Marketing can often be viewed as a nice-to-have extra rather than an essential part of a business strategy. Perhaps that is because it can be quite difficult to define marketing as a subject. There are so many different facets to it including identifying target markets, advertising, customer care and loyalty, sales and public relations.
However, those who do not take marketing seriously may find themselves at a disadvantage in the long-term. A good marketing strategy can help you decide which customers to target, how to reach them and what to do to keep them happy once they are hooked.
As well as telling you what you need to do, your strategy can also help ensure that you are not wasting your time and resources trying to appeal to the wrong people or even to too many potential clients – and consequently winning none of their business.
Here are some great tips that can help you to market your business:
1. Create a marketing strategy
The most efficient way to attract customers and keep them happy is through an effective marketing strategy. So what exactly does this strategy involve?
• Identify your potential customers – Essentially, your basic requirement is to identify groups of customers and find out what they need.
• Identify how you fulfil their need – Then, you need to work out how you can fulfil their need more effectively than your competitors. You therefore need to give serious thought to your unique selling point (USP). If you can’t identify a reason why someone should use your services above all others, what is to stop them going to another supplier?
• Communicate the benefits of your products and services – A large part of your marketing strategy will be based on how you can tell or show people why your products and services are the best for them to use. You will need to decide on which types of marketing activities you undertake – and, of course, you should make that decision based on how to get the best from your marketing budget.
• Keep customers happy in the long term – Your strategy may need to be flexible as your business matures and changes or your customers’ needs change. You should monitor your strategy to decide whether or not it is working. Start by asking each new customer where they heard about your business and why they chose you.
2. Write a marketing plan
A written marketing plan can act as a reference document you use to execute your marketing strategy. You can work out what your marketing plan is by using the four headings above. Your plan should be a written explanation of how you intend to build long-term, profitable relationships with customers from your chosen market.
3. Identify your potential customers
Among the most important starting point for your marketing strategy are questions such as “who are my potential customers?” Clearly, you are looking for groups of people and businesses (or perhaps existing customers) to whom you are most likely to be able to sell the greatest amount of your product or service. You need to attract the customers who are the most valuable to you – make sure you can keep them – and then find others with similar profiles.
You might want to ask yourself:
• Which types of company would want my products?
• Why do they need them?
• Which existing customers currently spend the most with me – or with my competitors?
• Why do they do that?
You could also carry out market research to find out what people want and identify a market niche. It may be worth looking at people of a certain age, gender, occupation or a group with a particular interest or hobby. It may also help to profile your target customers. If you understand what they need, you can concentrate on providing it in the most cost-effective way.
4. Profile your customers
Make a list of your target market or best customers.
• Work out what they do and any special interests
• Understand their size and location
• Find out the name of the main buyer
• Start to think about the best sales channels to them
Customers are such a valuable commodity it can be useful to collect data about them. You can then use that information to identify other opportunities for your business. However, if you intend to store data it may be necessary to check you are complying with the data protection act.
5. Research your competitors
As well as understanding who your customers are, it’s worth knowing more about your competitors. A detailed knowledge of their products and services can help you differentiate your own and gain more share of the overall market.
Ask yourself:
• How are their products or services different to yours?
• How do their prices compare to yours?
• What is the quality of their goods like?
• Who are their customers?
• How do they promote their products?
The Corporate Gifts Co has a great range of promotional gifts perfect to express your recognition towards your customers.
Here are some great cost-effective items which can help you to maintain good relationship with your clients.
• Sterling Silver Letter Opener
• Silver Plated New Yorker Business Card Holder
• Silver Plated Cushion Keyring
• Aluminium Oval Compact Mirror
Call our sales team today on: 0845 430 2902 to see The Corporate Gifts Co’s great range of business gifts.
