Guide to your 2023 marketing strategy
Are you a marketer or business founder looking to create a successful marketing strategy for 2023? If so, then this blog post is for you!
In this blog post, we'll provide a guide on how to create an effective 2023 marketing strategy for your business. We'll also share some helpful tips and resources that will help you along the way.
So whether you're just getting started or are looking for ways to improve your current strategy, be sure to read on!
What is Effective Marketing Strategy for 2023?
Effective marketing is something you want to set up and review at least every year. If your business is brand new, you might need to change your strategy more often, because you decide to test different marketing approaches or pivot on the way. But overall, marketing should be based on your business plan and goals and should be guided by a clear action plan. It Should include tests, analysis, and improvements to make sure that it never stops growing.
The 2023 marketing strategy should come before the action plan or implementation of marketing tactics. This is because your marketing needs to always be guided, strategized, and SMART:
Specific: set specific goals in numbers
Measurable: measure the progress and results
Achievable: take your skills and capabilities into account
Realistic: don’t set impossibly high goals, that would just lead to stress and confusion in time.
Time-bound: set the deadlines. It’s also important to break down a bigger goal into smaller pieces so that you can approach your goals one step at a time.
What should you consider for your 2023 marketing strategy? There are 7Ps that Jerome McCarthy brought up for the first time in 1960 (ref. book: Basic Marketing).
What you need to consider when building your marketing strategy for 2023 is the:
Price, your pricing strategy, and how customers pay for your product or service.
Place where your products or services are made, found, distributed, and sold.
Promotion: how you communicate your products and services to your target audience.
People: the resources you have in your team.
Process, the activities involved in delivering your products or services.
Physical evidence: how your business presents to the world, including physical spaces, the look, and feel of the brand, your ratings, and reviews.
We identified 7 steps to help you build your 2023 marketing strategy.
Step 1: Research your target market and audience
This step includes market research, competitors analysis, and research of your customer’s needs and problems.
Understanding your customer persona is a key component of any successful 2023 marketing strategy. Doing the necessary market research and competitor analysis will help you to create an effective and tailored message for the right audience. Learning about customer behaviors and preferences, as well as competitive advantages is invaluable for customer understanding.
Market research can also provide invaluable insight into customer persona needs, motivations, objectives, and interests, which can all have a major impact on the effectiveness of your efforts.
Research for example how people address the main problems they’re facing and find solutions, and what you can provide to make their life easier. Make sure you research thoroughly what your target audience needs and wants from you and check what competitors are providing, and how. In this way, you will also find a way to stand out and find your unique selling proposition (USP).
Step 2: Build Customer Personas
This step is immediately linked to the previous one.
You’ll need to gain a good understanding of who and where your target market is. Compiling detailed information about the habits, behaviours, desires and needs of this group will help inform and shape the marketing plan you create. Once completed. Customers are going to be the center of your business, this is why you need to understand them thoroughly. You need to understand the personality of the people you're targeting, their needs, the problems they are trying to solve, and their goals, and see how you can address those needs, goals, and problems.
In order to understand your customer persona, we’ll need to know where we stand, and here’s where the next step comes in.
Step 3: Define your Positioning & Brand Identity
Where can you position your business? We like to use the help of the SWOT acronym in this step. SWOT stands for
Strengths: what are your strengths, and how you can make sure people know about them
Weaknesses: what your weaknesses are and how you can minimize them.
Opportunities you can use in your favor.
Threats: what can be threatening your business?
This will help you have a vision of your potential but also overview those areas where you’re still weak.
The second part of this step, the brand identity, will contain your vision, mission, tone of voice, and communication strategy.
Now let's assume you already went through all these steps because you've been already in business for some time. What you need to do next is review these steps regularly, to also see if you need to change something in your business or strategy.
Step 4: Evaluate your current 2023 marketing strategy and objectives
Evaluating our current marketing strategy and objectives should be done on a regular basis to ensure that our goals set in place are SMART - specific, measurable, achievable, realistic, and time-based. It's not just important to come up with an effective marketing plan, but to make sure it is the right one tailored towards optimal success.
There are two ways to set your goals:
Based on previous results.
Based on your ideal results.
If you choose the first one, it’s because you have some data to analyze and rely on.
Last Year’s Analysis
Analyze your goals from last year, not only the leads or clients but also:
the actions or traffic on a landing page
your social media activity
your brand awareness
other activities you invested time in
Now, you can choose to set higher goals for each of these areas on a monthly basis or to set new ones because maybe you're deciding to include some activities that you haven't worked on yet.
We at Digithy use a Spreadsheet with a quarterly goal for each KPI (going from website sessions to website users, to social media followers, to blog articles, leads, etc.).
You can set your own KPIs based on what your business does. Other common ones, besides the ones mentioned above, are
CPA (cost per acquisition)
Customer lifetime value (CLV),
So far with covered the S and M of the SMART acronym, so specific numbers and measurable goals (spreadsheet). In order to measure your goals you don't only need a spreadsheet, but also some tracking system in place. We’ve added some tools in the guide you can download for free below.
Step 5: Develop an action plan for reaching your target market through various channels
All the goals and the KPIs that we mentioned in the previous step, now translate into an action plan.
Developing an effective 2023 marketing strategy for reaching your target market is key to achieving success. It’s time to develop an actionable marketing plan that includes connecting with your audience across various channels. This should include crafting tailored messages specific to the chosen marketing channel and targeting those most likely to engage with the brand. With a well-defined 2023 marketing strategy in place, you can begin implementing tactics such as email marketing campaigns and targeted social media activities that will reach your desired customers in the most effective way possible.
Let's make an example
We usually like to split the marketing and action plan into Long-term and short-term activities.
For example, SEO is for the long term, because you will need to commit to writing some articles, maybe one or two per week targeting the right keywords, and you’ll only see the results after some time.
Content creation on the other side can be a long-term strategy because it usually takes some time to reach organic results, but you can also think about merging organic and paid strategy here by creating content and promoting it to speed up the process.
This sort of activity of separating into long and short-term strategies will help you better allocate your resources and set the right deadlines.
Depending on your budget and your resources, you’ll also understand how many tests you can run in marketing. And this brings us to the next step.
Step 6: Set a 2023 marketing budget and test, analyze, and improve your strategy
When planning your marketing efforts, it's important to plan all the resources you'll need and also plan a marketing budget that's appropriate for what you plan to do. By formulating and following a budget plan, you can ensure that you use your money in the best possible way for the desired results. It's a fantastic way to measure ROI (return on investment) so you can truly understand how successful the plan was in growing your business.
Although we would love to have all the answers written in a book, it's not really how marketing works.
Even after understanding your audience and planning the actions to take, we still need to test different strategies and audiences continuously. We usually like to reserve 10% of the marketing budget for testing only.
You can decide to run different strategy tests every month or every two months depending on what the action plan, resources, and budget allow. In this phase, you also need to consider the conversion time: if you see for example that your conversion time lap is 3 months, you’ll need that amount of time to understand if a test actually worked.
Step 7: Don’t leave Retention marketing out of your Strategy
Retention marketing is a customer-focused approach to ensure customer loyalty and keep customers coming back for more. As customer loyalty increases over time, customer acquisition costs are lowered as the company does not need to pour additional resources into acquiring new leads.
With an effective retention strategy, businesses can focus on customer lifetime value instead of customer transactions to truly maximize customer relationships.
Innovative methods are becoming increasingly popular when it comes to retention marketing strategies, such as customer loyalty programs and customer engagement tactics. These marketing strategies have been proven to have great success in helping businesses keep customer retention high while reducing customer abandonment rates.
When it comes to retention marketing, there is a lot you can do to keep your audience with you. Everything starts, as usual, with the customer. Customer Persona profiles are what will give you full insights on how to shape a strategy that makes more sense for them.
If you’d like to see the tools and guides for this part, download the PDF guide here.
Marketing can be a daunting task, but by taking it one step at a time and using the right resources, you can set your business up for retention marketing success.
The key is to start with evaluating your current marketing strategy and objectives, then research your target market and audience. Once you have a plan in mind for reaching your target market through various channels, set a budget for those marketing efforts. From there, implement your marketing strategy and track the results so that you can make necessary adjustments along the way. And finally, don't forget about Retention Marketing!
Our team has put together some free resources to help you get started (including our Customer Acquisition & Retention Strategy Template). So download them now, and feel free to reach out if you need any assistance along the way.
We offer to create your complete marketing strategy and brand identity, delivering the full strategy in 1-2 months depending on the complexity.