The Golden Ratio
Finding balance between effectiveness and money spent in marketing is never easy. This can only be a product of hard work. To be effective, a marketing plan – that includes content, marketing activities, timing schedule, metric systems, aims, key performance indicators and budget - has to be custom build. The factors that need to be considered are not only the specific business and the specific budget. General industry conditions, research and development, competitors’ plans, consumer behaviour and actual sales data has to be considered in relation with the specific seasonality and timing. Professional marketers will use more specialized parameters, tests, advanced sensors and metrics targeting their creativity on the desired audience more accurately. There are no magic tricks, generic templates or smart automatisms that work regardless for everyone.
A typical set of marketing aims and their corresponding metrics would be:
- To increase awareness – measure how many are your new visitors every week
- To upgrade corporate status – compare engagement with top 5 competitors every week
- To generate sales leads – measure customer inquiries or quote requests per week
Depending on the budget and the desired position in the market, Key performance indicators could be set to 15% better than the direct competitor’s.
Beware of poor content, template-based media plan distribution, generic metric systems and not measurable aims and key performance indicators that are signs of amateurism in a marketing plan.