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The current business landscape calls for a rethink of your marketing strategy. As CFOs tighten budgets and question marketing spends, CMOs have to still meet targets and ensure the organisation is continuing to grow. Marketeers are faced with the quandary of continuing efforts in increasing the visibility of their brand and staying top of mind with their consumers while working with reduced marketing budgets. Reduce your marketing efforts and you face the threat of losing market share or helplessly watch a new entrant capture mind share of your consumers immediately.
Given this scenario, marketing today requires a blend of innovation and imagination. The key is to take on the challenge and find new ways to create demand and interest in your product or service. Here are 10 innovative methods that can help businesses market their business, connect with prospects without increasing marketing spend.
1. Word of mouth
“Do what you do so well, that people cant resist telling others about you”
Word of mouth is one of most powerful mediums of marketing because it comes from happy customers. Creating evangelists for your business needs to be engineered right across every department of the company. If the goal of the organisation is to deliver a customer experience thats so spectacular that it surpasses the client expectation by a mile. A delighted customer will shout your name from rooftops. Mapping the customer experience step by step of the buying process and studying ways to wow them at every interaction ensures this. Do the unexpected and don’t just meet their expectations- shock and awe them with delight. Apple has customers who are evangelists converting everyone they know into the fold and will never ever move brands regardless of whatever option comes their way.
2. Increase conversion rate
“If content is king, then conversion is queen”
Time needs to be invested to relook at the complete process of client acquisition. What steps can be put in place to double the current conversion? If you are at 25%, can your big hairy audacious goal be 50%? Its a good time to relook at your website, what you say, your SEO, first meeting, marketing presentations, quotes, pricing, negotiation strategy and even what rituals can help build trust. Mapping the clients decision process in detail and juxtaposing what you can do the influence the decision your way can help. Think out of the box, think funny, think values, think persuasion and go ahead and implement it immediately!
3. Social media
“Activate your fans, don’t just collect them like baseball cards “
Social media today has democratised marketing and client engagement. It means that the person with the best ideas and client engagement wins and not the one with the biggest ad spend. Even the smallest companies can easily create compelling viral content that can interact and emotionally attract a consumer. Its not about the number of fans and paid followers, its about the engagement and building brand loyalty and eventually converting to a sale. Social media is the most cost effective way to reach out and seek to your consumers on a one to one basis. Once the brand DNA is established, the brand needs to be humanised to connect. Based on your demographic and target there is a right medium or a combination of social media platforms that reach out and build bridges with consumers. Social media is also a double edged sword where customers will shout from the rooftops if they are unhappy and a company needs to have a clear and authentic method to combat and resolve issues immediately.
4. Existing and Past Clients
“Customer service should not be a department, it should be the entire company”
Acquiring a new client is 7 times more expensive than retaining an existing client. It’s even more important today to ensure that your existing clients stay forever. Calculating the lifetime value of a client to the company and then focussing all efforts to retaining them. Every department should know the importance of an existing client and alarm bells should sound if you lose even one. Reconnecting with clients who have done business with you in the past is another way to focus on a target segment and win business with someone who already knows you. Make those phone calls, dust that rolodex and reconnect. Ensure you have a drip marketing system in place to inform your past clients or your current achievements and activities without reaching them spam or junk mail.
5. Get out of the office!
“The magic to a great meeting is all of the work thats done beforehand”
The best way to increase conversion is to meet more clients. Increasing the number of clients you meet is directly proportional to the number of new client acquisitions. Plan meetings closer to each other so you can do more in a day. Create systems to reach out and meet prospects. All your marketing efforts should be engineered to connecting with your target clientele.
6. Public Relation
“If I was down to my last dollar, I would spend it on Public relation”
PR tells your story and instead of you professing your strengths, this allows other people to speak about you. Having a clear strategy on what strengths and stories you want your consumer to hear is the first step. Listing which mediums you want to be heard in and what stories can enhance your expertise is the next. Engaging with a specialist company ensures a clear strategy and a consistent effort which is long term. Many companies make the mistake of expecting immediate results. PR is brand building over a long term and will not result in an immediate sale.
7. New geographies
“If Opportunity doesn’t knock, build a door”
When the going gets tough, looking at markets which still have demand and a growing consumer base is a great idea. This is a tougher and a more expensive prospect but it balances your risks. Investing in new and emerging markets bears fruit in the future. New markets which don’t have long flying hours, that don’t have much competition, have low set up costs and have potential demand for your product or service are good parameters for selection.
“The best marketing doesn’t feel like marketing”
Connecting with potential customers and partners on an ongoing basis is critical to grow your influence as an entrepreneur. Join business networks, industry associations and conferences to grow your bandwidth of contacts.
9. Showcase industry expertise
“You must become an expert on a product, service or anything you write about to really be effective”
Speak at conferences, write articles, blog, lecture and position yourself and your organisation as an expert in your field. Assume expertise in your subject and ensure you are one too. Educate yourself, keep track of trends and devour information on your subject field. Become and influencer and a voice for your industry and this will convert to business eventually.
10. Reposition the brand
“Its time to reset, rethink, reposition…”
A challenging business scenario is a good time to relook and rethink what your company is, what your weaknesses and strengths are, questioning if you really have a USP or an edge over your competition. This is the time to get better at what you do, improve and look within. This is a good time to rebrand, redo your image and express your differentiated strength clearly to your consumer and target clientele.
“Marketing and innovation produce results; all the rest are costs”