The evolution of online marketing trends is as constant as the changes in the internet itself. Although it’s impossible to perfectly forecast fluctuations in consumer patterns, effective online marketing can still greatly benefit from studying and gauging these tendencies. Internet marketers with a strong understanding of crucial performance metrics and the capacity to track progress and adjust accordingly have a higher likelihood of succeeding in the dynamic world of online marketing.
SWOT Analysis for Effective Marketing
SWOT refers to the strategy, weakness, opportunity, and threat. SWOT analysis goes hand-in-hand with the use of key performance indicators or KPI to leverage the effectiveness of any internet marketing campaign. Too often, companies try to cast a broad net to achieve branding or exposure, but data-driven internet marketing suggests casting a smaller net that is measurable, categorized, and defined.
Internet marketing, more specifically organic search ranking, requires data and strategy. Market research is essential to plan strategies that are going to be practical and results-oriented. Diving headfirst into a marketing campaign without a measurable plan will most likely lead to lost revenue and time.
Intentions and Tasks
With KPI and SWOT in mind, marketers should sketch out marketing plans like a storyboard in a movie.
- What is the budget?
- What is the goal?
- What is the target demographic?
- What indicators are to be measured
- How will effectiveness be measured?
- How does the marketing plan compare to those of competitors?
- How and when will performance be managed and strategies altered or improved?
- What are the overall risks of the marketing plan?
- Cost-benefit analysis
As you can see, there are many moving pieces to consider before moving forward with a marketing plan. With some marketing platforms, it is easier to target specific demographics that are better suited for particular brands. With smaller marketing budgets, casting a lower net might prove more beneficial. With larger budgets, utilizing marketing platforms that cast more full nets may achieve results, but what is the risk of casting more full nets?
When looking at marketing intentions and defining marketing tasks, it is essential to layout specific, measurable strategies that lend themselves to the analysis of the factors above. Always use SMART goals that are specific, measurable, attainable, relevant, and time-based.
Marketing Analysis and Improvement
Moving into the marketing plan, it is essential to adjust based on data. SMART goals ensure that the marketing plan is achieving desired results. If desired results are not being made, then the project needs to be adjusted, and this should be easier if SMART goals have been clearly defined.
- How was the marketing goals specific?
- How were the marketing goals to be measured?
- Were the marketing goals attainable?
- Were the marketing goals relevant to the target demographic?
- Were the marketing goals achievable in a predetermined time frame?
So long as the marketing goals have been well-defined, adjusting them based on KPI should not be difficult. The earlier threats are identified, the quicker revenue loss can be avoided, and the more effective the marketing campaign will become.
Using SWOT analysis and looking at and adjusting for KPI throughout the marketing campaign will increase effectiveness. The key is for marketing campaigns to be data-driven, analyzed, and measured, and adjusted accordingly. Effective marketing should be strategic and goal-oriented.
