No matter what business you have, an effective marketing strategy is necessary to boost your sales and profits. Marketing is a field that constantly changes, what worked a few years ago may be irrelevant today, and what works today may not after a few years. If you want your business to be successful then you must be open to accepting change.
Without a great marketing strategy, no matter how good your service or product is, it will still stay limited. Your business should reach your target audience through proper channels, and if that is not happening then you need to improve your marketing strategy.
Here are 7 ways to do so:
Analyze Data and Competition
To fix your marketing strategy, you first need to identify the areas where the problem is. You need to analyze which channels increase your traffic and which don’t. Use techniques to find out what perception your target audience have about your products or services. To do this, you can make use of an analytical tool, Google Analytics is a great resource for this. Use the information you get as your advantage to improve your marketing strategy.
Competition must be analyzed. You may already have an eye on your competitors’ products or services and their future moves, but you need to do more than this. The best way of doing so is to ask your customers to identify the differences they see in your and your competitors’ products or services. This real-time feedback is more useful in making your marketing strategy better.
Identify Your Target Market
If you believe that everyone is interested in what your business offers, then you have the wrong approach. Only those who feel they have the need for your products or services are the ones interested in them, these people are your target market and the ones your marketing has to reach.
Once you identify your target market, you need to offer them something that is unique from what your competition offers. Your main goal should be to make your business the first choice of your customers. For the most effective marketing strategy to reach your target audience, you only need to know the answers to two questions:
- How does your target market access information?
- Where does your target market hang out?
Focus on Top Customers
For a successful business, follow Pareto’s principle of 80/20 rule. In the world of business, this means that 80% of customers bring 20% sales, whereas the remaining 20% of customers bring 80% sales to the business. To maximize your sale your business should be the focus on that 20 %. By this, we do not mean you neglect that 80 %, it is important that you keep each and every customer happy, but instead of pleasing all of them, build a strong and lasting relationships with those who bring you the most sales.
You can send them direct or periodical emails, thanking them for doing business with you. You may also send newsletters to these customers to keep them updated about your latest products and services.
Stay Abreast of New Possibilities
Your old methods may have worked in making your business successful but in order to reach the top, it is necessary that you open your mind to new possibilities out there.
Constantly research different options and ideas which can help you improve your business. The world we live in today is all about digital technology, so make sure your business is digital as well. Have a website for your business, which is easy to use and mobile friendly, this can help you reach your customers on smartphones and computers. You can hire a professional service to design a web page for you, there are many platforms out there like Web Design Singapore who help businesses build a new image through the digital world.
According to a study, only 24% of consumers believe that companies pay attention to their opinions, and only 29% feel that they are valued customers. These stats show that most consumers think low of their brand and don’t feel important.
You can make use of this information and turn it in your favour by making your customers feel valued. This can be done through offers, support and content.
The more valued your customer feels the higher chances there are for them to recommend your product/service to their friends, family and colleagues. This gaining more customers and increases sales.
Include Clear Calls to Action
For a successful business, there are few things you want your customer to do for you, this can be following you on social media, signing up for a newsletter, downloading your e-files or making a purchase. If you think your customer will do all this on their own, then you are wrong. You will have to compel them to do so, and this is done by including clear calls to action.
A call to action is a key element of your webpage, which tells your customer what to do next, it can be anything like a ‘signup’ button or a ‘call now’ option, anything that compels them to do what is productive for your business. Even if you already have calls to action and they deliver well, you can still do better. The key to this is to keep testing and finding new ways of making your marketing efforts better.
Be Consistent and Persistent
Be consistent and persistent with your techniques — to make any marketing strategy work. You should know that it takes time before your business becomes a success. Don’t give up — miracles don’t happen overnight!
For example, when establishing your business on social media, have a consistent schedule for posting, interact with your target audience regularly and post content of high quality.
If one thing does not work for your business, then try another one. It takes time and effort to reach the top, so apply the trial and error method and keep using it till you reach a point where you know what is best for your company.