Expanding a business is no mere feat. You will first need an idea that’s total “out of the box” and then identify your niche audience. Once you’ve done that, getting the word out is the next step that you should be focusing on. In today’s capitalistic world, getting the word out to your target audience is not as easy as it was a couple of years back. Without the right marketing strategies in place, staying afloat and churning a profit is nearly impossible. We can all unanimously agree that it takes a lot of time and effort to build effective marketing strategies for small businesses and large conglomerates. Though their requirements are varied, the basic market concept remains the same.
As a marketer, however, you’re always on the lookout for new platforms and strategies to gain the ever so important competitive edge. And with new tools and content vying for users’ attention, it’s easy to see why most entrepreneurs are pulling their hair out. The hard truth is that the strategies that have brought your business this far will never be good enough to push your business to the next level. If this is one problem that gives you sleepless nights, then join the club! Most entrepreneurs of today are so caught up working “for” their business that they totally forget about working “on” their business. So, that brings us to the question of what types of marketing strategies to adopt and how to boost conversions from the target audience. The answer is simple, do your basics right! Without an optimized marketing and conversion funnel, you’d only be throwing your hard-earned money away.
What are the major types of marketing strategies to boost visibility and how do we build effective marketing strategies for small businesses?
Most marketing professionals face a conundrum when it comes to dealing with such questions. The need for increased visibility is clear when it comes to boosting sales. But the catch here is – to boost visibility. But what happens when you’re on a shoestring budget or the well runs dry? Well, there’s no clear answer to that; but one thing is for certain, if you lack the budget, you have to “sweat” it out. And if you’re working tirelessly to add value, then follow our five-step guide to building good marketing strategies.
5 Types of Marketing Strategies for Small Business
#Step 1: K.Y.C
The very first step in building good marketing strategies is knowing who you’re marketing to and ensuring that the efforts are streamlined and focused. An easy approach to this step is creating a buyer persona, which will help you determine whether your targeted audience is actually interested in the goods or products that you are pitching to them. To build a good buyer persona, ask yourself these five questions:
Where does the target audience live?
What is their age and gender?
What is their education level and what are their interests?
What is their job title and income level?
What challenges are they facing and what’s motivating them?
Understanding the customers and building an appropriate buyer persona is, perhaps, one of the most promising marketing strategies to boost conversions and visibility.
#Step 2: Competitor analysis
In a capitalistic world such as ours, no business has a monopoly over a specific market. It is in this context that the concept of competitor research has started gaining popularity. When we say competitor analysis, we don’t mean copy everything that your competitors are doing. Instead, study their marketing strategies to identify what you could be doing better or find out what’s working for them to tap potential opportunities.
TIP: A simple approach is to check their social media handles frequently and notice how they interact with their audience. You can also check what their customers are saying about them by leveraging social media monitoring tools such as Mention or Moz.
#Step 3: Affiliate marketing
Affiliate programs are perhaps one of the most overlooked marketing strategies of the modern era. They have the potential to drive massive business growth, only if you know how to target the right partners. Affiliate programs and similar types of marketing strategies take serious persistence and grit to work.
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#Step 4: Email blasts
If you are looking to boost the performance of your sales channel, emails are the way to go forward. Setting up automated marketing emails can help build a relationship with your subscribers. The only thing to remember while using such marketing strategies is that subscribers look for transparency and authenticity. Emails are considered to be one of the best marketing strategies for small businesses, especially when it comes to boosting engagements.
TIP: Segment your subscribers on the basis of clicks and responses and keep running split tests for everything. Why you ask? It’s simple, you’ll never know what type of communication strategy will be the most effective until you send out the broadcasts.
#Step 5: Inverted funnel strategy
Last, but not least, is what we call “remarketing”. Such marketing strategies focus more on the existing customers rather than the new users. Though it is quintessential to focus on new users to drive traffic and conversions, remarketing can help drive engagements and sales. Engaging with customers that you already have can make them feel like they’re part of an exclusive club. Marketing strategies such as this can help drive engagements and regular conversions without depending on new users.
At Infiniti Research, we share your passion for driving value through strategic marketing strategies. Our solutions are tailor-made to support clients with succinct answers to business decisions in areas including Market Opportunity Assessment, Emerging Market Planning, Benchmarking, Value-Channel Analysis, and Customer Segmentation – Request a free brochure to know more.
