No one marketing strategy for 2020 will fit all business models. There are, however, core marketing elements, when applied correctly to your short- and long-term goals, that will help you expand your brand reach, increase your conversions, and grow your revenue.
The first step to create an effective marketing plan for 2020 is committing to a budget. The US Small Business Administration suggests 7 to 8 percent of your gross revenue should go toward your marketing budget, but research shows small businesses generally allocate closer to 7 to 12 percent of their total revenue to marketing.
No matter where you fall on the marketing budget spectrum, creating a strategic plan to promote your brand and build a loyal customer base is key to your success. As you step into a New Year, consider these 2020 marketing tips.
It’s tempting to take out last year’s marketing plan and replicate that strategy. This approach can make for a good starting point, but it should just be the first step in creating your new plan. Relying on the same marketing tactics year after year means you’ll eventually reach a point where your plan used to work but now has a number of outdated options.
Review the results of the past year’s marketing plan. Which performance metrics stand out to you? Take a closer look at campaigns or marketing platforms that offered exceptional results. Consider how you can optimize the successful pieces of last year’s plan to improve your performance moving forward.
What do you hope to achieve with your marketing plan in 2020? Is your priority on growing your email marketing contacts, partnering with an industry influencer, or incorporating video into your marketing emails and other platforms? Your goals should be specific and measurable.
Research your industry for new marketing channels to try. Are there any new social media platforms or industry-specific tools that offer marketing space that fits your goals? Don’t be afraid to branch out to marketing concepts you haven’t tried. Research the platform to see what other users have to say and test the outlet with a small portion of your budget. Digital ad spend worldwide is predicted to reach $435.83 billion in 2020. Don’t be left behind because you’re unwilling to branch out to new methods.
Decide which marketing campaigns will serve as the cornerstone of your year. Next, support and compliment those larger initiatives with smaller tasks throughout the year. Depending on your niche, your concentration will vary. Below is a brief rundown of what’s expected for marketing in 2020 when it comes to the core components:
Write out your 2020 marketing strategy after you’ve decided on a budget, explored new platforms, set measurable goals, and incorporated the core components of digital marketing. You want your written plan to be specific while still leaving room to adapt to an every-changing marketing world. Plan to evaluate your 2020 marketing plan at least once per quarter. Evaluate what is working well and don’t be afraid to make changes when needed.
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