August 11, 2016
4 Keys to Effective Marketing
Marketing shouldn’t be complicated. In fact, your marketing strategy should be focused on simplicity and conciseness. Here are four keys to creating an effective marketing program.
Know Your Target Market, Not Just Who The Target Market Is
Defining the market size and demographics is the easy part. The hard part is understanding their needs, wants, and buying habits. Most small businesses can’t afford to conduct a ton of market research. However, you don’t have to conduct surveys or focus groups to learn more about your customers. Spending time talking with customers can often lead to foresight into your market. Try setting aside time to talk with a customer once a week for an hour, even if you already have an idea of who your target market is.
Set Specific Goals
Marketing for the sake of marketing is not effective. Setting a goal to increase revenue through marketing is hard to measure and doesn’t give you directions for implementing your marketing strategy. Increasing revenue is almost always the end goal of marketing. Your goal should be more specific. For example, increase your foot traffic by 50% or increase the average amount customers spend by 10%. These goals should give you an idea of how you want to improve your marketing. Advertising your brand will bring in more customers while running promotions or loyalty programs will increase the amount customers spend. Goals need to have roles. The first is to provide a way of measuring your results. The second is to act as a starting point for developing your strategy.
ALWAYS Measure Your Results
Even if things are going great, that doesn’t mean your marketing is effective. If your sales go up $10,000 in a month but you spent $9,000 on marketing that month, it’s time to make a change. Companies can often get caught up in the excitement and forget to measure their efforts versus their results. Your goals should include how effective you expect to be. You’ll never be spot on, but you’ll avoid assuming that what you’re doing is paying off.
Large, complex marketing strategy rarely yield results. Especially for small businesses that can’t afford to spend a large amount of time on their marketing. Keep things simple and clear. Every marketing decision should have a clear result. If you can’t summarize what you want to do then the idea probably needs to be modified. The harder a promotion is to understand the fewer customers will get behind it.