Overview
Now that you have developed a value proposition and price that has been tested, it is important to promote it to your target market effectively and efficiently. The best and most efficient form of promotion is word of mouth from your current client/customer base; however, “build it and they will come” is not always the best promotional plan. Steps 5 and 6 of the marketing cycle provide focus on certain forms of promotional strategies and implementation. Step 7 of the marketing cycle is to understand how your marketing strategies are performing through the use of analytics to review and refine your goals moving forward.
5. Develop promotional strategies
Good marketing is done through multiple tracks, not just one. Traditional methods such as networking, speaking events, and referrals are still effective. However, a well-reasoned and well-executed digital strategy is essential in addition to the traditional methods. It is important to use both traditional and digital methods and not to rely solely on one or the other.
Strategies in the toolbox include customer cultivation, online marketing, and person-to-person networking.
All promotional strategies must be implementable and trackable.
6. Implement strategies
Promote your unique value proposition to the targeted population you have defined. Following are suggested steps for implementation:
Customer Cultivation:
Use a good CRM system/database to track current and prospective customers such as people on your mailing list, networking contacts, etc.
Make sure your base hears from you at least once a month by email newsletter or other means.
Affiliate with local associations that can provide credibility.
Don’t forget to ask friends/colleagues for leads.
Be patient. Cultivation takes time.
Survey your customer/contact base at least once a year.
Online Marketing:
Determine target audience (as with any marketing).
Start small - no more than three web marketing channels (for example: website, Instagram, email newsletter). Make frequent measurement and adjustments.
Important: The company website must be clear and up to date in order to provide credibility.
You can use free analytics (Google) to determine traffic sources and trends. See Forbes, “What Is Online Marketing? The Definitive Guide to Internet Visibility.”
Provide value in marketing communication:
Promotional emails should provide content of interest to your audience, and as applicable, discounts, giveaways, and incentives for referrals.
Inspire your audience with beautiful photos of your product, examples of what you do for the community, and success stories related to your services.
Educate your audience with “how to” blog posts, podcasts, or webinars.
Person-to-Person Networking:
Meet in person with your top ten clients/customers every 6 months. This may take the form of a phone call or video call if in-person is not possible, but face-to-face is always ideal. When meeting with them identify how well you are serving their needs, what should change, and what other needs they have.
7. Review and Refine Strategies Through Analytics
Once you have developed and implemented marketing strategies, continue to monitor their return using data analytics. Analyzing the outcome of each of your marketing activities allows for an understanding of what helped you reach your goals and what did not. This data tells you where your customers are hearing about your product/service and what messages are leading to conversion, which in turn highlights the marketing strategies that are worth focusing on. See Mailchimp, “Marketing Analytics.”
The path taken by the customer informs the marketing (conversion) funnel. The importance of the marketing funnel is in its ability to explain how a customer learned about your product/service and what distinguished you from your competitors. See Hubspot, “How Conversion Funnels Create a Better Customer Journey + How to Optimize Yours.” The funnel also provides a picture of where prospective customers are exiting the process:
Awareness is the largest part of the funnel, when a potential customer learns about the product/service you offer. This may result from them clicking on an advertisement that leads to your website, an Instagram post that is recommended to their account, or through in-person networking. They now know of your business and the value you intend to offer.
Consideration is the second part of the funnel, and is when they decide to inquire more about your business. Whenever someone reaches out from a referral offer, participates in a giveaway, or emails for more information, they are considering buying from you. You have not secured a sale, so it is important to continue cultivating a relationship with this potential customer; this may include using your other marketing strategies.
Conversion is the final and narrowest part of the funnel. The advertisements, promotional offers, and other forms of contact with the potential buyer have resulted in an opportunity for a sale: your marketing strategies have proven to be successful. Pay attention to your customer’s journey to the point of conversion, so you can repeat it in the future. Also, continue to provide value through newsletters, face-to-face events, and other implemented strategies.
Tracking costs per stage and activity is very important so that marketing activities can be refined on a real-time basis.
Summary
Track your strategies and be prepared to compare your results with both your own previous results and with industry benchmarks. These results become available through analytics that the customer journey and conversion funnel describe. Make changes as necessary but be sure not to make changes before you get a good read on effectiveness. Consider how you can support a potential customer during the awareness and consideration phases to help them reach the conversion stage.
Don't hesitate to reach out to us for copies of prior editions from our extensive Monthly Topic archive. Other January Marketing Strategy Monthly Topics include: Define Value Proposition, Review and Refine Strategies.
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