Business Marketing Strategies that Bridge the Revenue Gap
In 2010, British Petroleum found itself handling one of the biggest crises since it was established. A marine accident in the Gulf of Mexico which led to the death of 11 crew members caused massive amounts of oil to spill into the ocean.
This incident came to be known as the 2010 Deepwater Horizon Oil Spill. BP continues to find it difficult to completely emerge out of the reputation of harming the environment ever since this accident.But its PR and marketing techniques salvaged a considerable amount of audience loyalty and helped the brand remain afloat in the oil and gas industry.
While BP taught all of us the lessons in green washing to build back its market, it also gave us insights on the importance of having a strong business strategy in place in order to overcome crises like these.
What are business marketing strategies?
Before an army goes to fight, it builds a plan to understand how it’s going to fight and win the battle. Without a good plan, armies can fail, and battles are lost. Kings and military leaders spend months preparing these strategies based on the enemy they would be fighting against. Some wars are won through a siege, while others require armies to directly face the enemy in the battlefield.
This is exactly how the success of a business is planned as well. Marketing strategies are like battle plans, but instead of facing the enemy, we face our customers, target markets and competitors. The effectiveness of the strategies we build decides whether we will be able to gain victory in our markets and among our audiences or not.
Success in our marketing strategies will automatically result in an inflow of income with more customers to cater to. This is the reason why building the right marketing strategies is crucial for any business.
Leveraging experience for building your strategies
One thing that never loses its value in business is experience. The more time you spend understanding your markets, your audiences and your product or service requirements, the better you know how to advertise your brand and gain consumer loyalty.
A lot of business owners work with the hit or miss strategy, which requires experimenting with different plans to figure out what works and what does not. While experiments are good, the resources used in experimenting in marketing can be better utilized for experimentation and innovation for product improvement.
When it comes to market strategies, out-of-the-box thinking must be matched with proven techniques to create the perfect solution for advertising.
Targeting the online user
Techniques used for drawing customers to physical stores are very different from the marketing strategies used for online customers. The entire digital landscape is dotted with competitors of all scales and sizes who will want to lure your customers away with lower pricing, unique features, and excellent services.
To think of it, your marketing strategies will be doing much the same to other businesses. So you have to create a plan that is better than the marketing campaigns being used by your competitors. Top-tier car manufacturers like Koenigsegg and Bugatti don’t really do TV ads because their consumers are most likely to be reached through other means like specialized unveiling events or launch parties.
Your online user may have some qualities of existing buyers that come at your physical store, but there will be lots of new consumers that you can target based on demographics, geographies, existing likes and dislikes, or the brands the person currently uses.
All of this can be found out with the help of research analysis. Your e-commerce website will provide considerable amounts of data to find out how your consumer behaves on your website and what kind of an audience you currently cater to.
If you don’t have a website, data from social media platforms can be leveraged to identify your audience and drive traffic to your social media pages which will help you find out what kind of an online audience will prefer your products and services.
Marketing requires businesses to stay relevant in their markets. Just like smartphone manufacturers keep building new features and functions into their phones to stay relevant in the market and provide consumers with innovative products, you must make sure that your products and services are marketed in a way that offers value to your customers.
When the smartphone industry was just taking off, Nokia felt that it already had an excellent market for its phones, and its customers will continue to remain loyal to the brand. But when it lost its relevance in the market, customers moved quickly to its competitors and it cost the Finnish phone manufacturing company its business.
By building relevance in your products, your ads, and in your services, you tell customers that your brand is adaptable and it will continue to offer value to its customers even when markets change in the future.
How to build a successful marketing strategy?
Successful marketing strategies begin with having a clear idea of your marketing goals. Are you running a marketing campaign to increase loyalty or gain new customers, or retain customers that are leaving your brand for a competitor? Knowing what end result you are targeting will help you measure the results at the end of the campaign.
Let us say, the strategy is to increase sales on your eCommerce site from X to Y, keeping your customer acquisition cost within Z. Your marketing cost has been set, and you know that you are targeting more new customers. So how do we achieve it?
We build a plan that helps in increasing organic web traffic, and at the same time, we create marketing campaigns that combine pay per click on search engines and social media advertisements to drive interested audiences to your website.
On the website, we streamline the buying process making it as simple and comfortable for the shopper as possible to make sure the buyer completes the purchase.
This is how marketing strategies are formed using deep insights from your industry and target markets. We may also conduct competitor research to understand their marketing tactics and identify countermeasures to help you compete more effectively.
BIZSOL Advertising Services has experience working with hundreds of clients to build successful marketing strategies which visibly improve sales and market reputation. Our experience is complemented by the talents we have in our advertising team, who know how to create impactful advertisements that matter to your audiences.
Using our services, you will be able to fast-track your journey of success since our experience and expertise will help you easily gain visibility in the digital space.