5 Questions for Accurate Navigation
One of the most common mistakes in marketing is setting KPIs without paying attention to the context: because the owner wants it that way or because “everyone does it that way” in the market.
Today, WGG Digital Marketing Agency would like to share an approach that is often called gate 0: what questions are important and necessary to answer BEFORE developing a KPI?
What questions help us create a context for evaluating the effectiveness of marketing teams:
- What are the business goals: where and why are we going?
What are our strategic goals? For example, capturing market share, preparing the company for an IPO, or focusing on optimizing costs in a specific period.
Example: If the goal is to capture market share, then the KPIs will include indicators of customer base growth and market share increase. And if we are preparing to enter an IPO, then we will focus on a stable increase in revenue from quarter to quarter, as well as LTV (lifetime value) and NPS (Net Promoter Score, customer satisfaction and their willingness to recommend the product to others).
- What type of business: B2B or B2C?
The difference between B2B and B2C approaches requires different metrics.
B2B marketing often focuses on longer sales cycles and strategic partnerships.
In B2C marketing, it is important to quickly adapt to changes in the market, use real-time analytics to optimize campaigns and achieve business goals.
- What are we promoting, what portfolio of solutions: product, service, custom projects?
Promotion of mass-market-oriented products requires bright, memorable advertising and content marketing. Custom projects, which our digital marketing content agency from Dubai focuses on, are always about unique solutions, where we are expected to have an expert and comprehensive understanding of customer needs, a personalized approach.
- What is the level of brand awareness?
Recognizable well-known brands can rely on their reputation and history, which gives them an advantage in the eyes of consumers. It is important for young brands to be noticed, and therefore an aggressive promotion strategy can be a priority for them. The key KPI here is increasing brand awareness.
For example, when the first online psychologist selection service appeared on the market a few years ago, the task of marketers was not just to make the brand recognizable, but also to build trust and teach the audience how to use such a service in principle. The promotion was very active and competent. And a few months later, when similar competitors appeared, it turned out that the brand name had already become a household word for this type of service. And this made it difficult for competitors to promote.
- What is the expert maturity of the marketing team?
We were lucky to work with different teams: both to assemble new ones and to join existing ones. There is confidence that marketing metrics can tell a lot about a team, the degree of its integration into the business, and its connection with other functions.
Evolution moves from the plan-fact on meeting deadlines and budgets to detailed indicators for each marketing channel, its impact on overall business goals and indicators of other departments.
Thus, through the answers to these 5 questions, we can form a unique model, on the basis of which the coordinates for our movement – the marketing strategy – are designated. Don’t forget that you can get more detailed free consultation from the professionals of the top WGG Agency.