Is expanding your customer base your top goal for the upcoming year? The encouraging news is that you have a lot of methods at your disposal to generate leads and foster new connections. However, with such a vast array of choices, it’s no surprise that small business owners often feel overwhelmed. Selecting the most effective marketing strategies for your business is crucial to attracting more customers — and doing so profitably.
Reviewing past performance can serve as a valuable starting point. Begin by analyzing your previous marketing strategies, focusing on three key aspects: the volume of leads generated, the quality of those leads, and your return on investment. If a particular strategy is yielding positive results, continue with it.
Conversely, if your current methods aren’t producing high-quality sales, it’s time to explore alternative strategies and incorporate new techniques into your marketing mix.
7 Questions to Select the Best Marketing Strategies.
Which products or services should I prioritize in my promotions? It’s unnecessary to promote every product or service you offer. Concentrate on those that are most profitable or in highest demand. Avoid the temptation to market everything to everyone; this approach is costly and often leads to failure.
Related: Do Your Products or Services Need a Refresh?
How do my target customers prefer to communicate and receive information? Many businesses fall into the trap of selecting what is trendy or inexpensive. Determine whether your customers prefer in-person interactions, phone calls, emails, traditional mail, text messages, digital platforms, or social media. Preferences may vary depending on the type of information, and customers may be comfortable with multiple methods. Choose the channels that work best for them.
How many interactions are necessary to build relationships and secure sales for my business? Building awareness, nurturing relationships, and closing sales typically require more than one or two contacts. In a noisy market, ten or more interactions are common. For higher-priced services, where potential clients may perceive greater risk, the number of interactions may be even higher. Develop a range of possible touchpoints and consistently deliver the same message.
How can I encourage existing customers to keep purchasing, buy more, or buy more frequently? The answer is to maintain connections and continue marketing to them. Allocate some of your marketing budget to current and past customers. It’s significantly more cost-effective to market to those who already know and like your business.
How much time and money should I invest? Consistency is vital in marketing. Marketing strategies involve both time and financial commitments. Some strategies, like networking and social media, are low-cost but time-intensive. Others, such as direct mail or pay-per-click advertising, require a higher financial investment but less time. The key is to balance your time and financial investments to ensure consistent marketing efforts throughout the year.
What do I enjoy and excel at? The reality is that nothing happens until you implement your marketing strategies. When selecting strategies, most people tend to avoid activities they dislike or find challenging. Acknowledge this bias and experiment with strategies outside your comfort zone. Additionally, consider delegating, outsourcing, or learning to perform these tasks effectively.
How can I streamline my marketing to make it easy, efficient, and profitable? Once you’ve decided on your strategies, develop the campaign, implement it, monitor its progress, make necessary adjustments, and document the process. Whether you do it in house or hire people to do it for you, look for ways to make your marketing efforts simple, repeatable, and more effective over time. When marketing requires less time and effort yet still delivers the desired return on investment, it becomes less overwhelming. You might even start to enjoy it!
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