Let’s set that stack of cash on fire, is not a particularly sound business idea. Even if you are a VC. However, you and a lot of other businesses maybe doing exactly that.
What do you mean, you say? I hardly ever burn money, except you know when lighting those fine cohibas, of course.
I think companies burn money everyday. Usually because someone gets an idea to pursue some new marketing tactic, whether joining a new social network, making a video or going to a trade show. They do this without considering how it ties into their strategy. Or they don’t even have an overall marketing strategy.
Don’t get me wrong tactics are fun and rewarding, but think how much more powerful they could be if they all functioned within a coherent strategy?
How to put down the matches.
The first step is to explore your marketing strategy. Does it support your overall business goal and mission? If you don’t have a marketing strategy, hmm maybe now is a time to formulate one.
Your need buy-in from sales and from management, and of course marketing, on the goals and how the strategy gets you to them.
The second step is to do a tactic audit. What tactics are we pursuing and do they support the overall strategy. It is good to take a long hard look at all of them and cut with a sharp knife. Kill the ones that don’t adhere closely to what you want to accomplish.
Figure out where your customers are, where should you be going, I know Gary Vaynerchuk loves Snapchat, but if you targeting seasoned CEO’s are they on that platform?
The only reason you should be pursuing any tactic is to connect with your customers and give value. If they don’t see it and don’t respond to it, did you even create it? Deep, I know.
The next step is to do a content audit: What do we have, what format is it in and most importantly how can we re-purpose to use in the tactics that we are pursuing?
One of my favorite words in marketing is recycled. Let’s make that video a blog, now let’s use an image and use it for Instagram, can we change it to an infographic as well. Awesome!
What type of content do your customers respond to, have you checked? If not, why not?
Let’s all make a pledge to stop burning money and stick to the strategy.
If you need help with your marketing strategy let us know, maybe we can help.