However good for your product service or business model, without effective marketing your company may be failing to attract the business it deserves.
Attracting and keeping new customers is vital to the success of the business - especially now with brand loyalty more important than ever. Your company might fall by the wayside if potential customers find repeat business elsewhere.
So why is your business failing to get noticed? There are a few reasons that may explain it, but once identified these can offer useful pointers to develop your marketing strategy to turn things around.
Let’s take a look at some of these factors and some solutions to go with them.
We will touch on many aspects of market research in this article, but it’s worth mentioning first of all just how important the information you can get from proper investigation of the market is to developing your business. There are plenty of methods of gathering data, but it’s important that your data is as accurate as possible, and relevant to your business. Once you have acquired information about your target demographic this can be incorporated into your overall market strategy and as we will see, will be vital to attracting customers. Failing to conduct proper research is a mistake many start-ups and small businesses make, and is costly not only to profitability, but to the survival of the company.
Know your audience
A mistake many businesses make is to paint with broad strokes when it comes to their target demographic. With personalisation at a premium, sending marketing messages which are generic tends to turn off the demographic that may actually purchase the product. Extensive and effective market research to pinpoint the age, interests, gender, and profession of your target audience allows you to develop a better marketing strategy.
It’s fairly obvious that if your product or service costs much more than a similar product you price yourself out of the market. It’s important to conduct proper research into your intended audience, to see where they are prepared to splash out. On the other hand, pricing your product too low suggests that it is of inferior quality. Cheap is not generally a desirable attribute; compromise is key to ensure high turnover and profitability.
The power of print
It’s no secret that digital channels are far and away the most widely used by marketers. And while email campaigns, viral content, and most prominently social media will make up a large part of your strategy, old school methods should not be overlooked. Letterboxes have never been emptier, which means your message is more likely to be read. And with high-quality printing flyers, brochures, catalogues and more available, you’re not only spreading your brand effectively, but you will also add another dimension to your overall strategy.
Lack of market education
Perhaps your product is so cutting-edge that the market is unaware of its existence. Perhaps the market is unaware of the need for your product or service. In this case, before you market your product you need to market a general overview of what it does and why it’s needed. Take a look at the biotech of pharmaceutical industries, for example. Products within this industry are constantly developing, providing solutions to new problems. This means that marketers in these fields need to educate the target demographic before providing them with information about their novel solutions. Even now-ubiquitous products such as smart phones needed solutions to problems in the past. Something as obvious as a touchscreen to make the most of space and ease of operation was a solution to a problem defined by tech companies. This made up a large part of their marketing campaign and proved extremely effective in selling their products.
Similar to the above, if your product begins to stagnate in a rapidly moving market it’s likely you'll lose loyal customers who will move to find a new solution. Your company should always look for ways to develop products or services to meet the demands of customers and to anticipate solutions that customers will need in the near future. Staying ahead of the market is crucial to ensure that your company stays relevant, stays exciting, and stays profitable.
It’s difficult for small businesses to attract and retain customers. Avoiding these mistakes will put your company in a position to attract valuable customers to your brand.