In this hyper-competitive environment, entrepreneurs are often inclined to believe in the saying that it’s not big fish that devour the small ones, but quick fish eat the slow ones. However, the quickness of the fish – the success of a business – depends on a myriad of factors. One of those factors is where the business owner decides to focus his attention and energy.
In the life cycle of every company there comes a time when ample opportunities for profit arise simultaneously. Thus, an entrepreneur must choose which paths lead to a better gain and which paths, although profitable, are not worthwhile in the long run.
Business owners who focus on worthwhile opportunities and cut costs on those that don’t contribute to the development of their small business are able to transform the small fish they lead into a fast and agile being, one that is able to compete or even devour bigger fish in the sea. This was the path of choice of many successful entrepreneurs in the business world. The same applies to your marketing strategy. Some things should be neglected on purpose, while others must be emphasized.
Organizing Marketing Data
The foundation of a marketing strategy is found in the marketing data. However, nowadays marketing data is vast and more available than ever. To make something useful out of that data, it should be organized and updated frequently.
Successful data-based marketing campaigns utilize product and customer data to optimize performance through the discarding of non-relevant data, all of which ultimately leads to more accurate predictions about consumer behavior, more precise targeting and improved return on investment (ROI).
To start organizing its marketing data, a business should collect information about past customers, such as customer service communications, completed customer surveys, sales histories and actions visitors took on a website. This collected data is called first-party data since it alone provides customer insights. A company should also review its data and ensure that every part is factual and up-to-date. This can include deleting listings that aren’t accurate or no longer exist and updating contact data.
The brand that identifies with its customers
Successful companies create brands that suit their consumers. In other words, these brands are able to identify with their customers on a fundamental level by researching and analyzing their customer behaviors, demographics, habits, needs and problems.
A small business should also create such an adaptable brand. Everything starts with the brand adapting to what it is famous for. For instance, maybe the enterprise’s product is the newest innovation on the market, or maybe a business hasn’t created anything new but instead solves a customer problem or need in a cheaper fashion.
If a company is speaking to the “common man,” it shouldn’t talk about luxurious and expensive products. Similarly, a business that speaks about luxury and elitism should sell well-designed, well-crafted and well-engineered products that often possess an artisanal touch.
Listening to customer feedback
Customer feedback gets neglected often, which prevents the company from aligning its product offering with what the consumers actually need, ultimately ending in a poor marketing strategy that doesn’t really solve a problem. Discovering the customers’ opinions and thoughts about a company or its products are the only way to give them the best customer experience.
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This is achieved through various means. For instance, a company can implement 1800 numbers in order to have a toll-free phone number that customers can call. Such phone numbers make it easier for customers to leave reviews and feedback, which enables the company to change whatever is wrong with the product or service.
Of course, you might think that this would be really helpful for the customers in the beginning, but not so much once they start calling in greater numbers. After all, how are your employees meant to manage the phone lines effectively? The answer to this particular problem lies in the integration of modern VoIP communication solutions into the workplace. With the available tools that work impeccably on both mobile devices and computers, it’s easy enough to keep track of the calls you receive as well as utilize the features of live chats and video calls as needed. The automatic recordings can be further used for a more effective marketing strategy.
Other means to receive customer feedback include customer surveys, user experience testing, focus groups and social media comments and reviews.
Social media and email marketing
Social media like Facebook, Twitter and Instagram are a good and cheap source of exposure and traffic for any small business. The vast majority of a business’s audience can be found there. Higher search rankings, increased brand awareness, bigger inbound traffic, higher conversion rates, better customer satisfaction and loyalty, marketplace insights and brand authority – all achieved via social media.
Email marketing, on the other hand, builds strong customer relationships, lets businesses reach their customers, build their reputation and grow their customer base. Emails easily give customers updates about the next big event, the latest product launch and any other news about the company.
Organized marketing data, a brand that is identifiable by its consumers, consumer feedback, social media and email, everything here constitutes a successful marketing strategy for any small business. Today’s marketing is a diverse area that offers small businesses different creative ways for advertising. But only some of them are effective.