Marketing plans are crucial for the survival of any business enterprise. They help the business expand its market share and nudge out competitors. Without an effective marketing strategy, the turnover of the business would take a beating. In the process, cash flows would dwindle and finished goods would pile up requiring additional storage space. This would force the business to borrow for day-to-day operations. This factor alone would enable its competitor to come up with a better product and eventually force the company to wind up. Therefore, marketing plans and strategies are crucial for business enterprises, irrespective of their sizes.
Any marketing initiative requires business enterprises to start with these strategies-
- Know the Product
As charity begins at home, marketing too starts from home. In other words, the marketing personnel needs to familiarize themselves with the product and its various features.
- Know whom to Target as Customers
After learning about the product, it is easy to identify who will or can use these products. These users become the targeted customers for the business. While the business enterprise needs to target a particular market for its product, there is nothing preventing it from tapping a new market.
- Get your Business listed in the Business Directories
The prospective customer collects information from various sources such as Google search engine on internet. So, if your business is listed in the business directories, then your company will surely gain a lot of traffic and exposure. Most of the business directories are free but if you choose the paid comprehensive directories then you will reach out to more target populations. Your presence and visibility will increase as your ads will be shown in the top positions. Moreover, you will be listed in the different categories and you can also show your personalized design that enhances your brand value. You will get excellent business opportunities resulting in better sales. Business Directory www.infoisinfo.ng is one such business directory that has both free and premium versions. The interested buyers will look in the business directories and will find your company dealing with the specific products or services and in turn increasing the traffic and sales to your site.
- Make Target Customers to Get Notice of the Discount Offers
There are many advertisements on Internet and social media websites. People often ignore these ads. Therefore, it is necessary to do something like offering periodic discounts or anniversary discounts. Sometimes offering something desirable free along with the product also gets noticed by prospective customers.
- Study the Product and Strategies of Competitors
Competitors would also be targeting the same set of customers. Therefore, it is necessary to be ahead of them. If the competitor is offering discounts or free gifts, something better can be announced, even if it cuts down profits to an extent, because it is all about retaining and expanding market share.
- Adopt Brand Building Techniques
The Brand inspires customer confidence. If celebrities endorse a product, it is easy for customers to develop confidence in the brand. But even otherwise, making customers familiar with the brand helps. This frequently means exposing the customer to the product and its features, and offering more commissions to retailers. Once a brand name is firmly rooted in customer’s mind, the customer’s loyalty to the product is almost guaranteed. Effectively, the customer becomes a permanent customer for the business.
- Exposure to Contemporary Media
Posts and links when inserted in emails, SMS help to get the attention of many prospective customers at one go. Most of the contemporary advertising is through such sites.
- Customer Service
Many customers are impressed with good quality customer service. This includes after sales services and other repairs during and after the warranty period. If the business ensures customer satisfaction and follows up with the customers, till issues are resolved, then it is unlikely that the customer would have anything negative to say about the business’ products.
- Sales Targets and Reviews
No marketing strategy is complete without a direction. The goals need to be defined at the outset, and the personnel need to be motivated to achieve more than the target. Incentives for higher sales also help marketing staff to think of ways and means to achieve those targets.
As can be seen from above creating an effective marketing strategy is not a stagnant process. Periodic review and revision of targets are also necessary to increase or at least retain the market share of the company. Customers usually look for cheaper and good quality products, and if quality is not very different then it is unlikely that they will remain loyal to a brand.