Marketing is an important part of any business plan, and is one of the best ways to reach your customers, but deciding which strategy is right for your can be tricky. Here we look at how to create an effective plan that works for your business.
Know your customers
It’s one thing to remember your customers’ names each time they walk through the door, but understanding what makes them tick and how to market to them is another kettle of fish. One of the most important parts of marketing to your customers is understanding that each of them will have different needs. If you have a small business with a niche market, advertising to the mass market may be inefficient both in terms of costs and time. However if you have a larger business with a bigger customer base focussing your marketing plan can also be tricky.
It’s important that you can identify what your customers want from you. Do they buy in bulk or one-offs? If so, would a discount voucher for purchases over £50 make a difference to the amount of custom you generate?
Which brings us to our next point. Which marketing strategy is right for your business?
Make it right for you
Once you’ve established who your customers are then it’s crucial that you market to them in a way that they are familiar with. If you have an online business, building an email marketing campaign is probably better than sending out direct mail. However if you’re a smaller firm, online marketing may not be the first method you choose to attract new customers.
It’s important that you advertise your business in a way that’s efficient (both in terms of time and cost) for your company and is consistent with your overall marketing goals. Don’t be lured into spreading your budget across multiple means too thinly. Don’t be afraid to experiment, but just because other businesses may be spending budgets on business blogs and mobile ads doesn’t mean it’s right for you. If you find something that works, stick with it.
When to send
Deciding on the frequency of your marketing strategy is totally dependent upon how often you have contact with your customers already. If your sales team speak to them on a weekly basis then sending out a monthly email may not be necessary, however if you rarely contact them, sending out a e-newsletter once a month can help remind them about new products and possible discounts.
Whilst direct marketing can be great for you, your customers might not see it in the same way. Direct mail can be great for getting your news over to your customers it’s important that your stay on the right side of the law with opt ins. Also, if you’re holding data on customers you need to make sure you comply with the Data Protection Act.
Keep it going
Keeping your strategy going is one of the hardest things about a successful marketing plan. Many businesses become complacent about their new customers and the increases in sales, but it’s at this stage that businesses really need to keep going.
It’s important that you review each strategy after every six months (or fewer) so that you can respond quickly to customer needs and keep your plans up to date with the industry. Asking each new customer how they heard about your business is one of the best ways to evaluate which method worked the best.
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