How to Formulate a Strong Marketing Foundation for your Business
For your business to thrive beyond a start-up, you’ve got to have, and implement strong marketing strategies. Even established businesses face stiff competition and therefore require efficient marketing techniques. A business with a strong marketing foundation will not only identify with their customers but also develop a two-way communication process with them. Such communication will enable a business to receive comments on its products and therefore adjust effectively.
So how do you formulate a effective strong marketing foundation?
1. Aim at popularising your company
The ideal marketing network should enable your product to be famous. It should permit you to penetrate even the digital market and reach a wider audience. Infiltrating the market calls for various awareness techniques; for example setting up promotional activities, campaigns, sales landing pages, flyers or posting your products on social media to mention some.
2. Know your ideal customer
Whether you are in the B2B or B2C environment, it is important to know as much as you can about your ideal customer. This will help you promote and optimise the outcome of your efforts. Things to consider about your ideal customer are:
- Are they the decision-maker?
- Marital Status
- Number and Age of Children
- Geographical Location
- Income level
- Education level
- Their goals and values
- Their challenges and pain points
- Where they source their information eg online, books, magazines, conferences etc
- Why would they not buy your product i.e. what objections would they have?
This is not a comprehensive list, but certainly, if you have the answers to the above – you will have the understanding and a focus for your campaigns and promotions.
3. Understand your competitors
Regardless of what type of business you have, you will have competition. Therefore, when formulating your strong marketing foundation, know your competitors. Take time to dissect their products to find any flaws or what has to be improved. Overcoming those faults will shift the customers’ attention to your products.
4. Establishing rapport with your customers
Just awareness creation alone for your product isn’t enough. Come up with ways on how to build a good relationship and rapport with your customers. You have heard the expression, that you wouldn’t ask a person to marry you on your first date, you would need to build a relationship first. It is the same for building rapport with your client online, you have to give to get eg a lead magnet in exchange for an email address. Some other strategies could include:
- Free samples
- Discount vouchers
- Discounted prices for the first few days following the launching of your product
- Complimentary consultation or webinar
Your goal here should be to gain the customers’ trust for your goods and services.
5. Identify Joint Venture Partners & Influencers within your industry
Creating a mark in an already monopolised market isn’t easy. One effective strategy is to identify leading companies and/or influencers that provide non-competitive products to your ideal buyer. Create a Joint Venture to reach the new audience quickly. That is especially important for introducing new products. One major advantage of this approach is that you are not going in “cold” to their client base, and therefore have already established credibility through the relationship they have with their customer base. It also can be a cost-effective way to penetrating the market
6. Employ customer referral technique
For your business to expand rapidly, use already established clients to reach more customers. Having garnered experience with your product, they can help convince new buyers in your favour – often referred to as “Third Party Referrals. Come up with incentives on how to reward people who refer others to you. For example, it could be the free delivery of goods.
In conclusion, a strong marketing foundation will propel your business into a success. Without it, you won’t be able to outsmart your competitors or survive an entirely competitive market structure, employ more resources and establish a solid foundation to sell your business. This article is meant to stimulate ideas rather than provide solutions. What are your thoughts?