audience, and they can be as easy going and fun as you like - much like the one you’re reading right now!
Here’s your reminder! May is the perfect time to start planning and executing a successful marketing strategy heading into the new financial year.
If you're struggling to find the time and need some extra guidance to confidently take the leap into the next financial year, book a discovery call with Mia McLeod HERE and let our team take your brand to the next level!