Are you looking for the most effective marketing strategy for your business? Then you’ve come to the right place, because this post will break down the complex maze of marketing into 4 basic and simple activities that you can implement starting from this very day..
As a business owner, one singular activity that can immensely transform your business fortunes and bring you closest to success in business is how well you execute your marketing.
Formula for marketing
Make as many people as possible happy, and you’ll make all the money you want to make. It is important to understand this one state above anything else if you want to be successful in business and in your marketing.
The reason why we claim this statement as the formula for marketing is that life on our planet is characterised by insufficiency and unmet needs and wants. People everywhere, and all of us have problems and issues, and we are constantly seeking some form of solution.
In our carnal existence, money is the reward we are all ready to give in exchange for the relief and perceived happiness we are looking for. This is why you may have heard it said elsewhere that if you want to be rich, solve a problem for as many people as you can.
So what is the formula for success in business? Simply make as many people happy, and they’ll pay you for it.
The following are the established rules of successful business marketing, used by established brands the world over, and we’re glad your business is joining the big names in applying them.
Rule 1 – Find out what your target audience wants:
People are different, and our preferences are varying as the North and South Pole. We all have so many different factors which have shaped our personalities, like our upbringing, religion, cultures, environment, levels of global exposure, and more. My point is, you can’t naively assume that everyone would love your goods or services. In other words, not everyone is your target market.
The first rule in satisfying someone, is to find out what they want. In my Marketing MBA class at GIMPA, my professors asked us how we can find out what our customers want, and I blurted out before thinking, “Just ask them!”, and the class laughed. But you get the point. You have to use every means possible to discover what exactly the people you intend to serve are looking for.
A good way to do this is by conducting market surveys. In fact, it is advised that you conduct such surveys extensively even before you venture into the business. You use social media polls for this purpose, and if you have the budget, you could purchase market survey data, or hire a market research consultant to help you. But whatever you do, ‘just ask them!”
Armed with the information from the market survey, you can now proceed by the following steps;
- Identify differences in the needs of your target market
- Breakdown of your target market into smaller groupings based on their needs
- Design a means to serve each market group
Rule: 2 – Deliver what your target audience wants:
You see, your products and services are solutions to your target market. Now, what value would a solution be if the people it’s meant to serve to do not, or cannot have access to it? My point is, regardless of how civilization-transforming your products or services may be, it will be useless until real people are benefiting from it in practice.
Rule 2 above is simply saying you should deal with all hindrances to access your products. These could include pricing, carriage, packaging, and any such activity that could potentially truncate your service delivery and hinder access.
A word on pricing is that the lower your price levels, the more people you could reach. But you would make losses if you sell your products below your production cost. The way around this is to find creative ways to reduce your production cost so that you can reduce your prices, sell a wider audience and receive increased sales returns and profits.
Also, note that higher sales will drive down production costs because a lot of your cost is fixed and unchanged regardless of how much you produce.
Another important fact on product delivery is that you could identify a group in your market who are not well served, develop a special product for them, and target them through advertising and sell to them. A good example of this is the African Fintech Market which has been underserved by giant western firms for so many years, mostly because of the lack of proper credit history data, lack of proper addressing systems, money laundering struggles, and more. But products like MTN Mobile Money and PayStack, are refreshingly filling in the gap.
Rule 3 – Tell your target audience that you have what they want:
Your next step in marketing your business successfully is to tell your target audience that you have the perfect solution they are looking for. This is what marketers call advertising. Advertising is the key to creating larger sales volumes.
The process itself is simple, even though it could be expensive without the right strategy. A good strategy is simply to offer better products or services and better prices and tell everyone about it. Two words involved here are advertising and salesforce.
Salesforce is a marketing jargon which simply refers to all the people in your company’s sales team, which work for the company selling your products.
If your competitor has a well established salesforce at work, and your company doesn’t, you can easily see why you would be losing out in capturing the market.
Advertise, advertize, and advertice!
To advertise is simply to tell everyone that you have exactly the products they want. But wait, shouldn’t you be telling only those in your target audience? And the answer to that is No!
Advertise to everyone, why, because established brands are not popular only among their target users. A good advertising strategy reaches out to everyone, because people who know of your products, are likely to recommend it to others who are looking for such products or services.
One helpful online advertising platform is YellGh Business Directory (also known as Yellow Pages Ghana) which is built to help you advertise your company online with ease. Hundreds of small businesses are already increasing their brand awareness and inline visibility by adding their business to this top business directory. It comes with a web directory, an iOS app and an Android App to help you to manage and engage with your customers seamlessly.
How YellGh works is that you sign up and add your business by filling a business submission form which is used to create a business web page for your business, complete with your company description and business details, social media links, image gallery and video block, a contact form, a click-to-call button, and reviews and rating board to allow your customers to rate your services. You can add your business by visiting yellgh.com/add-business
Rule 4: Do a good job selling your products
This may be your final step yet it’s the activity that never quite gets done. This is because it involves an iterative process of continually involving your products to ensure that you are satisfying your customer’s evolving needs as against what your competitor is offering, at a better price and product and service delivery and distribution.
In summary, your business will succeed as you become known for being excellent at offering your customers what they want, advertising and letting the world know that you have what they want. Typically, this will increase sales and drive down your cost of production, so that you can continue offering your amazing products and services at very good profit-making prices.