Creating a marketing strategy to increase business turnover is not an easy thing. First, you need an authentic idea.
Then, you need to find a profitable niche , define your target demographic, and have something of value to market.
Without the right marketing strategy to drive the growth of your business, it’s impossible to make a profit from the products and services you offer.
In this article, we will share knowledge about marketing strategies that you can adopt to increase your business turnover. You can do this effort to increase business turnover through marketing management.
Know Your Target Consumer
Knowing who will buy your product or service is an important part of any marketing strategy. The more specific the marketing strategy you adopt, the easier it will be for you to reach customers .
Start by clearly defining the product or service you are going to market. Then, define the people or businesses who need and are willing to spend the time and money to buy or use your products and services.
To define your target consumer, you can start with some of the questions below as an outline for creating a consumer persona.
Where do they live?
Where do they not live?
What is their age range?
What gender are they?
What are their interests?
What is their level of education?
What are their fields of work and what types of positions do they have?
What is their income range?
What is their relationship status?
What language do they use?
What is the reason they buy your product?
What are their concerns when buying your product?
By understanding your target consumers and their needs, you will find ways to meet them.
Also do careful market research which includes an effort to scan industry reviews and conduct market surveys.
One of the important efforts that support increasing business turnover is competitor research. The astute entrepreneur knows that there is much more to a business idea on which to base it . One of them is to assess the strengths and weaknesses of competitors.
The following is a process you can use to conduct competitor research.
- marketing strategy
- Categorize Your Competitors
- Start with a simple search for your business name, product idea, and thorough business idea. Then, check out various social media channels, organizations, and online communities .
When you find competitors, group them into different levels, from direct competitors to businesses that you don’t currently compete with.
Below is an easy way to categorize competitors in your industry:
Main Competitors: Direct competitors which means they target the same audience or have similar products; or both.
Secondary Competitors: These competitors can offer versions of the product you are selling but are in a class above or below, or sell something similar but with a different audience.
Tertiary Competitors: This category includes businesses that are tangentially related to yours, and are especially useful when you want to expand your product catalog. This category can be related products and services that are trending, as well as businesses that may be beneficial to partner with.
Check Your Competitor’s Website and Customer Experience
After identifying competitors, start analyzing their websites . To get started, pay attention to the following points.
How good is their product photography? How do they display and communicate their product details?
How detailed are their product descriptions? What information do they include? What important information has not been included?
Where are their calls to action throughout the online shopping experience ? Was the invitation clear or lost due to poor color scheme or placement?
Are they trying to build an email list with a newsletter signup form ? How prominent is that?
Where are their social media icons located?
Do they have a blog ? How often do they post? What kind of information do they convey?
Is their site optimized for mobile devices?
What contact methods do they offer? Do they have limited hours for phone support?
How long do they take to answer emails and chats ?
How often do they run promotions? What benefit does the promotion provide to customers and their business?
From the points above, you can identify and conclude the advantages and disadvantages of your competitors.
Review Social Media
Social media reviews can offer information about how customers feel about your competitors’ businesses.
If your competitors are doing very well on social interactions, then you should improve your strategy and find new ways to engage your target market.
If your competitors don’t have a lot of followers, it means they have a weak market or their target market doesn’t use social media.
For that, check all social media channels, including Facebook, Instagram, and Twitter.
- You can use the following points as assessment parameters:
- What is their overall social media presence like?
- What social media channels do they use the most?
- How do they talk to their client base?
- How often do they interact with their followers?
- How often do they post something new?
Which social media channels are they not maxing out? Is there an opportunity for your business there?
What do they post ?
What percentage of posts about their business?
Define a Marketing Channel
You don’t need to operate every existing marketing channel . It is more advisable if you master some that are in accordance with your target market.
The recommendations below are considered the most effective channels to implement your marketing strategy.
Search Engine Optimization (SEO)
Includes on-page SEO and off-page SEO which aims to help you bring organic traffic from search engines.
This includes marketing activities carried out in traditional ways such as word of mouth, viral tactics, and referral efforts.
Is a verbal marketing effort that is usually carried out at events such as industry conferences that involve customers or potential customers.
Publish, optimize and share content that attracts search traffic , links and followers.
Activities aimed at receiving coverage in certain media outlets .
Use of pay per click platforms , social networks, display advertising and retargeting.
Advertise in print media and offline broadcasting outlets such as magazines, TV and radio.
Creation of specific actions aimed at generating, maintaining, and converting customers .
People may leave social media from time to time, but they won’t leave their email.
Using an email campaign can be a great way to get your message across to a specific target market.
Creation of tools that work to attract traffic and raise brand awareness .
Breakdown Sales Funnel
The next step you must take to maximize your marketing strategy is the sales funnel breakdown . In this section, we will explain what a sales funnel is step by step.
Awareness is the topmost stage of the sales funnel . Potential customers are drawn to this stage through marketing campaigns, research, and consumer discovery.
Customer trust in the brand is built by creating events, advertisements, content, viral campaigns, social media, searches, and so on.
Next is the interest stage , the stage where customers learn more about the company, its products, and the important information it provides.
This is an opportunity for the brand to develop engagement with the target market and introduce its positioning .
At the consideration stage , prospects have been converted into quality marketing. You can send prospects more information about products and offers via email marketing .
You can maintain customer interest by providing follow-up in the form of content, case studies, free trials , and so on.
In the evaluation stage , the customer makes the final decision about whether to buy the brand’s product or service or not.
Usually, marketing and sales work closely together to maintain the decision-making process and convince customers that your product is the best choice.
This is the final stage in the sales funnel where the prospect has made the decision to buy and turns into a customer. This is where the purchase transaction takes place.
A positive experience on the part of the buyer can lead to referrals that drive the top stages of the sales funnel , and eventually, the process repeats itself.
Create SMART Marketing Goals
Setting SMART marketing goals is a great way to start your marketing strategy. The SMART marketing framework can help define your true marketing goals .
Here is the SMART marketing goals framework that you need to understand:
Can the details in the information point to a problem or opportunity? Are the objectives detailed enough to measure real-world problems and opportunities?
Can quantitative or qualitative attributes be applied to create metrics?
Can the information be used to improve performance? If the goal is not to change staff behavior to help them improve performance, are there still benefits offered?
Can the information be applied to a specific problem faced by marketers?
Can a market object be defined within a certain time period for further review?
If you’ve never set SMART goals before, you can follow some of the tips below.
Summarize Your Goals
When you start setting goals for your content and marketing strategy, you may not be sure what you really want to achieve.
For that, first think about the big picture by summarizing what you want to achieve.
Specify a Completion Date
Everyone will certainly be happy to see an increase in business turnover in a short time.
However, ask yourself, what is realistic based on the time and resources you have?
Know your abilities and be honest about what you can achieve. However, don’t be too generous with the time period you have.
If your goals don’t feel urgent, then you will still be overshadowed by a million other priorities.
Eits, do not rush to set goals. Write down all the ideas and goals that come to your head in advance so you have a clear picture of what you are trying to achieve and how you want to achieve it.
Seeing your goals in writing is a great motivator and ensures everyone on your team is on the same path and walking toward the same goals.
Divide into Smaller Tasks
While every goal is attainable, still some of them may be too much to complete in one attempt.
By breaking down your goals into smaller tasks, you can start making plans for how you’re going to achieve your goals.
As you work towards achieving SMART goals, communicate your progress with the rest of the team.
Let everyone know what challenges you experienced and how you faced them. Make sure all team members are comfortable with all decisions made.