If you don’t have an effective marketing strategy in place for your business, then you are simply throwing your product or service out into the big wide world, just hoping that it will work.
Not the best idea when you have most likely invested all your money, time, and effort in starting your company and creating a product or service that you believe consumers will love.
That being said, you can’t just pick a random selection of advertising techniques and simply cross your fingers that they will deliver the results you want.
You need to sit down and create the right marketing strategy for your brand, and here is how you are going to do it.
Carry out market research
One of the first steps you need to take is to check out your competition and see what advertising methods they are using. This can help you determine customer demand and see what is and what isn’t working for other businesses within your industry.
Analyze your customer base
You need to know what segments of the population make up your main customer base, such as gender, age range, ethnicity, and education. It can also be beneficial to know their buying habits, as well as what are their needs and demands as a consumer.
Choose your advertising media
From television to radio, print media to social media, there are so many different types of advertising for you to choose from. However, when it comes to selecting which marketing methods you should use, there are four main elements that you need to consider:
· Your overall strategy – what are you trying to achieve? Do you want to increase brand awareness? Increase sales for a particular time period? Get more email subscribers?
· Your budget – how much money do you have to spend on advertising? Would you be better off investing it all in one TV ad or multiple solo direct mail campaigns?
· The frequency of your ads – how often are you able to place your ads in front of your target audience? Linked to your budget, you need to ensure that your marketing message is being internalized by consumers through repeat exposure.
· The effectiveness of past campaigns – how well have past advertising techniques worked for your business? You need to make sure you have adequate tracking and monitoring processes in place so that you can track the success of past and future campaigns.
Don’t forget location
The advertising needs of a local business will differ greatly from those of a national brand. For example, if you are a local business in terms of digital marketing, you will want to focus on local SEO. In contrast, if you are a national business, you should focus on ranking for broader terms with strong volumes that do not have a geographic modifier.
Choosing the right advertising methods for your business is not a one-time process. As technologies change, as well as the needs and demands of consumers, you will need to adapt and evolve your strategies to ensure that you are keeping up with your competition.
Try and think of it as an adventure. You can never know exactly what will work until you try it, but there is no greater feeling when something does succeed.