How To Make The Perfect Marketing Strategy For Your Business

The most exciting part of doing business is being able to scale the organization. While it is important to be able to get your product out and provide the world with goods and services that you think are going to change the world, in reality, most businesses are selling things that already exist. Even today, in this digital era where innovation is revered, companies are mostly just creating new flavors of the same product rather than introducing something completely revolutionary. However, this is not necessarily a bad thing. There is nothing wrong with a new company introducing an existing product or service in a new way. In fact, this is healthy for the economy, for the business, and even the customer. This is how we get better products, better prices, and more options to buy.

What's important is that a company is able to actually get this product in front of customers and grab their attention. Even if your offering is the most refined product in that product category, all that effort in research and development will not do much good if you aren't able to create sales and profit. Most companies actually don't start off with the best version of their product. As they develop sales, earn more money, and have the resources to improve, they invest in themselves and try to stay ahead of the competition.

Behind this situation is marketing. Not just the form of marketing that you choose or how much you invest in marketing but the entire approach you take. This is why some of the biggest companies on the planet spend just as much on the planning and marketing strategy as they do on the actual marketing itself. In fact, a good marketing strategy will help you get more out of each dollar that you invest in marketing. It will help you optimize your marketing efforts in a way that helps you resonate with your audience better and get the results that you want. The question is, what is a good marketing strategy? Here are some pointers.

1. Target Setting

While the overall aim for any business is profitability, this can be achieved in very different ways. Setting targets may seem deceivingly easy, but it’s an art in itself to keep the goals realistic and beneficial all at once. Depending on whether you are a service provider, or a product-oriented company, or a combination of both, the way you generate sales will determine what the best marketing strategy will be. You need to know whether you want higher conversions, higher signups, more visibility, or access to newer markets. This is a part of the process where you need to work your way backward from your end goal. More importantly, you need to identify how large that target is. Do you want to increase sales by $50K per year? Do you need 10,000 new subscribers? What exactly is the objective of the campaign and how can you make it measurable?

2. Market Analysis

Just because you have been selling to a certain demographic ever since you started doesn’t mean you have to stick to that market forever. There is always room for growth and nearly any product can be sold to all players in the market. Even if you are selling something like coffee, you can expand your reach. Rather than being a consumer-focused business you could leverage industrial marketing and try your hand at selling to other businesses and commercial clients. A lot of businesses focus on a hybrid approach where they sell both B2C and B2B. This can make marketing slightly more complicated but the profitability is definitely worth it. However, if you are making the move towards B2B or B2C it's a good idea to conduct some market research for your product and see what other businesses are offering to those clients. If you are planning on taking your coffee to B2B clients, consumer-oriented packaging, pricing, and delivery options won't work. You need to tweak your approach to meet the needs of this clientele together with developing an appropriate marketing strategy.

3. Customer Knowledge

A lot of companies have a very strict Know Your Client (KYC) policy, and this helps in different areas. This could involve having a more in-depth signup process. It could mean that you physically meet clients or that you focus on a certain clientele exclusively. In all these situations, KYC benefits business safety but it also helps optimize marketing. With a better understanding of who you are selling to you can market in a way that engages them specifically rather than creating generic campaigns. It's the difference between just throwing your net out into the ocean and catching whatever you get and strategically placing nets in places you know you will catch high-value fish. This is going to be particularly important if you are targeting a new sector of the market and looking to expand your reach into a new market altogether. For example, religious organizations need to appeal to their community and reach out to potential members. This will require them to learn how advertising for churches works and how they can get to any person in their area who may be interested in joining. By understanding their target audience, religious organizations can create marketing campaigns that get results and resonates with their community members.

4. Product Knowledge

This is true for both physical products and services, but for discussion’s sake, we will group both of these in the term product. Knowing your product is knowing what value it provides your clients, what prices others are offering similar products at, how you can market the most appealing aspects of your product, and what the most efficient way of selling your product is. In essence, you want to be focused on addressing the 4 P’s of marketing in regards to your Product, Price, Place, and Promotion. You might not have the answers to all these questions when you start but doing good market research will set you on the right path. As you discover more about the market, you can always build up your product and customer knowledge and use this information to improve marketing.

5. Breaking Down Objectives

Having overall goals and objectives for your marketing campaign is excellent, but knowing the steps to take to achieve those larger goals is just as important. For instance, if you are looking to increase sales by $50K per month, that works out to $12500 per week and roughly $2K per day. It's very unlikely that your marketing campaign will magically increase sales of one single day in the entire month by $50K. It's more realistic to think that you will need to look at increasing daily sales by $2k in order to achieve the larger target of $50K per month. Also, you might want to look at which days in the week are your highest selling days and how you can optimize your operations to sell even more on those days. For most businesses the first three days of the week are the slowest and trying to push sales when people are getting back to work might not be the best approach. Also, you can expect sales to start increasing the day after you launch your marketing campaign. Give it at least a week before you draw any conclusions about how effective it is.

6. Marketing Technique

Digital marketing and getting visibility through the internet are the hype right now. The internet has over 4 billion daily users but this doesn't mean people are no longer receptive to traditional marketing. In fact, the latest research is suggesting that old-school marketing techniques are still very relevant today because they impact the customer in a way that digital mediums simply can't. If you are selling a physical product, knowing the best way to market it is key. More importantly, for smaller businesses small-scale traditional can be more effective. Throwing out flyers in the neighborhoods you want to sell to, advertising on local radio stations, and even cold-calling local residents are all great solutions. While you can target local audiences through digital marketing, hiring a competent professional can be expensive.

Marketing trends change, you learn new things and your customers change too. Don't be afraid to revisit your marketing frequently and try out new things. If you look at some of the biggest brands in any kind of consumer-focused industry, you'll notice that they constantly change their marketing strategy. It changes with the season, it changes with political changes, it changes with general trends and there is always some new thing that they want you to know. This is less about marketing and more about engagement and keeping the brand relevant.

Marketing is not just about increasing sales but it's also about retaining the customers you have and showing them that they are making the right choice by sticking with you. Even for well-established brands like Johnson and Johnson or Proctor and Gamble, marketing is an ongoing process and is one of the main reasons they have managed to stay relevant for over a century. Also, marketing is a long-term strategy. There are no overnight results and marketing will take some time to really develop momentum. Don't be in a hurry to have people lining up outside your business, only with a good marketing strategy that has been implemented over a long period of time is that result achievable.

How To Make The Perfect Marketing Strategy For Your Business How To Make The Perfect Marketing Strategy For Your Business Reviewed by Opus Web Design on November 09, 2021 Rating: 5

Free Design Stuff Ad