No matter how great your product or service is, you must have excellent marketing strategies. This is important to generate awareness for your offering, build a brand, generate revenue and profit, and grow your customer base. Marketing strategies will allow you to identify the appropriate target audience, segment this audience, and develop value propositions. Value propositions are value statements that provide reasons why people should invest in your products. They are extremely important if you are in a competitive niche. Thus, value propositions can also help answer the question of why your offering instead of the competition’s.
Specifically, marketing strategies will allow you to determine the ideal product, price, promotion, and placement for each customer segment. In terms of benefits, these strategies will allow you to get your product or service in front of as many people who need and are willing to pay for it. Likewise, it is essential that you understand how to develop and refine a marketing blueprint for your business. To help you with this process, below is more business marketing (predominantly online or E-Commerce) information.
Target Audience Identification
When it comes to identifying the ideal target audience or market, you need to conduct your due diligence. You will need to know the makeup of your potential customers including their hot buttons and pain points. You also need to know the size of this market and if it is profitable or worth pursuing. If respectable competitors are currently present, then this market could be large and lucrative enough for you.
You can acquire this information by using primary and secondary research. Your company could generate a survey and seek to acquire this information. Or you can invest in third party marketing strategies resources that can help you size a potential market. If you are a member of a professional organization or an alumnus from a university, there may be research sources you could use for free. Thus, be sure to check with these institutions before investing in a subscription. Also, pay a visit to your local library. Libraries, especially ones in large cities, can have access to third party research that you can use for market research. Just consult with a librarian who can help you with this process.
Next, you will need to determine the benefits and disadvantages of your competitors’ products. Are your potential customers satisfied with them? Do your competitors offer excellent post-sales support? Are there any unmet needs that your competitors are not meeting? How do your products stack up against the competitions’? What are your products’ value propositions and why would your potential customers purchase them? Would your potential customers replace the competitions’ products with yours’?
Online Promotion Overview
Now determining the ideal pricing structure for your products is fairly complex and beyond the scope of this marketing strategies article. Likewise, you may want to seek the services of an experienced marketing strategies pricing expert that can determine the optimal price for your products. You could also learn through trial and error by testing various price points in the marketplace. To determine the initial prices to use, you could use the pricing information of competitive products. Then you could determine the extra value your offerings provide or lack and adjust the pricing to reflect this.
It is important to have a presence online for your business. Marketing products online could be combined with offline marketing and promotional methods. It could be also your company’s sole method. Nonetheless, in regards to online promotion, you will need to generate traffic to your offers. You can accomplish this via search engine optimization or paid traffic methods such as banner ads, PPC, solo ads, and so on. The key is to get your offering in front of as many individuals who are willing to pay for it.
Once you accomplish this, your marketing strategies should include excellent products that convert well with targeted customers. This will help maximize revenue and profit. Split testing can be utilized to increase your conversions. Once you maximize both your traffic and conversions and provide offerings that are top-notch, the marketing strategies goal is to rinse and repeat and scale up.
If you choose the organic method such as search engine optimization, you should identify the keywords potential customers use when they look for a product like yours. You could use the Google AdWords Tool as a start. Ideally, these keywords should be long-tail or at least 3-6 words long. Then you need to optimize content on your website for these keywords by ensuring it has the right keyword density. If you have any images, it may be good to have these keywords in the title and in the alt tags. Most importantly, the content on your site must be good, relevant, and unique.
On-page SEO is key to get keywords (that your customers typically search for) placed in your websites content and on the first page of Google’s search results. The more pages and keywords you rank on the first page of Google, the more traffic you could receive. The more traffic you receive, the more sales and revenue your company could generate. This is one of the cost-effective marketing strategies that your company should utilize and maintain over the long-term.
Once your pages are optimized then it is time to attract links to your content or pages. To learn how to do this, I recommend you review off-page SEO marketing strategies resources. The more links pointing back to your website’s content from authority sources, the greater the chance your keywords can rank very high in the search engine results. To achieve this, you must provide excellent content that entices others to share it.
In conclusion, effective marketing strategies help to brand, generate awareness, and create exposure for your products and services. They can include both online and offline elements. Due to the current condition of the economy, marketing online is highly recommended; since it is typically not as expensive as marketing offline and provides an opportunity to reach a local, regional, national, and/or global audience. However, to maximize your success (with any marketing endeavor), you must ensure your marketing strategies place high converting products in front of as many individuals who are willing to pay for them.