Step 1: Define your ideal customer.
When it comes to marketing, you hear it over and over again: define your target audience. Even if you think you know your ideal customer, spend some time defining your exact target audience. Where do they live? How old are they? What do they purchase? Where do they shop? These are all questions that should be revisited every few months to ensure you have a clearly defined target audience.
Step 2: Write down your goals.
How much time do you spend defining and reviewing your business goals? Grab a pen and paper, or start a spreadsheet, and write down your goals, specifically your revenue goals. The purpose of marketing is to get profitable revenue in return. Set a specific number of what you’d like to achieve in 2017.
Step 3: What’s your cost per acquisition?
As a business owner, CEO, chief financial officer or chief marketing officer, you should know how much it costs in marketing dollars to bring a new customer in the door. Take the total amount spent on marketing in 2016 and break it down by how much sales was generated from those marketing dollars.
Don’t let 2017 start without having a thorough marketing budget in place. In year’s past, you might have gotten by with an on-the-fly marketing plan. But 2017 will be different for you. Take the necessary steps to clearly define your target audience, your revenue goals and your cost per acquisition. Then build your budget and prepare to have a profitable 2017.