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Companies are successful when they identify the needs of particular market segments and offer the products and services that satisfy those needs.
Any business worth their salt knows that effective marketing is one of the essential pillars of long-term success. It’s directly related to how many people know about your products and services, how many sales you make, what kind of relationships you have with your customers, and how your brand is perceived more generally.
It’s no wonder that companies are spending increasingly high percentages of their overall revenue on marketing. On average, American companies spent 13% of their revenue on marketing in 2021, up from 8% in 2011.
In order to help you optimize your company’s marketing strategy, we’ve created a list of six key ways you can achieve marketing success. We’ve included a diverse array of approaches, so keep reading to find out which one will work best for you!
1. Consult a marketing agency
If you really want to take your marketing strategy to the next level, why not consult the experts? If your budget allows, working with a marketing agency is one of the best ways to achieve marketing success.
Working with a great marketing agency allows you to collaboratively build a marketing strategy that’s customized according to your company’s specific needs. It doesn’t come cheap, but a good marketing strategy will generate enough returns to make your initial investment worth it (and then some).
If you decide to go this route, it’s important that you choose the right kind of marketing agency for you. After all, marketing agency is an umbrella term. It’s generally defined as a firm that helps companies with their marketing strategies, but that doesn’t tell the whole story.
There are countless different kinds of marketing, and the same goes for marketing agencies.
Here are some of the most popular types of marketing agencies:
● Digital and email marketing agencies
● Social media marketing agencies
● Public relations agencies
● Brand marketing agencies
● Market research agencies
Basically, the key to finding a great marketing agency is making sure your choice aligns with your business’s needs. For example, a software as a service (SaaS) company needs to work with a SaaS marketing expert. Their needs will be best served by someone familiar with their niche. The same thing goes for everything from digital marketing to brand marketing.
2. Build your email list
Source : https://www.oberlo.com/
Email marketing is an essential part of any successful marketing strategy. One of the biggest reasons why it’s so important is because of the ubiquity of email. As seen in the graphic above, more than half of the world’s population uses email… and that metric is only set to rise.
Not only is email widely used, but it’s also a popular way to receive marketing communications. Tellingly, consumers often rank email marketing above other marketing channels like social media, text messages, and old-fashioned snail mail.
In order to take advantage of the consistent power of email marketing, first you’ll need to build your subscriber list. There are several reasons why doing so is important:
● It’s a long-term investment that has high returns and low costs
● It belongs to you (compared to followers on social media platforms, for example)
● It’s easy to personalize
● It’s one of the best ways to communicate with customers
● It’s a great tool for retargeting
● It builds customer relationships over time
If you’re not sure how to start building your email list, here are some of the most popular ways to start collecting your customers’ emails. Contrary to popular belief, you can also do so without a website.
● Giving out a discount in exchange for signing up for your mailing list
● Offering lead magnets that consist of free resources like eBooks or comprehensive guides
● Advertising the special benefits email subscribers get like first access to new products or special promotions
● Creating a poll or interactive survey that asks for customers’ emails
● Asking customers to opt-in for your email list when they make purchases
3. Know your marketing goals
Too many marketers overlook this step. Rather than determining specific marketing goals, they say things like “we want to improve our marketing strategy,” or “we want to increase business growth.” Unfortunately, those kinds of statements are way too vague to actually contribute to an effective marketing approach.
In order to achieve marketing success, you’ll need to identify the exact objectives you want to achieve through your marketing strategy. One helpful way to set goals is by using the SMART framework.
SMART is an acronym that stands for:
● S: Specific
● M: Measurable
● A: Attainable
● R: Realistic
● T: Time-bound
Some examples of SMART marketing goals would be:
● We want to generate X number of leads by X specific date by using X approach.
● We want to expand our target audience to include X group. We will achieve that by executing X strategy during the time period X-X.
● We want to generate more engagement on our social media pages in preparation for the launch of X new product. We will do so by implementing X strategies and using X tools starting on X date through to X date.
4. Understand your target audience
Source : https://neilpatel.com/
Another essential component of any successful marketing strategy is deep familiarity with your target audience. For those of you who aren’t familiar, a target audience is a group of people who you identify as being the most likely to want your product or service.
Some products and services have broad and varied target audiences while others that have a more niche focus on a more narrow group of consumers. Whatever your situation may be, it’s important that you know your target audience inside and out.
You should also be mindful of the fact that your target audience may change over time.
Target audiences are as diverse as the people who make them up. However, they’re most often composed based at least some of the following factors:
● Gender identity
● Income level
● Hobbies and/or interests
● Cultural and/or ethnic identity
● Education level
● Religious views
● Political views
● Marital status
● Geographic location
● Personality traits
● Preferred websites and apps
● Preferred forms of content
For example, imagine that you work for an activewear brand and you’re launching a new product: expensive, high performance leggings for women. Your target audience could be women between the ages of 18 and 35 who have a healthy amount of disposable income and live an active lifestyle or have an interest in sports and fitness.
Once you’re a true expert in the target audience(s) you’re working with, you’ll also be able to segment your subscribers and send out content you know will align with them.
5. Size up the competition
This approach can be very informative, but many marketers overlook it because they’re worried about copying their competitors. While you should never put together a marketing strategy that’s too similar to your competitors’, studying their approaches can be very helpful in deciding what will be most effective for your brand.
Here are some specific factors to consider when observing your competitors’ approach to marketing:
● Overall branding
● Most-used marketing channels
● General tone
● Products and services offered
● General logistics
Many companies find it helpful to identify their competitors’ strengths and weaknesses so they can get inspired by what works and improve upon what doesn’t. Others find it helpful to think about what marketing tactics they can employ to make themselves appear better or stand out from the competition.
6. Test out your marketing content
Last but not least, a great way to make sure your marketing efforts will be worth all the time and resources that you put into them is by testing them out! Modern technology gives marketers the luxury of trying out several different versions of their marketing content to see what aligns best with their target audience before making their final decisions.
Some of the most common things marketers like to test out are paid advertisements, landing pages, and welcome emails.
There are several different approaches to testing marketing content, but they can be split into two main categories:
● A/B testing: When you compare the performance of two different versions of marketing content.
● Multi-variant testing: When you compare the performance of more than two different versions of marketing content.
Whatever approach you choose, testing your marketing content gives you insight into how it will ultimately perform and gives you the opportunity to optimize it before sending it out to the masses.
Now, go reach your marketing goals!
There’s no one recipe for marketing success. Even the most successful companies in the world are constantly optimizing their marketing strategies, integrating new trends, listening to different perspectives, and trying out new forms of content.
Nevertheless, there are several key things that will help you achieve marketing success if you work on them consistently over time. They include consulting a marketing agency, building your email list, knowing your marketing goals, understanding your target audience, sizing up the competition, and testing out your marketing content.
Follow these steps and we have no doubt that your company will reach new heights of marketing success in no time.
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