In the past, businesses relied on giving the best products and services to their customers and hoping that they would spread the word around. In today’s world, the advancement of communication and logistic facilities have opened doors to a lot more business opportunities. As a result, the average customer today has many more choices. This has led them to become more cautious about where they spend their hard-earned money.
In such a situation, it is not enough for businesses to come up with high-quality products or exceptional services. They need to be vocal about it and establish how their offerings are superior to things that already exist. That is where marketing comes into the picture.
With a myriad of changes happening across different walks of life, many businesses are finding it difficult to keep up. Today, an ideal marketing strategy involves striking a balance between conventional marketing ideas and adapting to the new era of digital marketing. Here are some marketing tips that are relevant in the wake of the current situation and, if practiced, will help you steer your firm on the path of growth.
Set Your Budget
As harsh as it sounds, the marketing goals that you can afford will depend on your budget. Things like designing the logo and branding, coming up with an SEO strategy, building and maintaining the brand website, employing staff to undertake marketing plans, printing advertising, and promotional content all need money.
Being aware of how much you can spend at each step will enable you to plan accordingly. Ideally, a brand should spend 3% to 5% of its last annual turnover on marketing activities. For a new business that you are starting from scratch, greater marketing investment may be required. As a thumb rule, ensure that the marketing budget of your new business does not exceed 15% of your expected annual turnover.
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Identify your USP
Sit back and introspect on what do you love the most about the product or service that you are offering and the special skills and knowledge you have. Make a note of how you do things differently and how customers stand to benefit from it. These form your unique selling proposition. Your marketing strategies should include all of this.
It is these initiatives that allow you to establish a brand identity that goes beyond having just a logo or a set of brand colors. If you indulge in CSR initiatives and try to give back to society, include that in your brand promotion as well.
When you establish your unique points in front of the audience, they see you the way you see yourself and are in tune with your company's ethics and values. That way, they stand by you and help your business move from strength to strength.
Monitor Your Marketing Plans
If you are setting up a business or rolling out a new marketing strategy, review your sales figures every month to determine if the campaign is achieving its desired outcome. Post the first six months of review, you can shift the review cycle to every three months.
As your business establishes its hold in the industry, you can gradually loosen upon such periodic review and take to annual sales figures monitoring. From a marketing perspective, reviewing the sales of a firm becomes important when you launch a new service or product or if a competitor enters the market.
If your budget permits, you can invest in analytics tools that will help you determine the effectiveness of your social media campaigns. Monitoring customer activity during and after an ad campaign is another important aspect of your marketing goals. Realize that no matter how well you are faring, unless you are on your toes, some other business will overtake you in this rat race to success.
Nurture Your Loyal Customers
The growth of any business cannot be based solely on attracting new customers. Retaining old customers and ensuring that they come back to you for more is an essential part of the journey.
Start by training your staff in being courteous and knowing the basic sales processes. Understand your capabilities and promise only things that you are confident of delivering. Later, try to exceed the initial expectations by going the extra mile. Try to be open to suggestions from your customers and act on the feedback they provide.
As a brand, you need to realize that your relationship with the customer does not end with you providing the product or service. Work on after-sales follow-up and regularly communicate with your customers through blogs, blogs, or social media platforms. If you are short on time, going to videocreek.com will let you create professional-quality marketing videos in a matter of minutes. Such proactive acts will make the customer feel valued and lay the foundations of a relationship of mutual trust.
The success of any marketing campaign relies on whether you are opting for the right marketing avenues. For example, if your target demographics primarily consist of people in their 50s and 60s, brochures, flyers, and networking events would work the best for you.
Similarly, a brand focusing on products or services meant for middle-aged women would do better with cold calling and referral plans. For a younger demographic, digital marketing, social media presence, and online events are the key. Thus, the marketing strategies that work for others may not give the desired results for you and it is for you to experiment and find out what works best for you.
Regular adherence to the above-mentioned tips requires discipline and effort. However, if done properly, you will be amazed to learn about the result it brings along. As you set out on the path of a balanced marketing strategy, here is wishing you the very best for the same.