Effective marketing-or the lack of it is an integral factor when it comes to business success.
And the premise behind it is simple- it’s the only aspect of business that directly brings in the money.
Without marketing, even your life-changing products and services will remain only known to yourself and your employees.
In the ever-changing world of business, marketing strategies are constantly evolving to adapt to modern-day business needs.
If you are in business or looking to go into business today, here are some powerful strategies your business will benefit from.
1. Niche Strategy
Niche marketing narrows down business prospects and focuses on marketing to a smaller, more specialized, and well-targeted group.
What this does is that it allows a brand to showcase itself as an authority, differentiate itself from would-be competitors and resonate better with a distinct set of consumers.
To do this, play into your brand’s key strengths, do extensive market research into competition and customer base as well.
Say you want to go into the restaurant business. You can look into starting a restaurant that only uses organic ingredients. In this way, your target market becomes people with certain health concerns, health-conscious families with small kids, and so on.
2. Data-Driven Marketing
Data-driven market leverages big data collected over time to form predictions and design marketing messages.
This data is collected via customer interactions and engagements.
This can be a culmination of instore numbers, sales funnel data, social media reviews and so on. Direct customer feedback prompted customer satisfaction surveys, and so on.
When applied well, this information can help a business refine their customer experiences, develop better products, and personalize their marketing efforts.
Companies like Adeptia have made it much easier to onboard customer data. Once this is done, a company can then analyze and get important metrics to help augment its marketing initiatives.
3. Sales Funnels
Sales funnels are useful tools for analyzing your entire sales process and measuring conversion successes and failures on each step of the process.
This tool is shaped like a funnel. It is wide at the top and narrows down towards the end where conversion or purchase happens.
This model is useful as it visualizes the number of prospects at the start of the process, Vis a Vis the number of people that indeed make a purchase.
The marketer’s goal is to generate numerous leads by getting prospects into the top of the funnel and convert most of these into sales at the bottom.
Because numbers reduce at each stage, you are able to see the point prospective customers are dropping off, and use this information to assess your business and identify areas of improvements.
4. Influencer Marketing
49% of consumers rely on recommendations from influencers.
With these numbers and an impressive ROI, it’s not in doubt why this strategy is increasingly being used to grow small businesses.
This has to be done carefully to succeed. The first variable is identifying a good fit to bring on board as an influencer. As a rule of thumb, this person needs to have shared values to your own and have a substantial number of followers.
If you are opening a chain of healthy juice bars, for example, a good fit would be someone already known in fitness circles. They work out, eat healthily, and have a history of promoting businesses with a similar premise.
This matching of values makes it easy for them to ‘live the brand’ and makes them more believable to consumers.
Your Audience is Key
As strategies change, one thing remains the same: the need to know your audience.
Indeed, any marketing strategy you pick should be backed by a thorough understanding of who your audience is, where to find them, and what they respond best to.
Keep this in mind as you implement the above strategies. This will ensure you tweak these and fashion them to target your customers better. In turn, this will bring in more sales, leading to increased profitability.