From SMART to SMARTER marketing objectives: Discover how to define marketing objectives, measure your digital marketing goals, and use data to inform your marketing strategy
When identifying specific marketing objectives to support your long-term goals, it is common practice to apply the widely used SMART mnemonic. You will know that SMART is used to assess the suitability of objectives set to drive different strategies or the improvement of the full range of business processes.
By definition, an effective SMART marketing objective is:
Specific, measurable, actionable, relevant, and time-bound.
One of the main reasons we called our site and service SMART Insights is because we help marketers succeed through using a more structured approach to their marketing strategy and planning.
We've got marketing tools and techniques to support you in defining and measuring your marketing objectives, so you can use data to inform your marketing strategy.
If you're looking for a winning marketing strategy to…
Digital marketing is more important now than ever. Take steps to create, streamline, or optimize your marketing strategy today and accelerate your results in the coming year
Where do you start if you want to develop a digital marketing strategy? It's still a common challenge since many businesses know how vital digital and mobile channels are today for acquiring and retaining customers. Yet they don't have an integrated plan to support digital transformation and company growth, and engage their audiences effectively online.
If your business doesn't have a strategic marketing plan you will suffer from the ten problems I highlight later in this article and you will lose out to competitors who are more digitally savvy.
For each of the ten problems, I will also recommend marketing solutions and next steps to help you optimize your marketing strategy to win more customers in 2022.
What is digital marketing?
Digital marketing, specifically, refers to 'Achieving marketing…
E-commerce conversion rate and lead generation landing page stats for desktop and mobile devices for benchmarking averages across different industries
As you will know, conversion rates are often used as a KPI to review the effectiveness of e-commerce sites. Naturally, all site managers and owners want to know the benchmarks - "how do our conversion rates compare?". Now, as marketers plan for 2022, it's never been more important to audit and optimize your marketing success metrics.
In this post, I have compiled different free industry sources focusing on retail e-commerce conversion. At the end of this article, we also feature an analysis of landing page lead generation conversion rates by industry sector towards the end of the post. We keep this compilation updated as new conversion data is published in 2022.
How are e-commerce conversion rates measured?
When benchmarking conversion, it's important to consider the denominator. Are you dividing the number of sales by…
9 key differences between strategy vs tactics
‘What is the difference between strategy vs tactics?’ is one of the most common questions that 'crops up' when I’m running training workshops or discussing creating marketing plans with businesses.
It’s no surprise since the difference between these two activities often isn’t distinct. Yet, it’s an important question to answer since our research shows that so many businesses don’t have a clear marketing strategy or plan. Without a clear strategy, it’s likely some of your tactics may be poorly directed, so may not be propelling the business in the direction needed.
[si_guide_block id="5676" title="Download FREE Resource – Digital marketing plan template" description="Our popular marketing planning template built on the Smart Insights RACE Framework."/]
9 key features that distinguish marketing strategy vs tactics
In this article, I will show the difference between strategy and tactics by looking at characteristics of marketing strategy, which…
Use our digital marketing strategy template integrated across the RACE Framework to plan and get ahead in your digital marketing
We all know the old saying “if you fail to plan, you are planning to fail”, but when it comes to digital marketing, this really is the case. It has never been more important than it is now to create a digital marketing strategy template so you can plan, manage and optimize your online activities.
Today, digital media is vital when it comes to driving leads and sales, meaning marketers need to understand how best to engage and convert online audiences. Despite this, our research shows that many businesses still don’t have a digital marketing plan.
As a result, companies are missing out on the benefits of having a digital marketing plan integrated into their overall marketing plan or as a separate roadmap for digital transformation. At a time when marketers are increasingly…
7 steps to creating an effective marketing plan
A marketing plan is a bit like a job description for your company. Everyone should have one, but they’re often not fit for purpose, out of date and reviewed infrequently... Research has shown that businesses with plans succeed, outperform competitors, and retain staff, more than those with no plan.
Without a plan there’s no direction for the company or its employees, decisions can be uninformed, opportunities can be missed and threats can damage or destroy the business.
Whether you are looking at creating a traditional marketing plan or a multichannel digital marketing plan, here are the seven steps to creating a marketing plan.[si_blog_banner_cta]
What is a marketing plan?
A marketing plan is your place to document the process of managing and optimizing your digital marketing strategy and creating a roadmap for future growth and business development.
This includes setting SMART objectives, vision for digital…
Examples of how SMEs can use Porter’s 5 Forces to assess marketplace viability
Right now, Porter's 5 Forces is the most useful tool for owners and managers to stay one step ahead of the competition in a challenging market. The Porter's 5 Forces model has always been popular with SMEs in particular, looking to invest for growth and manage risk to their limited resources.
Earmarked as the best marketing model to help small businesses analyze the competition in the marketplace, balancing these 5 forces is a must for your 2022 marketing action plan.
What are Porter’s 5 Forces?
Porter’s 5 Forces is an analytical model that helps marketers and business managers look at the ‘balance of power’ in a market between different organizations on a global level, and to analyze the attractiveness and potential profitability of an industry sector.
Threat of substitute products
Bargaining power of buyers
How to strategically manage your marketing spend in 2022 with 8 integrated marketing budget templates
Setting strategic and channel direction, working toward commercial objectives and KPIs and monitoring success is great, but if you're not tracking your ROI per channel it's hard to understand how much money you've had to spend to see a return. That's why you need a practical, accessible marketing budget.
How much budget is allocated to marketing?
According to the February CMO survey, marketing budgets were expected to grow 6.7% in 2020. However, the July edition found the real-term figures had shrunk in the wake of the pandemic and global recession, equating to a rise of 1.6% in marketing budgets overall over this year.
In a competitive environment for marketers, reporting and forecasting marketing spend is more important than ever. Meaning if you can't prove a tactic has been successful, it will be even more difficult…
The Ansoff Model is a matrix that helps marketing leaders identify business growth opportunities for their marketing strategies in a challenging market
What is the Ansoff Model?
Also referred to as the Ansoff matrix, due to its grid format, the Ansoff Model helps marketers identify opportunities to grow revenue for a business through developing new products and services or "tapping into" new markets. So it's sometimes known as the ‘Product-Market Matrix’ instead of the ‘Ansoff Matrix’.
The Ansoff Model's focus on growth means that it's one of the most widely used marketing models. It is used to evaluate opportunities for companies to increase their sales through showing alternative combinations for new markets (i.e. customer segments and geographical locations) against products and services offering four strategies as shown.
How to use the Ansoff Matrix
Strategic questions that can be answered using the matrix include:
Tap into your customers' evolving relationships with technology and the financial services industry and seize new opportunities to strengthen your financial services digital strategy
Globally, the financial sector is facing significant challenges as new online services are created and improved. As consumers' demands and expectations continue to increase, marketers and managers must adapt their financial services digital strategy to stay ahead of the competition.
In this blog, we explore the latest innovations in the finance sector and how they apply to both business- and consumer-facing markets, ranging from established financial services brands and new fintech startups to IFA intermediary markets. And, more importantly, what you can do about it.
Opportunity, Strategy, and Action for financial services
Our simple OSA model helps marketers, managers, and business owners identify challenges and opportunities in their current situation, inform their strategy, and take action. As we discuss the latest developments, it can be useful to refer back to…