Thursday 16th of August 2018
Marketing is the backbone of every business, which helps find buyers and communicate with them. I
...t is an ongoing process that allows entrepreneurs...
Marketing is the backbone of every business, which helps find buyers and communicate with them. It is an ongoing process that allows entrepreneurs to sell products and services to the target buyers strategically. It builds the brand and positions it in the market with a unique selling proposition to gain a competitive advantage. Besides generating sales and leads, marketing is vital for building lasting relationships with consumers and gaining valuable insights.
Whether it is a new business or old, it is essential to keep innovating with the marketing campaigns to cater to customers' changing preferences and industry trends. Thus, aspiring entrepreneurs who wish to purchase a business for sale in New Zealand often begin by revamping the existing marketing strategy. So, here are a few effective ways of improving your marketing strategy.
When you intend to improve upon an existing marketing plan, you are already aware of the psychographics and demographics of the customer base. However, it is something that can change over a period. The market research team needs to look for transformations that affect consumer behaviour. For example, the growing use of smartphones has led to a rise in the use of the internet, and marketers need to take note of this change to capture their attention.
The taste and likes of the customers can get affected by changes in the external environment and technological advancements. Thus, it is imperative to keep track of consumer’s interests while developing marketing campaigns and broadcasting them through media channels.
The marketing strategy overhaul does not mean that you must increase the advertising budget and cut costs for other operations in the business. It is vital to use an integrated marketing plan to use different media channels to reach the target audience. It involves careful media planning. If you know that your target audience reads the local newspaper and tunes in to the local radio stations, you need to advertise on these platforms.
Besides the traditional media, you need to reach them through below-the-line marketing channels like signage, point of sale materials, brochures and outdoor media. Do not forget to include digital marketing in the plan, which has become the lifeline of small businesses because of its cost-effectiveness. Invest in search engine optimisation, Google Ads and Facebook Ads to catch their attention.
Although most business owners analyse the performance of their competitors, they do not know how the customers perceive them. Simply following their campaigns does not offer an insight into their competitive advantage. It requires conducting focus group discussions with buyers to understand how the target audience values them and why they are better.
Check their website and customer reviews and understand their unique selling proposition. You need to come up with an offer that outshines the products and services of your direct competitors. It is easy to identify their marketing gaps through research so that you can fill them to satisfy the customers in a better way. This is the reason why customer feedback and relationship management are considered vital management tools for entrepreneurs.
The business owner must ensure that the marketing plan is aligned to the short-term and long-term business objectives. For example, if the adjusted business plan suggests that the next quarter needs a rise in sales by 15% to meet the annual goal of 45%, then you will have to create campaigns that increase purchases, such as ads announcing discounts.
The business plan gets tweaked according to the changes in the economy, industry, and technological sphere. Thus, it is significant to change the marketing plan accordingly. If the objective has changed but the campaign is still using the old information, it will be a sheer waste of your ad budget.
Customer feedback is the most vital tool in the arsenal of the marketer. Asking for the views and opinions of the customers through reviews and ratings helps in understanding their satisfaction levels. When you respond to their complaints and confusion, it helps establish the brand as a credible entity. Also, the buyers feel valued when they get addressed by the brand personally and without delay.
Social media helps make this possible as you can immediately offer an answer to disgruntled customers and save your brand's image on a public platform. For example, if someone is venting anger over a misplaced order, the customer care team can respond with the details and offer all the required help. It allows to have a two-way conversation and meet the expectations of the buyers. Also, the aid of the suggestions in making improvements in the delivery process or the features to serve them better.
Marketers create landing pages based on the digital marketing plan but forget to insert a clear call to action button that leads to conversions. Many times, the customers land on the page but are unable to find the button and leave without taking any action. It defeats the purpose of the campaign. Thus, you need to help your customer to click the button by compelling them with relevant copy, interactive visuals and valuable information.
Utilise email marketing, affiliate marketing and influencer marketing to leverage customisation and celebrity impact on buying behaviour. Social media marketing is another prominent part of swaying customer opinion and generating interest in your products and services.
A business can become more visible when it connects with the community through local media and events. It is essential to build relationships with people and businesses in the surrounding area to gain visibility and get positioned as an ethical and responsible brand. Work for the betterment of the region through sustainability and ethical production of goods. Organise events and fundraisers to help the community with its problems.
Provide support to a local sports team and cross-promote with other businesses to give a push to each other. You will witness a strong wave of loyalty towards the brand when you become socially and environmentally conscious. It will enhance credibility and improve your sales.
Conclusion
Buying a business for sale in New Zealand does not guarantee success. The entrepreneur needs to maintain the customer base and improve profits to grow. Thus, they must keep improving their marketing strategy to get the desired results.
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