How to Find the Right Marketing Strategy for Success
There are a lot of different ways to approach marketing your business, but finding the RIGHT marketing strategy for success can often be elusive.
Marketing plays an indispensable role in every business. It’s not a one-off thing but a continuous process that you regularly execute to proffer solutions to people who are already soliciting them. To achieve this, you need to adhere to a daily plan to become more visible and build a steady flow of leads.
The right marketing strategy should include the best marketing techniques and best marketing channels that empower you to position yourself as a problem solver for your target market. With that said, there are different marketing strategies to pick from, and determining the best can be daunting.
However, it’s imperative to consider a few approaches that you can consistently use. To make them more productive, there are several hints provided by companies online, for example, mystery shopping companies and you’ll get a custom program enabling you to know the level of your customers and also level the playing field against your opponents.
Below are some great tips to help you find the right marketing strategy for your business:
1. Check on your competitors
To supersede in your marketing efforts, your competitors are a great start. Find out what they are doing excellently, what they are doing poorly, and the things you feel they can do better. Once you have an idea, replicate parts of their best strategies, and discount the others. This way, you save on time, effort, and money.
2. Determine your target customer
Marketing to everyone isn’t cost-effective. So, be in tune with your target customers and find out their needs. Also, think of the people who are likely to purchase your products by asking yourself the following questions;
– What needs will my product fulfill??
– Will customers need what I am selling?
– Who are my current clients?
– How is my competition market?
Once you have the answers, decide on your targeted group and contact a sample population of the audience to ascertain whether they would be interested in your products or services. Chatrooms, telephone polls, surveys, or email questionnaires are some of the great ways to collect feedback.
3. Set a budget-Determine you limits
Most entrepreneurs fail to set a budget as they begin their marketing efforts, and this is a big blunder. Before deciding on the best marketing techniques to utilize, you need to determine how much you can spare to get the desired results. Some business owners use the 10% rule, and this is to imply that if you decide to execute a marketing strategy that can generate $1000 monthly sales, you need to inject $100 per month on marketing.
By applying this law, you’ll be unlikely to spend more money on a marketing plan that won’t be worth your effort. Moreover, you have to be realistic, start small as you test your efforts before investing in a significant investment. Besides, in case your preferred tactic flops, you won’t have much left for alternative marketing.
4. Evaluate the available marketing strategies
There’s a wide range of effective marketing techniques available but not all of the work for every business, audience, or product. As such, before you decide on any method, keenly evaluate what will work for your venture and product. For instance, if you run your enterprise online, you should focus your marketing efforts online instead of using magazines or email brochures to target clients who rarely use the internet.
Your audience also matters; if you’re marketing to other businesses, then your approach should be different than if promoting your business to consumers. Also, if you’re targeting adults, you shouldn’t use the same technique as while reaching out to students or teens. For this reason, you may require to apply more than one strategy to cater to the needs of your target audience.
5. List all marketing strategies
Create a list of all the best marketing strategies used by companies. To get these, speak to other business owners or search online, and you’ll be amazed by the numbers of the approaches available. But, research first and shun falling for any of the marketing programs no matter how enticing it looks. Besides, many business owners are lured by paid attractive marketing programs and end up losing money with nothing to show for it.
While researching, you’ll realize that there are two ways of promoting your business venture. One of the methods is to pay for your marketing and some of the techniques include;
- Pay Per Click
- Pay Per Action
- Buying ad space on other websites, newspapers, and magazines
For the paid strategies, estimate the monthly cost as per the number of keyword and the average clicks per day to get an estimate of how much you’ll need to spend. One of the best ways to start is by free techniques. Examples of commonly used free strategies are;
- Article writing
- Video creation
- Word of mouth
Now that you have your list, divide it into two categories of paid methods and free ones. Compare the paid strategies and the free ones with your budget taking into account the amount of time you can spare towards your business daily. This way, it’ll be easier to do away with the costly strategies or the ones which may take too much time to execute.
6. Research more!
After narrowing down your choices, choose one marketing strategy, and research more on it. Gather as much information as possible on its implementation and how to track results. Remember, your goal here is first to comprehend how the strategy works then later move on to others on your list. Once done exploring all the business promoting methods, pick one that’s likely to offer the best results for your business.
7. Test and analyze the results
Whether your results are good or bad from your initial testing, be flexible and ready to lose some cash to attain more data. With time, you’ll begin to paint a clear picture of your success using the results of your initial testing. Moreover, be ready to stretch your budget to cater for your best campaigns. Remember, your success will depend on how excellently you test your drive using different platforms and target audiences.
Some of the best marketing techniques may not work for your venture, target market, or product. So, follow the above steps in order to pick the right marketing strategy to match your budget and marketing needs. By so doing, you’ll be likely to find the right clients for your product and service.