Advantages of an Effective Marketing Strategy
Some might deny this, but over time, running a business, you might have asked this question; when will I find my next set of customers? Or will my next customers find me? Those two questions seem like a challenge for business owners. And the true answer to those questions is a great marketing strategy.
A marketing strategy is referred to as the techniques you used to promote your products and services to your target audience – forms of promotion include; search, content marketing, social media, television, radio, and advertising, etc.
Forms Of Marketing.
There are different forms of marketing; you’ve just got to use one or two, or better still use all forms. Each of these forms of marketing can determine the success of a business. One thing you should know is that marketing, in general, can be costly, but there are low budget marketing methods that are cheap and yet effective in reaching your customers. As a company, you must make your company successful by utilizing different forms of marketing. Here are the basic forms of marketing;
- You’ve got to focus on your target audience, capturing the right audience is the first stage of an effective marketing plan, be sure that your company or business is capturing the right audience. You could own a blog and post content relevant to your business; this is a great way to collect traffic for a specific niche.
- Some might say this; email marketing is the second most effective form of digital marketing, followed by search marketing, if a company isn’t utilizing email marketing to market their product and services, then they’re at a disadvantage. To begin an email marketing strategy, customers should be given the reason to give you their email addresses – you can do this by giving them the option to subscribe so you deliver to them weekly newsletters, product launches, company news, etc. More so, collecting an email list and emailing the customers special discounts, offers and exclusive offers is a nice way to market within a select group of people, who are most likely to buy your product than people who aren’t subscribed to your company’s or business email list.
- Social media marketing is a form of digital marketing that has risen over the last few years, it’s one of the cheapest ways to grow your company’s revenue as well. Social Media networks like; Twitter, Facebook, Instagram, Pinterest, and Vine, are free social media sites that companies use to market their products and services. Companies pay a small amount of money to make their products or services advertised, thus reducing the cost of advertising.
- SEO marketing is one way to drive traffic and reach unique visitors. You do this by practicing SEO, with the contents on your blog. When you practice proper SEO, you get ranked in search engines, and in turn, this will improve your site’s visibility, increase the number of your viewers and subscribers.
- Hosting events is a great way to make your customers celebrate and be happy. When you host events, you get to engage with your customers well enough; this event should be more like an appreciation day, where they can get discounts on products and services you offer. You can offer deals at events, and that’s a great way to market your products and services in a way your customers can react to and most importantly understand.
Why Is Marketing Important?
The way you market your business will determine if it’ll be successful or not. Marketing is a tool used to retain demand, reputation, relevance, and competition. And without marketing, your business is likely to run at a loss as a result of poor or low sales.
Factoring all these, the importance of marketing shouldn’t be understated, and here’s why:
- Marketing is a tool to engage with your customers, and without it, engagement with your customer is practically impossible. And in more sense, marketing doesn’t mean you push your customers with offers, it involves providing them with relevant information about your products, services, and business. You’ve got to tell your customers things about your products or services that they might find interesting. Using social media is one of the best platforms where you can easily engage with your customers. You can produce and post short videos on social media.
- Another benefit of marketing is that you get to improve the reputation of your company, the more reputable your business is, the more it experiences trajectory growth and a long life span. Considering this it’s safe to say your reputation determines your brand’s equity. In a business or company, a great vast amount of marketing activities are geared towards building the brand equity of the company. More so, your business status becomes stellar overtime when it meets the expectation of its customers. In turn, customers take pride in buying your products. What marketers do is use effective communication PR, CSR strategies, and branding to make sure your business reputation is maintained.
- Marketing can help in building a relationship between businesses and customers, a business needs to maintain a relationship of understanding and trust with its customers. And this happens when marketers use market research to know more about their customers – their demographics, consumer behavior, and psychographics. And this act is called segmentation. Segmentation helps businesses meet the detailed needs of the customers, and in turn, gain their trust, more so, it’s a priority for the business to deliver what promised at the right time – this makes the consumers loyal to the brand. Loyal customers in turn buy more of your products – trust and understanding between your business and your customers will make your business successful.
- More so, marketing can be used as a communication channel to inform customers about the current and newly released product or service you offer them. More so your customers get to know more about their usage and the value of your product and services, and even more so additional info about your product and services they might need to know. Marketing creates brand awareness and makes your business stand out.
- In a competitive business market, you need to be consistent in delivering for your customers by offering them discounts and other competitive tricks you can use. And communicating with your customers via marketing helps your business or company be a leader in a particular business market, thus gaining a competitive advantage.
- Marketing can help in boosting sales; with effective marketing, you can easily promote your product and services and once they are effectively promoted, this, in turn, increases your chances of having very high sales. Customers would want to try your product and services and if they like it, they will likely purchase it. More so, if customers are happy about your product and services, they will be influencers for your products. They’ll spread the word and in turn, boosts your sales.
- Marketing can provide your business with insights, needed for targeting your audience, and most importantly you should target the right audience. Another trick is; you must share contents that your audience can easily relate to. More so, your content should contain messages that can convenience your target audience to take action, and how do you do this? You can test a different array of contents and see which one engages with your audience well enough and thus having the right contents and baseline for your marketing efforts. All these are important for getting valuable metrics and insights on your customers as opposed to iterating randomly.
- Marketing helps your business strengthen your relevance, it’s a common thing for a marketer to disrupt a potential consumer opinion on other products – in broad terms, some marketers might take this for granted. Most businesses assume they’ll always be their client’s favorite brand, but that’s wrong, even if the clients don’t complain – it’s wrong to think so. But by practicing effective marketing you maintain a strong relationship with your customers and thus make your business or company relevant. The priority of your customers should come first – as opposed to getting new customers first.
- Marketing creates revenue options for you, in other words, over time as your marketing strategies generate more customers and revenue opportunities for your business. This gives you options; you’ll have the power to penetrate new markets and in turn, risk losing over-demanding customers – without marketing you’ll be forced to work with clients who you’ve outgrown and aren’t paying you well.
- Marketing can help the management make informed decisions, most businesses are faced with problems like what, for whom, when, and how much to produce products. Marketing is the answer to all of these questions; marketers rely on marketing mechanisms to make decisions like these. They rely on marketing mechanisms because, through this process, a reliable link between your businesses is created with society. And through this, you educate the public on products offered and tell them to know about the ease of buying your products – thus making it easy for the management to make informed decisions.
Advantages of An Effective Marketing Strategy.
Developing the right market strategy involves a lot of things and if you’re a business or company owner, not understanding your market is a big loss for you. Here’s why you should market your company or business effectively:
It Helps You Understand Your Customers Well Enough.
Before starting a marketing strategy, you have to do some market research, and this research should provide you with data that’ll be super helpful in getting insights on how to know the right product to develop, keep up with trends, and changes in the behavior of your target audience.
In the business world, having access to detailed information about your customers is key to delivering effective products and services that’ll make a positive difference in the market, and the data collected are usually called big data. These data give you u deep information on your customers – information that includes their online activity, buying activity, interaction with shops and stores.
Helps Brand Your Business
Marketing isn’t always about getting new leads and converting them into buyers or customers, it also involves letting people know your values, culture, and purpose of your business or company. When you’re able to communicate these things — vision, value, purpose, and culture — you’re branding your company. An example is Apple, their marketing strategy is basically about simplicity, elegance, design, and function. Moreover, their products are simple, sleek, beautiful, and offer multiple functionalities. When people think of Apple, they think of a company that always delivers products that are top-notch, beautiful, well-designed, and are always on the cutting edge of technology.
Bring in New Customers.
Acquiring or getting new customers is the main goal of a marketing strategy, without attracting or getting new customers your business won’t grow, you might even see a decline in sales. Through effective marketing you can reach a very large audience, whether it is through social media, search engine optimization, paid ads, YouTube, etc.
If you’ve got good products and services to deliver constantly, you’ve also got to know if the customers love them and are happy paying for them, if they’re not happy with them, you need to improve your products and services to meet their needs. If not your good products won’t mean anything to customers. But if they’re happy with your products, they won’t only just buy them, they will promote your products to family, friends, colleagues, neighbors, etc. With this, you gain new sets of customers and in turn, increase your revenue.
Another advantage of an effective marketing strategy is that you get to meet the demand of your customers. When you market your company’s product and service effectively, you get to engage with your customers well enough, bond with them, and understand their wants and needs, thus meeting their demands and creating a loyal customer base.