4 points related to Marketing issues that growing companies face and how to overcome it using simple yet undervalued methods.
This point is #1 of 5 points related to Marketing issues that growing companies face and how to overcome it using simple yet undervalued methods.
#1 Building Effective Marketing Strategies.
How often have you heard that a brand without a proper vision for effective marketing strategy becomes a success? My best guess is a big fat ZERO. If you are from India and http://B.Com stream, you probably know the importance of marketing in real-world situations.
If you are a startup or even a business, you probably have a dedicated marketing team to do the daily chores. It is so vast, you probably need at least 3-4 people working for your brand right from the beginning and no matter how much it costs, you know the ROI will soon balance itself out once you get your target audience as clients.
Before you approach any High Net Worth Individuals or brands as clients, you need a marketing strategy that is surely going to get them hooked onto you and will want to be your clients.
You can offer different privileges to different clients according to their requirements and having tailored options for your clients to exercise them is something which not everyone can continue.
If you decide to make a business model which is your tailored strategy, be sure to have them run by your marketing team and keep following them up to know if you are getting any clients or not. Minor adjustments can go a long way and personal touch will get you the goodwill your brand deserves.
Offer discounts, personalised packages etc to get new clients. Although these are normal marketing practices, you can get one worth your business.
#2 Properly Allocating Marketing Resources
You have managed to gain momentum on your startup, congratulations. Now we all know that without proper marketing, our target audience will not be able to find us and turn into clients. To know more about this, read ahead.
You have to invest in order to get returns. Say, in stock business, unless you do not invest in the market, you will have no return and hence no profit. Same goes towards your marketing campaigns. Unless you do not invest a large amount of money towards it, you will not be able to see your business skyrocket smoothly.
Things you might undertake in order to bring in clients through marketing:
- Hiring a marketing co-founder
- Onboarding a director of marketing
- Starting with an assistant or two
- Working with freelancers
- Signing with an agency
You have to have a proper dedicated and creative team towards your business which can make it stand apart from others. No matter how much you think it will take time, remember that all good things take time. If your team of experts have a good idea which intrigues your potential clients, you will have a large amount of traffic coming at you.
A good rule of thumb (according to me) is that whatever you earn in a fiscal year, give 10% - 15% of that income towards marketing. Your ROI should be accomplished within 2-3 months (varies according to business and geographical location)
#3 Measuring Marketing Initiatives
Of course, revenue growth is the ultimate goal for almost any business. But it is achievable through multiple channels. Each representing a chain of techniques and events leading to a sale or a conversion.
The lack of direction — and the vagueness of a strategy — won’t lead to a tight process, a measurable one that gets the job done. You will only know that your marketing strategy is working once you start seeing revenue only through your marketing side.
This is why professional marketers outline a successful content strategy that is broken down into multiple phases, over time, with certain indicators in place.
Traffic, conversion rates, sign-ups, email open rates, brand searches — and hundreds of others of factors contributing to generating a purchase. The more traffic you get, the changes of getting sales shoots up.
#4 Building A Corporate Brand
A powerful brand can go a very, very long way.
Most reputable and well-known brands in the world can afford to:
- Receive tons of PR attention
- Get thousands of job applications at no cost
- Present at the best events out there
- Land customers with little friction
- Receive free backlinks (being quoted and pointed as an example all the time)
- Rank high in Google as a result
- Gather a loyal, enormous group of followers online
Brand building is a complex, long-term initiative, and measuring results isn’t easy. But the effects of a powerful brand are indisputable. You automatically trust a vendor if they have big brands as their clients. You will not have to enquire about their position as their clientele list will satisfy you in the first place.
Employer branding is an extremely powerful weapon for recruitment, especially at rapidly growing organizations. An LOR from an employer who is at a good company and with good reputation will make your recruitment process easier. Think of it as a wild card you can use which is completely at your disposal.
The return on investment in brand building for large corporations is the leading reason hundreds of millions are poured into street billboards and TV ads. Believe it or not, it pays off with time.