Marketing is a vital part of business operations, as it promotes the business brand, products and, importantly, what they stand for, hopefully in front of the company’s target audience and ultimately grow their customer base and sales.
However, every business differs in its products, services, customers, target audiences, distribution and many more factors. So, the success of every marketing strategy depends on market insights, informed strategy and appropriate budget allocations.
In order to develop an effective marketing strategy and maximise outcomes, businesses have to understand their own industry trends and inform themselves about major players within the industry in order to identify threats and opportunities (to their business), prior to potential disruption of sales, but also jumping on any first-mover competitive advantages there may be.
An in-depth analysis of regulations and risk factors, such as impacts of political and financial fluctuations will help risk mitigation or avoidance of some costly missteps down the track.
The importance of an overview of industry external influences, such as substitute and complementary industries is commonly underestimated. Strategy informed with industry insights allows a business or company to position themselves to add more value to their customers’ lives, and also helps to define and improve the company’s Unique Selling Proposition (USP), i.e. that X-Factor.
A crucial part of market research is the identification and profiling of target customer groups. This will inform the development of new products and/or services, as well as assisting in targeting marketing campaigns, maximising outcome, whilst minimising expenses, i.e. reducing expenditure in areas where it is not needed as urgently.
Every company aiming for sustainable growth and success should trial new products and services and give their customers a voice – they can tell you everything you need to know. This will identify areas of improvement, growth opportunities and minimise of risk exposure. Key Performance Indicators (KPIs) should be implemented and used to measure the success and effectiveness of every marketing strategy and campaign and ensure that organisational objectives are aligned with appropriate budget allocations.
These combined, will then empower a business to effectively allocate their budget accordingly to needed areas, maintain good relationships with suppliers and distributors, and ultimately maximise customer satisfaction and value.
Get your facts and seek feedback to make the right decision!