Is Your Marketing Strategy Missing The Mark?

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In business, an effective marketing strategy can make the difference between success and failure. Marketing is designed to get your brand name out there and enable people to discover what your business is all about. If you’ve noticed a dip in sales, your web traffic has decreased, or you’re not getting as much attention as you’d like online, your marketing strategy may be missing the mark. Here are some suggestions to help you turn your fortunes around.

Targeting the right audience

If you’re attempting to ramp up your marketing campaign and increase sales, your priority should always be your target market. There’s no use in spending money on marketing if you’re aiming at the wrong crowd. You want to reach out to people who are likely to have a genuine interest in buying your products or making use of your services. Make sure you know exactly who you’re trying to attract before you start making any plans. It’s also wise to ensure you’re aware of who you’re up against. Look at competitors, and see how they market their products and services. A brilliant marketing strategy should enable you to target the right customer and persuade them that you are the best choice for them.

Knowing your customer

There is no universal solution when it comes to marketing. As a business owner, you have to be able to adapt the way you market your company to suit your customer. What works for one group of people may not work for another. If you have plans to launch a new product, or you’re taking your business overseas, for example, you’ll need to get to know that new target market before you can implement a new campaign. Marketing in the US is very different to China marketing. If you’re trying to drive international sales, you’ll have to modify your strategy to ensure that it delivers for both markets and also make sure the products you sell are geared towards different customers. If you take McDonald’s as an example, you’ll find that the menus are completely different in China to the US. If you can make time to get to know your customer through market research and produce a tailored campaign that caters for your audience, you should find that you stand a much better chance of success.  

Being inventive and innovative

One of the most significant aspects of marketing is setting your business apart from the crowd. There’s a tremendous amount of competition out there, and it can be difficult for new or small businesses to make a splash in a large pond. To get people talking and make your business stand out, be original and creative with your marketing campaign. Give consumers something they don’t see every day, and leave them wanting to know more about your business.

Is your marketing strategy struggling to make its mark? If so, it may be time to try and work out what’s going wrong and identify solutions. When refreshing and reviving a tired campaign, focus on your target market, get to know your customer, and be inventive and innovative.

Areas Of The Biz You Must Grow First

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Growth is the name of the game for most small businesses. If you fail to keep growing, you begin to stagnate and eventually the market will move to someone else who is putting more in than you are. But before you start pouring money into the business, it’s important to understand the core elements of successful growth. Failing to plan for the proper allocation of your funds when it comes to scaling the business is an easy way to end up missing the market and wasting the investment.

Finding more market

This is perhaps the most obvious one. If you’re going to sustain your growth, you’re going to need the additional outcome to continue to fund it once your initial investment (such as a bank loan) is put in. This means finding more customers. How do you corner more of the market? Is it a question of visibility and brand awareness, meaning a bigger marketing budget could do it? Are there other services you could offer that could help retain more of them? Or might it involve opening a new location or office to give you access to another portion of the market somewhere else? All growth has to be able to keep itself going long after the initial funding has run out.

Spreading the infrastructure

If you have a larger market, then how do you make sure you have the resources, both in manpower and in equipment, to handle it? It’s not wise to blanket hire more people to every single section in the business. For instance, if you have a marketing and branding team that has to make quick, creative decisions, involving more people in that can only end up with a “too many cooks” situation. Look at where new hires are going to make the most impact. Similarly, just getting more computers isn’t always the best option. At some point, you have to consider whether you also need managed IT services to help maintain an internal network to better allow them to communicate, share resources, and work on different devices. As the business grows, its proportions are going to have to change here and there. Plan for those adjustments in advance before it gets so big that it’s unwieldy.

Strengthening your core

You should always be improving the core functions of the business and improving your success rate. If you’re manufacturing products, for instance, can you invest in more maintenance or new equipment that reduces the risk of loss? If you’re providing certain services, what software can make it easier to track workflow and provide them more efficiently? What extra levels of customer service could you implement, such as on-site live chat or a more active social media presence? Always be updating your core or it will fail to support the rest of the business.

The three areas highlighted above all demand your attention. However, the particulars of how you grow them will all depend on a lot of soul-searching, both in market research and looking at the organization needs of the business if it’s to get any bigger.