Five Steps in Strategy Marketing Leaders Can Take to Drive Revenue

marketing strategy

Marketing teams are tasked with keeping the numbers up with their marketing strategy. Your performance will be judged by the revenue coming out of marketing investment. Since you have to keep the company profitable, your strategies must evolve with time. 

The leader takes the honors when the numbers are impressive. If there is a dip in performance, the buck still stops with the leader. What can marketing managers do to maintain and increase their impressive performance? Here are pro tips to drive revenue through marketing.

1. Invest More in The Profitable Channels

Review your strategies to see what is working and the ideas that are not delivering the desired results. Focus your attention on the markets or products that are bringing remarkable revenue. Promote the profitable products or services until their sale hits the saturation point. Get help from sites and blog resources to help you focus on your marketing campaigns and deliver the best results. 

A performing product is easier to sell and will give you better returns. Data from the sales team in the field will give you an idea of the selling point of each of the products you are offering. Learn why your target market likes the product and how you can entice other markets with similar offers. 

The winning channel or product will also help you to understand why others are not profitable. For instance, if you have revamped the best-performing product, it could be a chance to revamp the others as well. The lessons learned from the profitable channels will help you to pull the other products and channels to profitability. 

2. Check What The Numbers Say

Marketing is a game of numbers. Collect as much data as possible in your campaigns to get a clearer picture of your performance. The data helps you to sharpen your campaign and obtain better results in the future. 

Use analytics tools to collect data from websites and social media. The data informs you about the geographical catchment of your customer base. It also helps you to establish the channels delivering the best return on investment. 

Marketing is no longer a gamble. Every dollar you invest to push a product should give you valuable returns. Data helps you to track the returns coming from each investment and marketing channel. 

A little tweak on a marketing channel could deliver excellent results where they have not been impressive. Think critically through the data to help you make the best decision. The numbers protect you from investing in non-profitable channels. 

3. Drop What is Not Working

Marketing should give the best return on investment. Data helps you to determine whether the budget you are putting into marketing is delivering these returns. While data speaks about the channels that are working, it also points at the poorly performing marketing activities. Weed these non-profitable activities out of your marketing campaign. 

Dropping some marketing channels and activities will save you money. It is also a chance to consolidate your efforts as you concentrate on profitable activities. Your marketing budget will reduce without affecting the returns. 

Analyze a marketing channel or activity before dropping it from your campaign. Some of the channels could be performing poorly because they lack funds or their strategies are wanting. Assess a channel conclusively before deciding to drop it. The analysis will help you to genuinely identify the non-performing channels. 

4. Replicate The Plan in Other Areas

Marketing campaigns are conducted in phases. They cover geographical locations, gender categories, social groups, and other segments. Once you discover a working formula for one segment, you should replicate it in other areas. 

A copy-and-paste approach to marketing will be disastrous. The best strategy is to customize the marketing strategy to fit the needs of the target audience. For instance, you may change the color of a campaign to capture a different gender without changing the product. You may also change the campaign language to approach another geographical region. Customizing the campaign helps the target population to identify with the strategy better. 

5. Change with The Situation

The world never remains the same for long. People change from time to time based on style, social-economic trends, and age, among other factors. While you might want to maintain a classic image for your product or service, it is advisable to change with time. 

Revamp your products from time to time. Use new faces to market your products. Add new taglines to your products and services to capture the imagination of your target market. While old images inspire confidence, a new feel will reignite attention to the product. 

Marketing strategy and campaigns require constant evaluation. Watch the market trends and align your campaign to the prevailing winds. Also, use data to evaluate the working strategies and abandon channels that are not offering a return on investment. Review your campaign from time to time and adapt to the latest strategies to keep your campaign afloat. 

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