4 Ways to Enhance Your Business Marketing

Despite the attention paid to finance, the lifeblood of any firm is marketing in its broadest sense. It is the driving force behind increasing revenue and brand recognition that helps cultivate a devoted customer base. Now more than ever, in today’s thriving markets, a robust business marketing strategy is more vital than ever for your business to stay top of mind with consumers, develop a positive image that resonates with prospective customers, stay ahead of the competition with innovative new products that meet customer demand, ensure internal customers (employees) feel valued so the business operates efficiently, products reach customers quickly along their preferred channels, and you monitor your outcomes to optimize profitability.

That’s because marketing consists of not just advertising but also product, pricing, and place (distribution), as you can see below. Some experts expand beyond this marketing mix model (factors such as people and physical environment) to include more aspects of marketing but this is the classic version. That means you have a lot of tactics at your disposal to reach the business goals you set for this year in your marketing plan. Let’s examine four essential marketing tactics for your business marketing to set up to achieve your goals this year.

pricing
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4 tactics to enhance business marketing

Certainly, there are many more than 4 tactics to enhance your business marketing efforts. But, as a small business, you might need to prioritize adding actions to your marketing plan so we want to hit on the top 4 tactics to consider adding or expanding efforts on to get the biggest bang for your buck. So, without further ado, here you go.

1.   Remain on-brand

Consider the world’s most well-known and prosperous brands like Apple, Gucci, and even Uber (see below for the top global brands as of 2020). Many of these are familiar names to most of my readers. They share many of the same strategies and they all have a consistent brand identity that permeates every aspect of their marketing initiatives, from ad campaigns to product design. These brands work hard to maintain their positive and pervasive brand image because it results in high profitability.

global brands

A unified brand identity defines the persona and values of your business to make not only a strong and lasting impression on audiences but also one that resonates with them. You may build a suitable and appealing brand image that appeals to your target market by avoiding branding mistakes like inconsistent branding, which gives mixed messages to your customers and destroys your credibility, and not matching your marketing tactics with your brand’s identity and values.

Need more? Think about the old car commercials. The ones promoting the brand were slick, professional, and appealing while the ones produced by local car dealers were schlocky, poorly implemented, and demeaned the image of the brand. This inconsistent brand image made it difficult for consumers to develop an attitude toward the brand and failed to differentiate the brand effectively from competitors.

Your branding should focus on providing quality products that solve consumer problems better than the competition and conveying that image to your target market using slogans, social media, trained sales and customer service employees, and informative advertisements. Flexibility in branding is also essential as it helps you pivot your brand to appeal to the expectations and desires of your modern audience while retaining the essence that makes your brand what it is.

2.   Understand your market

Market research is a key element in modern business marketing. You need to understand not only your target market at a deep level (we talk about building customer personas and I show examples of these below), but also your competition, the external environment, cultural trends, economic outlooks, and the impact of technological advancements such as AI and drones on how you satisfy demands made by your market. For instance, Amazon and Walmart are experimenting with delivery by drone as a way to speed up product delivery to customers.

segmentation and targeting
Image courtesy of Boag World

Ignoring your target market is one of the most frequent yet fatal marketing errors. Relying on simple consumer identifiers like age, gender, income, and other easily collected information isn’t enough in the information age where you have access to much more influential factors such as lifestyles and interests. You must design your business marketing effort to meet the needs of your target market, convey your key benefits in a way that’s accessible to that market, determine unmet needs you might fill, and reach your target market where they are. Investigating consumer tastes and behavior through primary and secondary market research is necessary to market to them effectively and efficiently.

Familiarize yourself with their demographics, such as age and gender, and psychographics, such as values, attitudes, and interests, and design marketing strategies to target them accordingly. This gives your brand an edge over others as now you can make your product and advertisements more customer-oriented. Successfully communicating your brand’s message and services to your audience helps increase engagement and conversion.

3.   Ensure cross-departmental efficiencies and motivate workers

Since marketing doesn’t happen in a vacuum, matching marketing initiatives with overall business goals is critical. Departmental cooperation is needed to develop a coherent and successful marketing plan and gain commitment to doing what’s necessary to reach those goals. We call this participative decision-making and it’s vital to the success of your plan.

Establish common goals and metrics to ensure that marketing initiatives complement those of sales, product, and customer support teams. This guarantees that every team aims for the same purposes and can gauge their progress efficiently. Additionally, schedule regular cross-team meetings to discuss ongoing initiatives, exchange knowledge, and resolve issues. This ensures everyone is informed and promotes open communication.

Promote the exchange of information, insights, and resources throughout departments. For example, if the sales team exchanges data regarding the current market situation with the marketing team, they can effectively increase sales by implementing such techniques, which are more efficient. This guarantees consistency and coherence throughout all business operations, which eventually helps your marketing campaigns succeed.

Participative decision-making is the first step toward motivating employees but it’s not enough. You must also build a flat organizational structure where employees feel a sense of control over their destiny. A learning organization is the goal of all businesses independent of industry because it builds flexibility and commitment among your employees so they can and are willing to commit their best efforts toward achieving your goals. You experience less turnover and absenteeism with this type of organizational structure, as well.

optimize business performance
Image courtesy of Learnupon

4.   Measure campaign performance

Success in marketing requires regular campaign performance measurement and the application of data-driven insights to maximize efforts. I can’t emphasize enough how important it is to constantly monitor your performance and, in today’s data-rich marketing environment, you have a plethora of tools you can use to collect this data. But, collecting data isn’t enough, you must use the data to develop insights that allow you to focus on strategies pertinent to your business goals and make well-informed decisions.

Key performance indicators (or KPIs) include customer interaction and brand recognition as well as a host of other factors that contribute directly or indirectly to your performance. Below you can see the criteria that help you develop a list of KPIs you should track versus useless data you will find. As you develop your list of KPIs, include both intermediate ones, such as time on site and engagement on your social media platforms, as well as terminal goals such as conversion and average order size.

what are kpis
Image courtesy of Crazy Egg

Track these KPIs with tools like Google Analytics to gain insightful data by tracking trends and digging down to build more nuanced insights such as top-performing posts and pages based on conversion rate. It’s critical to consider intermediate goals customer loyalty and the data while monitoring your campaigns’ return on investment (ROI) to ensure your resources are efficiently utilized.

Additionally, give your campaigns a deadline to help you focus on accomplishing your objectives. It’s also best to opt for automation solutions for efficient KPI tracking. This also standardizes procedures and lowers the possibility of misunderstandings or missing handoffs.

Conclusion

To accomplish marketing success and enhance your overall digital presence, consider keeping a consistent brand identity, knowing your audience, coordinating marketing initiatives with overall company objectives, and tracking campaign effectiveness. Take some time to evaluate your present marketing tactics and think about how you may use these essential tactics to advance your company.

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Hausman and Associates, the publisher of MKT Maven, is a full-service marketing agency operating at the intersection of marketing and digital media. Check out our full range of services.