Without the proper marketing, most startups and small businesses will be doomed to fail. Making sure that your product or service falls on the right ears is a crucial part of any successful business plan.
However, with such an abundance of marketing techniques available, it is important that small business owners deploy the correct methods in order to maximize their return on investment.
Complete Your Market Research
Knowing your market is always the starting block for any marketing campaign. You need to identify who your customers are, where they are conducting their research and what’s influencing their decisions. A thorough market research should give you insights into customer thinking, buying patterns, location and initial sales forecasts.
This can in turn help you to monitor market trends and conduct detailed competitor analysis.
Profile Target Markets
The better you understand your target market, the better you will be able to market to them with relevant content and messaging on the right platforms. To maximize ROI and enjoy higher conversion rates, you need to avoid unnecessary exposure. Make sure you are putting out the right message to the right people by grouping or segmenting potential customers, and your existing database, based on key elements like:
- Demographics: age, gender, education level, income, occupation
- Behavior: loyalty, attitude, buying habits
- Lifestyle: social class, personality, personal values
Isolate Your Unique Selling Proposition
A thorough competitor analysis should help you to identify what makes people buy your product or service rather than your competitors. Being known for a specific service will help you to steal a bigger chunk of the market share from larger competitors.
Decide on Your Marketing Avenues
With so many marketing strategies to choose from, it’s important for businesses to identify the best avenue for their business. From direct marketing to mobile, to social, your marketing platform should reflect your marketing goals as well as your target audiences, personality, budget, location and more.
Whether you are using business advertising to build brand awareness or social to improve lead generation, you will need a well-defined goal in order to ensure that you utilize the correct techniques for your audience. Uncovering your audience’s preferred communication channels and purchasing paths is also crucial in order to make an informed decision. Your marketing strategies should align with the when and where of your target audience.
It is also critical that you identify your marketing budget before deciding on your marketing avenue. Different avenues will have different costs associated, so it is key that you start off knowing exactly how much you have to spend in order to maximize ROI and look after the financial health of your business.
Consider your industry and look into the marketing efforts of your competitors. They may have already identified the best means for communicating with your target audience, and therefore be a useful resource.
Remember to keep testing and interpreting the results of all your marketing efforts. Only then can you know what’s working and whether it looks to stay that way.
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