Marketing is often presented as the science of growth. It’s for businesses that want to make more sales, expand their operations, supercharge their revenues. But what about for businesses that aren’t yet ready to grow, grow, grow? For all the talk about growth in the UK manufacturing sector – and it’s great that there’s finally a positive economic outlook that all businesses stand to benefit from – many SME manufacturers are still reeling from the body blows of the last few years.
For these businesses, perhaps the majority, the primary goal is stability, rather than immediate growth. Growth is tomorrow’s goal. For now, many businesses need to get their house in order, catch up on essential investments, recruit talent, and stabilise their cash flow, to lay strong foundations for growth over the next 12 to 18 months.
Yes. The beauty of digital marketing is that a marketing strategy can be tailored to align with any financial business goal. It’s true that many businesses invest in marketing as part of a growth strategy, and it is extremely successful in helping them achieve these plans. However, marketing can equally be deployed to help stabilise a business, or simply replace attrition in order to prevent a business losing its market share.
Marketing is not a one size fits all strategy. A SMART marketing strategy starts with an evaluation of your business goals, and then leverages a personalised combination of digital tools, targeted messages, and data-driven techniques to position your manufacturing business for success.
Smart marketing uses the SMART methodology, by defining clear marketing objectives that are Specific, Measurable, Achievable, Relevant, and Time bound.
By applying SMART criteria to your marketing strategy, you can adapt your digital marketing efforts to current market conditions and trends, make maximum use of your marketing budget, and lay the groundwork for success today and in the future.
Specific – your marketing objectives should be well defined, leaving no room for ambiguity, answering the questions of who, what, where, when, and why. Specificity ensures that everyone involved in your marketing campaign – both in-house and any agency partners – understand your current desired outcomes and are completely focused on helping you achieve these goals.
Measurable – data is your friend when planning and executing a marketing strategy that aligns with your goals. Any objective must be quantifiable, allowing you to track progress and evaluate success. Measurable objectives should be supportable by concrete data, allowing you to accurately assess when you have achieved your goals, and when you are ready to progress your marketing strategy to the next stage.
Achievable – marketing goals should be realistic and attainable within your given resources, market conditions, and timescale. It’s fine to be ambitious about your prospects and set lofty long-term goals, but to maximise your marketing returns this year, your goal should remain within the realm of feasibility to motivate and guide your team effectively.
Relevant – any marketing strategy should align with your overall business goals and be pertinent to the current manufacturing landscape. While many manufacturers are optimistic about growth, a lot of businesses are still cautious about spending, so your messages should speak to the needs of your customers at the present moment to ensure the most impactful outcome.
Time-bound – to keep your team and stakeholders on track, your marketing objectives should be bound within a specific timeframe for completion. As the economic landscape is changing rapidly at the moment, we recommend short-term timeframes of 6 to 12 months, with regular monitoring and reviews. This helps establish a sense of urgency and provides the basis for more specific KPIs and evaluation. Setting achievable deadlines also encourages accountability and aids effective planning and execution.
JDR can help you develop a highly personalised, strategic, and goal-oriented marketing solution to give your business the stability it needs to capitalise on the economic upturn. To find out more, please get in touch with one of our inbound marketing specialists today by calling 01332 215152.