The thought process among many is that all businesses need to continue to develop and grow otherwise they will eventually be seen to have died or; competitors will be preferred by those target market sectors that we generating revenues for the organisation. In consulting we look at various parameters within the business such as …
- Lead Generation
- New Products & Services
- Ideal Client Profiling
- Digital Marketing Strategy Development
- Business Branding
- Customer Sati9sfaction
… and various other factors that can be thrown into the mix to determine how the business is to develop or why it is not !! For the purpose of this post let’s focus on some stated parameters in order to break this oh so important topic down so that the relevant takeaways can be utilised with immediate effect.
Develop Brand Equity
The Equity Of The Brand of an organisation enables the company to accomplish certain things within the market place that it would not otherwise have been able to do if the Brand Equity is not as high as it happens to be within the mind of the customer. We focus on what we consider to be the four main components of this business fundamental and that is …
- Customer Loyalty
- Perceived Quality
One can see that 1) and 2) can be classified as based on the transactional nature of the relationship with the clients; this will tell us how we performing in relation to the competition. Having regular meetings based around these parameters and working towards building these metrics into the organisation will work on this aspect of the Brand Equity. Considering Parts 3) & 4) we one is able to determine that this is focused more on the outbound marketing and development of the core Value Propostion of the company. This is to ensure that this is continuously and effectively communicated to channel partners, customers, media and relevant parties using defined marketing promotion channels as appropriate.
Refine Customer Understanding
A main contributory factor leading to …
- The loss of a major customer or of
- Not being able to penetrate a market segment or the
- Failure of a new product introduction
… can be traced to the lack of understanding of the target market customer. If a customer is already on board it is imperative to have processes and procedures in place that will aid in building on the needs, wants and expectations of the client base in order to always be on hand to present solutions and services that will change according to ongoing market driven requirements.
Digital channel Marketing
In consulting and training one of the things we strive to highlight is that of Applying Channel Marketing Principles To That Of Digital Marketing – in this case social media is a subset of digital marketing and within the social media marketing sub channel we can further segment to specific paths to reach the customer. It is important to take time out and utilise the data and information gathered in understand the customer and apply this to marketing activities within the social media marketing arena. This approach will drive which platforms and made use of, the type of content that is generated along with the frequency of output, the connection and a whole host of parameters that are necessary in order to drive an effective digital marketing campaign.
Email Marketing Strategies
If we have learned anything from recent changes in social media platform algorithms it is that as business owners and marketers we need to be in as much control as possible of how and when we are able to communicate with our pool of target market prospects. Leaving the decision as to whether or not our message is displayed to customers or having to solely rely on search engine ranking positioning [yes businesses should be continually engaging in search engine marketing and paid advertising should be a part of the marketing mix] is not something that is totally recommended. Put another way, as soon as it is possible we advocate developing a direct communication path with the customers and using email is a tried and tested method that will bypass other paths. All digital, direct, print, radio, tv etc, etc marketing should have a goal of getting the prospect to exchange their email address so that further marketing, promotions and product / service related education may be provided directly to email inboxes.
Build The Business Networking Contacts
Through the internet and via contacts, acquaintances & [ex] colleagues the business owners should continually be looking for how the company can be expanded through the link that can be made through the contacts built up within the rolodex. Always be on the lookout for connections and for how you can provide the opportunity to another business to expand and offer their products and services through one of your contacts. In this way you will be remembered and the contacts made on the internet can be brought to life and translated into real revenue generation.