Did you know that 60% of the average marketing budget is lost to inefficiency? Most of that waste is because of a lack of a marketing strategy and not being intentional with your plan.
This is just one example demonstrating the importance of a well-constructed marketing strategy. And it’s the perfect time to think through your approach to make sure you’re in a good place to create an effective strategy for 2027.
You may be wondering why there is so much inefficiency. The answer primarily comes down to two key issues: a lack of strategy and a failure to leverage analytics. Both are critical to effectively planning and executing a marketing strategy. Let’s take a closer look at each of these factors:
A Written Plan: A solid foundation is critical to an effective marketing strategy. Begin with a SWOT analysis that examines your strengths, weaknesses, opportunities and threats. In addition, you should document the core values of your business and what differentiates your brand in your market.
Then consider where you want your business to grow. Is there a market segment where you see opportunities, or a service you could offer that would set you apart from your competitors? Here are some ideas for discovering a potential area of growth:
- Social Listening: Tuning in to social media to see if there’s a pain point you haven’t previously identified. Maybe you could offer a return policy far better than your competitors’, or a delivery service that doesn’t exist in your market.
- Values Alignment: Your team donates volunteer time, but are they serving with a cause that is important to your audience? You might consider aligning more closely with an organization that connects with your brand.
- Channel Diversification Strategies: You’re on Instagram, but have you done analysis to be sure that it’s where your audience spends time? Sometimes a social media platform is attractive because of its features or tools, but if it’s not where your audience is most engaged, another platform may offer more opportunities to connect.
Utilizing Analytics: In digital marketing, teams often waste resources because they aren’t using the analytics these platforms provide. This comes in a variety of forms:
- Failing to get specific with your audience. Social media platforms offer tools to match your ideal customer, so don’t overlook the benefits of granular targeting.
- Not using A/B testing, which helps you determine which landing page, social post or email format is best for achieving the behaviors you want, such as click-throughs or opt-ins.
- A lack of a review schedule that regularly examines analytics to see if your goals are on track and if the marketing techniques you have chosen are affecting your results.
One final note: Over 50% of marketers report a gap between their strategies and their skills, highlighting the benefit of using a full marketing team. It’s nearly impossible for one employee to have the expertise in a wide range of skills, including SEO, web development, strategic planning, social media marketing, copywriting, videography and the list goes on.
So, if you are not sure whether you have the in-house expertise to execute your marketing strategy, it’s the perfect time to chat with SJC Marketing. We’re a full-service marketing agency, ready to help you create a great strategy for 2027!