Getting your marketing strategy right is crucial for the success of your overall marketing plan. However, strategy development is not a straightforward process and requires continuous evaluation. Whether you’re in the discovery or execution phase, your approach to the process greatly impacts your chances of success.
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Marketing is more complicated than it ever has been. We have unbelievable access to data and so much of it that we can use to improve our marketing and increase results. This can be overwhelming for marketers and brand managers because there are so many questions to ask:
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The pathway to purchase for moms buying snacks can be an emotional, trying journey. The struggle is real. Moms are on the frontlines, fighting the fight, battling against what her family wants vs what she feels is best or “better” for them, what will make her life easier vs what they will enjoy, and so on.
It can be a real quest.
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We all love a good cliché. Especially in marketing. And, if we repeat it enough, it becomes gospel. For instance, the 80/20 rule (the Pareto Principle). Have you ever said something like; “80% of my brand sales are coming from 20% of my consumers, so we need to focus on the loyalist”? Or “we need a better customer loyalty program”? Or better yet, “I want to focus more marketing dollars on my brand advocates, ambassadors, loyalists, yada, yada, yada”?
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In a recent article, I discussed how to better understand what your data is telling you, which leads in to the important topic of market selection.
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Last week, we touched on the importance of your packaging (hint: it’s the single-most critical and cost effective marketing tool you have) and the first sign (is it more than 3 years old?). If you missed the article, you can find it here [link]. This week, we’ll cover signs 2 – 8 that you should consider a refresh.
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Dollar for dollar, your packaging is arguably the most important and cost effective marketing money you’ll ever spend. Consider that it’s your only branding vehicle seen by 100% of your consumers. What’s more, those consumers are influenced by it at the exact moment of decision. (Significantly, 90% of shoppers make impulse purchases. And statistics vary, but they all indicate that between 50% and 67% of ALL grocery store purchases are purely impulsive. Even with shoppers who use lists, the opportunity is always there to sway them to your brand at the last moment.)
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How often have you been under fire at a meeting with questions like these: “What’s going to be the ROI from this marketing program?” “How can you expect me to invest in those markets without a definitive ROI?” Or statements like: “There’s no ROI from TV, radio, and outdoor.” Mostly from well-meaning executives who want to make sure that marketing dollars are being stewarded and invested in the most effective way.
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