Very few businesses experience steady profits. In fact, for the majority of companies, profit is like a roller coaster ride of unpredictable ups and downs. It can be difficult to plan for your financial future, make large business decisions, or move toward growth when you’re juggling inconsistent and unpredictable profits. With the right marketing campaign, you can boost sales, while evening out the ups and downs of your income. Here are some killer marketing tips that will take your strategy to new heights.
1. Hone in on your target markets. If you’re broadly marketing your products and services to a vast array of consumers, you’re going to be sinking more resources into marketing than necessary. For a marketing campaign to thrive, it needs to be strategic and highly focused. Hone in on a specific target market for each of your core services or product niches, and develop strategies that cater to each niche individually. To find these target markets, you need to analyze your customer data to determine the typical demographic information of your customers, their geographical location, their spending habits, and other relevant patterns.
2. Study your competitors. If you want to gain leverage over your customer base, you need to understand who your competitors are and how they’re attracting customers. Base your marketing strategy around the marketing efforts of competitors, and continually innovate ways to provide added value to customers that your competition isn’t offering.
3. Make better use of business resources. Perhaps the biggest pitfall in any campaign stems from wasted resources. If marketing is inefficient, you’ll be sinking more money into labor than the campaign itself. If marketing tactics are ineffective, you’ll be generating considerably fewer leads with more money spent. To improve the efficiency of marketing, develop a core strategy where each member of the team has clearly defined roles, and continue to perfect this strategy over time as your team identifies weak points. To decrease spending while increasing leads, you need to focus heavily on tracking your campaign to note the areas that are most successful. By trimming away poorly performing aspects of your marketing campaign, you can increase marketing ROI.
4. Focus on providing value to customers. To boost the leads in any given marketing campaign, you need to find ways of increasing the value to customers, rather than just promoting products. Use SMS marketing to keep local customers informed about the latest sales and bargains. Leverage email marketing to provide customer incentives and rewards for major customer milestones. Utilize interactive advertisements to engage customers through the use of videos, contests, and games. Think outside the box and ask yourself whether advertisements provide unique value to the customer or whether they’re solely dedicated to promoting your products.
5. Leverage big data. The key to optimizing resource allocation, gaining the lead over competitors, providing value to customers, and reaching a target market, all revolves around your ability to leverage big data. Your business needs a strategy in place to collect, cleanse, analyze, and apply big data to your campaign. Marketing automation provides the foundation for big data analysis by offering a convenient platform for collecting and managing data, eliminating useless datasets, improving the quality of the data, and increasing the accuracy of insights.
Leadspace’s data management solution can help you leverage your data in the most effective way. Watch the webinar: The Secret to Customer Obsessed Marketing Ops to learn more.