Think MARKET: Six Secrets of Successful Marketing
Have you read so many marketing tips that you’re finding it hard to remember a single one of them? A handy mnemonic (memory aid) is what you need, but you need to remember the mnemonic in the first place! Luckily, ours is really simple to remember – just think MARKET.
- MONITOR the success of your advertising streams.
Make sure you have systems in place to gather information on how your customers or enquirers heard about you. All you need is an extra field on your contact or order form, or a quick query by email, over the phone or face-to-face. This information is vital for when you reach E!
- ATTRACT customers.
Stream-specific discount codes and deals give customers the feeling that they’re getting a great offer that only a few have access to, while multi-buys and package deals can bring in new customers and persuade existing ones to spend that little bit more.
- RESEARCH your market and competitors
This will help you identify opportunities to offer something different – a better price, higher quality, an extra or additional service or something unique. It will also give you an insight into pricing and what works and what doesn’t, which means studying ex-competitors too. Why have similar businesses failed and how can you avoid their mistakes?
- KNOW your customers.
The more you know about your potential and existing customers, the more able you are to identify what marketing strategies will work and what other goods or services they are likely to favour if you offer them in future. Don’t attempt to expand or diversify your business without knowing what’s contributed to your current success and what additional products your customers want.
- EVALUATE your marketing strategies.
Don’t just carry on with the same old marketing strategies, regardless of how efficient they are. There’s little point in monitoring your advertising streams in you don’t gather the data and use it to your advantage. This information should help you decide which forms of advertising are worth pursuing and possibly extending and which aren’t worth your time and money.
- TAILOR your marketing for your target audience.
The more knowledge you have about your potential customers and their interests, the better your chances of tailoring your marketing to them. It’s pointless to pay for advertising in train stations, for instance, if your research shows that few of your target audience members are commuters.
- Think about where they see and hear advertising: social media, YouTube, billboards, TV, radio, local press, national newspapers, magazines?
- Consider the concepts that attract them; what do they care about? Special offers, free delivery, free parking near your premises?
- Think about the style of advertising that’s most likely to catch their attention: loud, subdued, bright, simple, formal or full of contemporary slang?
So remember: Monitor, Attract, Research, Know, Evaluate, Tailor. Six easy steps to marketing success!