Before You Invest in Marketing consider these 6 things
Marketing plays a crucial role in growth of any business, specially, invest in marketing when digital marketing has become one of the most important things to generate and increase the sales revenue. Although, the company might have a lot of marketing budget, if you do not know where to use it and how to use it then, it would be a total waste of the investment.
Before you invest your money on marketing thinking that it automatically generates the sales, there are a few things to understand.There are six important things that you should understand before you spend your marketing budget and flush your money down the toilet make sure that you know these foundational things are taken into consideration.
Who is your ideal customer?
One of the most important things before investing in marketing the products, services or even your overall business, you have to know your ideal customer. If you do not have a customer, your business would not go far. Therefore, one of the most important things is to be specific about your customer. Every product or service has a specific target client, therefore, it is wise to target a specific gender, community, age group, location. It makes sense to reach the client and grow your business.
How would you make your offer make sense to them?
Think of yourself as a customer before invest in marketing. If you go to the grocery store for your monthly shopping or weekly shopping and you are trying to purchase something. If your favorite brand has something on sale, would you buy it? Similarly, if you want to sell a client something, make sure that your sale is making sense. It must give them value, look attractive and must be available at the right time. If you are selling Christmas items during Halloween, no matter how much money you spend on the campaign or products, most likely your competition will win the sale. However, hitting the client at the soft spot is important because it would make sense to them.
How would you retain them?
Invest in marketing when you own a business or a product, you want a client to stay loyal to the product, since you are not going to sell a product just for a day. Therefore, the 5-year plan for any business or a product is another important aspect. Along the way, the whole idea and strategy might change as per the market need. However, sometimes a product gets hype so fast and the consumers want to add new things to it as soon as possible. In order to keep the customer coming back, make sure there’s more you can give to your clients.
What marketing platform do they hang out on?
The platform that your clients use is one of the other essential factors that you must find out. For example, if your client is based in Nepal, you will be wasting a lot of money if you market in twitter or instagram because the most popular platform for marketing in Nepal is facebook, as opposed to Europe or USA, where instagram is where everyone hangs out more than any other platform. Therefore, marketing on the right platform is another most important aspect to consider.
What is your message?
A Brand, product, service must send a message. The message must be close to the hearts of the customer. For anything to last longer, the message that a brand sends out is one of the most important things. Before you invest in marketing, understand that if the message that a brand sends does not click with them, clients are not most likely going to stick to the message. Once the brand or product becomes successful, you may always bring another line of products that could help
What is your priority?
A new product is probably what you might think that would boom your business. However, prioritizing what to give to your clients, during the right time with a proper executing strategy is also important. If you take enough surveys, targeting the group the product is dedicated to, you will be able to understand the wants and needs of your clientele and release the product at the right time, focusing on exactly what they need. Therefore, prioritize their needs first and go to the market with the needs of the client.
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