Traditionally, marketing has been referred to as performance of business activities that direct the flow of goods and services from producers to consumers. The demand for marketing arises from the concept of satisfying customers wants and needs. In all, marketing is a social process.
What can be Marketed?
Almost anything can be marketed ranging from Goods, Services, Events, Experiences, People, Places, Information and Ideas.
At Revby, our team has designed a 3 Step Marketing Action Plan:
Identify your market strategy
Update your online presence
Connect with your customers
1. Identify your Market Strategy
It is imperative to ask yourself how you arrived at your current marketing strategy and whether you have updated it. The goal for your strategy is to connect your business value to the right customer base. In order to arrive at the apt target market, you can resort to the use of Marketing Mix. Marketing Mix is a set of marketing tools that entrepreneurs use to pursue their marketing objectives in a target market. The elements of the marketing mix have been popularly classified into 7 categories: Product, Price, Place, Promotion, Physical Evidence, People and Processes.
For a proper understanding of your target market, 5 essential questions need to be answered:
What demographics make your current customer base?- What are their values? Are they immigrants?
Where do they reside?
Where do they hangout online? Which application do they use?
Where do they look for products in your niche?- If you own a restaurant, are you relying on tourists or applications like grubhub and google search?
Who do they listen to when they make decisions relating to your product?
Once you have identified your target market, you must design and modify your marketing strategy accordingly. You should conduct a background research and update the strategy to fit different scenarios.
2. Update your Online Presence
After deciding your target market and marketing strategy, you should focus on creating a presence online. Given today’s scenario an online presence is essential. We believe that a basic digital tool kit can boost the growth of your business. The components of the digital tool kit are as follows:
Facebook Business Page- A Facebook Business Page is a free opportunity for businesses to increase brand awareness and generate sales on Facebook. It is easy for customers to reach out to you and address their grievances or reviews.
Facebook Advertisements- Facebook Advertisements are targeted ads to users based on their location, demographic and profile information.
Instagram- Small business owners can use instagram to promote and sell their products. It allows the business owners to share their story and connect with a wide customer base.
Google My Business- This is again a free tool that allows you to promote your business on Google search and maps. You can connect with your customers through functions such as reviews and order pick up.
Google Adwords- Google Ads is an online advertising platform that will allow you to place ads in google search. This requires a little more investment and guidance. Feel free to reach out to our team who can help you draft effective content specifically for your customer base
3. Connect with your customers
Your customers drive your business, which is why it is important to interact with them. You must find ways to continuously build long lasting relationships with them. You want every customer to feel special and thus you must avoid using a common approach. Make sure to respond to both the negative as well as the positive reviews. As a whole, it is necessary to build strong connections with your customers.
The bottom line is marketing acts as a glue to your business. It brings recognition and attention towards your business. We understand that it can get overwhelming at times, which is why we are here to guide you through it. Schedule a quick appointment and get all your questions answered!
About the Author
Anushka Shah is a Finance and Business Graduate from Boston College. Find her on LinkedIn: Anushka Shah | LinkedIn