If you are looking to take your company to the next level, then you have to focus on your marketing. Chances are, you will have to make some adjustments to your marketing in order to get the results that you are looking for. So where do you start? Here is a look at five ways that you can change your marketing strategy in order to experience greater growth.
1). Model The Competition
There is an old saying, “Model what works.” Instead of spending lots of time and money to look for the “Holy Grail” of marketing strategies, you can simply see what a successful competitor in your category is doing. Perhaps this more successful company has just introduced a new loyalty program. Simply focus your research on every part of the marketing and sales funnel of this successful company. You don’t need to copy every step in your competition’s marketing strategy. However, by researching the competition, you will be able to find a profitable insight that you can apply to your own marketing strategy.
2). Upgrade Your Branding
Another way to get some attention is to simply upgrade the branding of your company. You can introduce a new logo or a new brand identity. You want to make sure that your branding can connect with your audience. Therefore, you will want to do some extensive testing before you roll out the entire upgrade to your branding. With the right type of branding, you can set yourself apart from the competition. Also, it will be easier for future customers to remember you if you have a distinct logo, brand message, or tagline.
3). Utilize Data Mining
You probably don’t realize it, but the best way to change your strategy is sitting right in your office. You simply need to look at all of the data that your company has acquirefrom your customers or from market research. The thing is, it would literally take years to sift that data and come up with anything usable. That’s why you need to utilize data mining. With data mining, you can find unique pieces of information that you can help your marketing. For instance, you may find out that a certain group of people are heavy users of your product or service. You can then target more of your marketing dollars towards that demographic. Your data can be handled by your IT management services while you have data mining experts sift through the information to find the right patterns to boost your business.
4). Look At Emerging Strategies
Every few months, there emerges a new way to market a product or service. In the past two years alone, we have seen the rise of social media platforms such as TikTok and Twitch attract hundreds of millions of users. Usually, these new platforms will have cheap ad rates since companies are not fully aware of the marketing potential of these new platforms. Be one of the early adaptors to a new marketing strategy and you will be able to get some of the highest return on your marketing dollars that you can imagine.
5). Focus On New Markets
In addition to focusing on new marketing strategies and platforms, you will want to take a look at whole new markets that you have never considered before. For instance, if you are selling metal sheds to mostly residential customers, you may want to consider selling your sheds to commercial or even municipal customers. You will be surprised at what opportunities you will find. You can even expand your market geographically. For instance, if you are currently serving customers in one state, then you may want to consider expanding to another state. There are many different new markets that you can find that will allow your business to really take off.
Boosting Profits With New Marketing Strategies
There are many ways that you change your market strategy in order to experience some serious growth in your business. You can model the competition, upgrade your branding, utilize data mining, look at emerging strategies, and focus on new markets. Try as many of these steps as possible. You never know which one of these strategies are going to work. The more strategies that you try, the close you will come to finding a winner.
Samantha Higgins is a professional writer with a passion for research, observation, and innovation. She is nurturing a growing family of twin boys in Portland, Oregon with her husband. She loves kayaking and reading creative non-fiction.