All businesses need a marketing strategy. Ideally, this should be conceived at the start of the business. Do not start advertising without at least a rudimentary marketing strategy. You risk losing money if you decide to wing it. Some companies wait until a marketing team has been assembled to design a strategy. If your venture is still a one-person show, you can devise a marketing strategy using the following suggestions:
Know Your Audience
First of all, you must know who your customers are. If you have already sold products, you should evaluate the sales statistics to determine who is likely to buy from you. For example, if you have sold 5 products so far to women living in your area, your marketing strategy can target local women. You may have to work with limited sample sizes in the start. So, it wouldn’t hurt to broaden your scope and see which fish gets hooked. Vigorously collect data regarding your customers so you can polish your marketing strategy as your audience gets bigger.
Data is Your Friend
As mentioned above, you need data to perfect your marketing strategy. Data is not strictly limited to your current customers. You must also have comprehensive data regarding industry trends, changing consumer habits in the general population, how advances in new tech affect buying behavior, and so on. If you are a small or a medium-sized business, gathering this level of data can be expensive and time consuming. Therefore, you should hire a business analytics expert like Corporate Business Solutions to crunch the numbers for you.
Understand Lucrative Advertising Platforms
Advertising in not like shooting arrows into the distance and hoping one would hit the target. Your advertising budget will be limited. Therefore, you must learn to use it wisely. Identify which advertising platforms generate the best returns for your investment. You can do this by tracking the ads and the inquiries each prompts. Try several advertising platforms at first, and then later assess which one has been the most profitable. You should then stick to the profitable platforms.
Have a Plan to Track Traffic Back to the Channel
As mentioned above, you must have a plan to track the effectiveness of your advertisements. For example, tools like Google Analytics and methods like call tracking are known to be highly effective tools for tracing user traffic and conversion rates. Don’t hesitate to adopt such methods to gather data for your long-term plan.
Use Different Platforms to Promote
Don’t always promote on a select number of advertising channels. If new advertising avenues open up, you should be ready to jump in. For example, until recently many businesses relied on online ads and social media for digital marketing. But now, mobile is also emerging as a great marketing platform. So, your company should be ready to capitalize on the mobile market. Likewise, be ready to exploit new advertising opportunities.
Marketing strategies need to evolve over time. What works today for your company may not work three weeks from now. Therefore, also remember to keep an open mind. Be on the lookout for the latest trends and changing customer habits. Be ready to tweak your marketing strategy based on the changing business environment.