It doesn’t matter where you go, you will more than likely find modern technology in every direction you look. Social media reaching out to you, high-tech smartphones buzzing out of your pocket and into your hand and responsive websites quicker than you can say ‘online presence.’ Without these types of ‘straight to the point’ marketing, your presence online can be way behind the times. The development of your business marketing should matter to you, otherwise you risk being stuck in the dark ages with no light at the end of the tunnel.
Ten years ago, people went to one or two websites when looking for a product, and made a decision based on that information. Alternatively, it would have been a regular occurrence for many British households across the country, when you would be about to sit down for dinner, or perhaps settling down to watch your favourite programme on TV – suddenly, the doorbell/telephone starts to make a ringing noise, with a cold caller there to greet you on the other side offering their services…
This is just some of the examples of how marketing has developed over the years, today the information available about any given product is almost endless and within easy reach – marketing is in essence, the sales force of your company. It can be tested, perfected and can directly account towards revenue targets.
If you were really forward thinking back then, a TV or Radio advert may have stood your marketing method in good stead. Although, this can be incredibly expensive and channeling your inner Davina McCall or Dermot O’Leary in terms of promoting your brand may not be the best answer. The online world presents bigger and better ways of promotion for your smaller business.
While traditional strategies like cold calls, cold emails, snail mail, and trade shows have much less of an impact in the current climate of online marketing. Luckily enough, there is an entire set of new strategies available for you to benefit from and edge over the competition.
Strategies and ideas to keep in mind are Email Marketing, Social Media, Blogging and many more. These online methods can potentially pivot your sales as well as staying effective, even with the change in customer behavior over the years.
People and customers operate in a multi-channel world, and your marketing should too. Old marketing techniques that utilize email and calls exclusively are obsolete. Make sure to leverage LinkedIn, Twitter, Facebook, and other channels to reach customers.
Customer’s attention spans are also shorter; people are dong ten things at once and certainly don’t have the time to listen to your thoughts. This is where adding value to your marketing comes in handy.
SEO is also a great tool for customer outreach and acquisition. Focusing on using keywords in the right places, leveraging the right outlets, and connecting back to your homepage are good ways to start with SEO.
To get yourself seen amongst the crowd, be unique. Be interesting, genuine, and captivating. Don’t be obsessed with merely promoting your product; be obsessed with engaging your customers.
Never forget that engagement comes first – purchasing comes second.
What are the costs associated?
With the cost effective side in mind, it’s best to follow the thought of product, price, place, and promotion. It’s one of the key elements for many businesses.
There are many factors to consider when developing your pricing strategy, both short- and long-term. For example, your pricing needs to:
- Reflect the value you provide versus your competitors
- Match what the market will truly pay for your offering
- Support your brand
- Enable you to reach your revenue and market share goals
- Maximize your profits
- What your prospects might pay for other solutions to their problems
- Where your price should fall in relation to theirs
It’s best to define your positioning, create your brand strategy, and identify your distribution channels before you develop your pricing strategy in the marketing plan. By doing so, you’ll ensure that your pricing reflects your value and reinforces your brand.
After all, a low price for your product and/or service may send out the wrong message to your target audience. After all, if a luxury item isn’t expensive, is it really a luxury? You wouldn’t sell a luxury yacht for £5.50 and a bacon roll, would you?
In addition, understand how much profit the company needs to generate. You’ll be far more effective when considering discount promotions – you’ll know exactly how low you can go and still be profitable.
It’s worth looking at a wide variety of direct and indirect competitors to gauge where your price falls. If your value proposition is operational efficiency, evaluate your competitors on a regular basis to ensure that you’re continually competitive.
Once you’ve finalized your pricing strategy in the marketing plan, it’s time to design your marketing campaigns.
Here at Aurora Capital, we are funding consultants, assisting UK businesses to raise the necessary capital they require to facilitate future plans in the company. We have access to 15+ different lenders in a range of different lending markets, enabling us to source the most competitive solutions for your business. Not only will we strive to source the most competitive offers, but we can advise you on the best product for your business moving forward.
You never know, you might be on the first step to reaching out to the exciting future your business may have up it’s online sleeve!
If you would like to contact us further about activating your business plans or have any questions for our team, please give Aurora Capital a call on 01371 870 815. Alternatively, you can email us via firstname.lastname@example.org.