Being a businessman is not easy, you have to think out of the box to build awareness about your business. So, that you can maintain your position in the market. Well, to do so in an effective manner, you require a strong marketing plan that will help you drive sales, and turn your potential customers into lifelong customers.
What are the steps you should consider to market your business successfully?
There are multiple steps that you should consider to market your business effectively such as:
1. Conduct market research
Market research is a key part of developing a strong market strategy for any business. It is also about collecting informative data that provides an insight into your customers’ thinking, buying patterns, and location. In addition, market research can also help you to undertake an initial sales forecast, monitor market trends and keep an eye on your competitors’ actions.
2. Profile your target markets
In case you are trying to promote your product or service then it can be costly and ineffective. However, grouping or segmenting your potential customers target based on the specific characteristics will help you focus your marketing efforts efficiently.
Usually, segmentation is based on various factors such as:
=> Geography that means the location of your target customer
=> Demographics, which means age, gender, education level, income, occupation of your customers
=> Behaviour, which means loyalty, attitude, readiness to buy, usage rates
=> Lifestyle, social class, personality, personal values.
You should ensure that your target market should have a requirement for your product or service and be willing to pay for your offer.
3. Identify your unique selling proposition (USP)
A unique selling proposition (USP) is one of the unique reasons that makes your customers buy products from your store and not your competitors. USP makes your business stand out from the crowd. It is necessary to define what you offer differently from other competitors and be able to convey your message to potential customers. Commonly, this reflects your special knowledge or skills.
Your USP may be having a new or unique offering or providing exceptional service. But always start developing your USP by answering the following questions mentioned-below:
=> What do you love most about your offerings (products and services)?
=> What special skills or knowledge do you have as compared to other competitors?
=> What makes you drive more traffic than your competitors?
=> What are the benefits your customers get by purchasing your products or services?
=> Which aspects do you usually highlight when you describe your business to strangers?
4. Develop your business brand
Every business, regardless of size, is likely to need a brand. Being a business person, you should understand that a brand is more than a logo, colour or tagline. However, a well-articulated brand emotionally connects with your target customers and conveys who you are, what you stand for and what you offer.
5. Choose your marketing avenues
While there are multiply available you should consider your target audience when you are determining which to use.
It also includes various options such as business website, social media, blogging, brochure and flyers, networking events, print advertising, word of mouth, cold calling and letter drops.
6. Set your goals and budget
You will also need to allocate a budget to your marketing activities. Your marketing budget will need to include elements such as:
=> Search Engine Optimisation strategy
=> Printing of promotional material such as business cards, brochures, signage, etc
=> Donations and Sponsorships
=> Employing staff to undertake different marketing activities
7. Nurture your loyal customers
Your customers are the key to your success so it is necessary to look after them and encourage loyalty. Serving exceptional customer service can keep customers coming back and set you apart from your competitors.
Various strategies are used to build loyalty in customers such as:
=> Have a regular communication with your customers through social media, blogs or e-news
=> Providing after-sale follow up to your customers
=> Delivering on your promises will help you grab more traffics
=> Going the ‘extra mile’ and offering benefits that exceed initial expectations
=> Using feedback and complaints as an opportunity to improve services
=> Listening to customers
=> Training staff in customer service and basic sales processes
8. Monitor and review
It is necessary to regularly monitor and review your marketing activities to determine whether they are achieving their desired outcome, such as enhanced sales. Initially, you should review your marketing plan within every three months to ensure your activities are supporting your strategy. Once your business becomes more established, review your plan when you introduce a new product or service, if a new competitor enters the market or if an issue arises that affects your industry.
There are multiple monitoring activities that may include reviewing your sales figures on a regular basis (monthly) or monitoring customer activity during an advertising campaign. You can also access and review free analytic tools to determine the effectiveness of your social media or website campaigns.
There are various options available when it comes to promoting or marketing your business, no matter what your budget is. Implementing the strategies in this post is sure to pay off, especially if you regularly review and revise your strategy.
While marketing for your business you should keep in mind that if you are paying for advertising, you should track your rates of return. However, it’s great to gain better visibility for your brand, but if the cost of advertising is not adding revenue to your, it may not be worth it.