How to Approach Your Marketing Planning in 2024 - DigitalSparxMarketing

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How to Approach Your Marketing Planning in 2024

 

Transcript for How to Approach Your Marketing Planning in 2024

Bob Tripathi: Hey folks welcome. This is Bob Tripathi with Digital Sparx Marketing. And I thought I would do a special video for you guys because this is that time of the year that all of us as business leaders and marketers we put our marketing planning hat on. And usually whatever we plan we put in place this year or the start of the hopefully we can achieve it at the end of the year too. So marketing planning should be done. And You know it doesn’t have to be a perfect science. But what you need to do is you need to look at two ways of how you and grow your company or your department whatever that you’re working on. So a couple of the ways you can do that. Number one is you can actually look at the revenues that your company or your marketing generated last year and then you add a positive number to it. So let’s say you want to grow by 20 percent. Well let’s say you want to grow by 35 percent this year. Then you can add that 35 percent on top of what you guys did last year. And that becomes your revenue objective a revenue goal for 2024. The other way to do it is you know you can just take the respective of what your company did last year. You can pick a goal and see how much you have to do as a company as a business in 2024. And that becomes your goal for this year. And essentially those are the two ways how you can go about creating a revenue goal or a revenue target. So after you have done that the next step in the marketing planning. Once you have a top level goal is to how you reverse engineer or how you back track that revenue objective into day to day leads our day to their sales and day to day traffic from your digital activities. And the way to do it is you take your revenue goals for example you to get out how much is the average revenue you generate for client and. You basically divide it up and that is the amount of clients that you would need to generate for 2024. If you are in the B2B Saas world, And once you have a number, that is how many deals we need to close in 2024 to hit that revenue target. Now you look at what is your conversion rate? For example, What is your conversion rate 2 percent, 5 percent and a conversion rate is from the time a marketing qualified lead is generated until the time the sales closes that lead and that becomes a conversion rate. So now let’s say you want to close about a thousand clients in 2024. A thousand customers in 2024 and let’s say your typical conversion rate is about 10 percent. So that means as a company you need to generate 10,000 leads in order to hit that target. Now the other way you can look at it is if you want to generate 10,000 leads and what is the average number of traffic that gets converted. So from a traffic to a lead conversion. And that is the another number you can make. So let’s take it another 10 percent. So probably you need to generate about 100,000. In traffic to generate 10,000 leads so that the back of the map here. So once you have those numbers in place the second thing you have to do is channel mix allocation. Now marketing digital channel mix allocation is super critical. And you know typically what we do with clients and in all the previous companies that we have worked in is you have safe channels. And that is you search, your content, your search, you then you allocate another 15 percent or 20 percent off your marketing resources your marketing budget or into new channels the channels that you haven’t tried. So there are a lot of upcoming channels on the ad side. You have podcast advertising for example on you’re building something to create a great conversion rate or increase your conversion rate through the help of some technology let’s say progressive web apps, so there is a lot of these new channels are more mobile marketing you name it. So essentially in order for you to hit your target. You want. You don’t want to put all your baskets that you know all your eggs in one basket. Instead what you want to do is you want to pick your 70, 80 percent of the channels that work for you last year and then the additional 20 percent or something. Try some new channels and that becomes your testing for this year and see how that performs and if it performs great then you know do more of it not just in this year or the latter half of this year. But next year and 2024 and 2025 too. But I’ve got some great worksheets and that’s all I have in this video. But please email me at Bob@digitalsparxmarketing.com and we have more worksheets on how you can get your marketing planning in place. That’s all I have and thank you for watching.


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