Starting a marketing strategy when you don’t have past performance data can feel daunting, but it’s incredibly common for new Australian SMEs. The good news is, it forces a focus on understanding your ideal customer and building a plan based on solid assumptions, not just what’s ‘always been done’. We see this situation frequently, and a lack of history doesn’t mean a lack of opportunity.
The key is to shift your thinking from ‘analyse what happened’ to ‘predict what will happen’. Here’s how we approach it with our clients:
- Detailed Customer Profiling: Forget broad demographics. We’re talking deep dives into psychographics – what motivates your ideal customer, their pain points, where they spend their time online and offline, and what influences their purchasing decisions. This is your foundation.
- Competitive Analysis: Who else is targeting your ideal customer? What are they doing well? Where are their weaknesses? Don’t just look at direct competitors; consider alternatives your customers might choose instead. Tools like Similarweb can give you a good starting point for website traffic estimates.
- Hypothesis-Driven Marketing: Treat your initial campaigns as experiments. Formulate clear hypotheses – “We believe offering a discount code will increase conversions by 10%” – and design campaigns to test them.
- Focus on Leading Indicators: Without historical sales data, you need to track metrics that *predict* sales. Website traffic, lead generation, engagement on social media, and email open rates are all valuable leading indicators.
Don’t fall into the trap of trying to do everything at once. Start with one or two core channels where your ideal customer spends their time. For example, if you’re targeting young professionals, LinkedIn and Instagram might be good starting points. Prioritise activities that allow for quick learning and iteration.
Remember, the first few months are about learning. Be prepared to adjust your strategy based on the data you collect. By focusing on understanding your customer and rigorously testing your assumptions, you can build a successful marketing strategy even without a historical roadmap. The most important next step is to define your ideal customer profile – really get specific about who you’re trying to reach.
