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30 years ago, Nike gave meaning to a simple tick mark with a tagline ‘just do it.’ 30 years later we still relate to it and associate it with Nike anytime we see it. When Nike introduced this campaign, its sales were only $800 million and last year its revenue touched $36.4 billion. Nike is perhaps the classic example of perfect marketing. Marketing that sticks in the minds of consumers and that remains relevant even after years have gone by.
Marketing is like oxygen for an organization, it creates a relationship with customers, and it acts as an advocate for the organization. This is an understatement that every giant, startup or entrepreneur knows, but not everybody gets the hang of. Marketing just for the sake of it because you HAVE to do it won’t get you any results.
If you are investing your bucks then you should know what your goals and objectives are and mind you they shouldn’t only focus on sales. Increasing sales is the ultimate goal of any marketing activity, but marketing also spans to brand building, creating awareness and building a long-term relationship with your audience such that they turn into loyal consumers and eventually your advocates.
If you are still trying to grasp the dynamics of marketing, then here are some tactics that might come in handy:
1. Build a brand
We are going to reiterate the fact that focusing merely on sales is being shortsighted when it comes to marketing objectives. It will give you immediate results, but only in the short term. Good marketing is about creating brand equity that you can leverage; equity that brands such as Apple, Google, Gucci, and Mercedes posses. Don’t get us wrong we don’t want you to invest in thousands of dollars like these behemoths do, rather we want you to learn from their stories.
A brand gives you good first impressions, credibility, trust and the ability to stand out. However, a brand is not just about a professional logo design, name and colors. A brand is much more than that. It is about creating a story about customer experience. Consistent branding goes a long way; it increases your revenue by 23%.
If you want to build a brand, focus on what your customers want rather than what you have to offer. Research shows that 45 percent of the people will unfollow a brand on social media if it talks too much about its products. Try to work on customer experience, something that they will remember you by.
2. Get influencers on board
Selling is easier for the brands that have already achieved recognition and have reached a good level, but for startups and newbies, it is a long road. Moreover, the dynamics of marketing have changed, especially with the introduction of social media and smartphone penetration.
Consumers today no longer fall into the trap of traditional marketing, they rather rely on word of mouth and their friend circle. This is where influencer marketing steps in. Traditionally, celebrities used to influence people opinions. However, today, people are skeptical of them as well. Influencers today, on the other hand, are common people with many followers. Consumers trust them because they can relate to them.
Influencer marketing is effective because basically, it is like a recommendation from a friend but on a larger scale. Plus, it is relatively cheaper than celebrity endorsements since you don’t have to pay a hoard of money.
MVMT watches is a perfect example of influencer marketing integration with social media. The company partnered with some of the most notable Instagram accounts and provided followers with unique codes to instigate purchases.
3. Create Engagement
You got that like and follow? Great! What now? Your work doesn’t stop at increasing the number of followers on the Instagram account; you need to interact with them on a daily basis in order to remain on top of the mind and create repurchases. Remember, it is easier to sell to an existing customer than to convince a new one. In fact, research shows that companies with strong omni-channel engagement retain 89% of their customers on an average as compared to 33% for the companies with no engagement.
To create brand engagement, you need to add a personalized touch to your communications. If you are an ecommerce retailer, for example, you can send your customers with recommendations based on their previous purchases. You can also send them targeted marketing offers in their emails. Email marketing when personalized is quite effective. To do that, you need to capture their emails at any opportunity you get. Leather skin shop does that through pop-ups whenever a potential customer visits their site.
Creating engagement also means creating a two-way conversation. To make things interesting, you can perhaps run a quiz campaign or ask your target audience to share their pictures using your product and reward them accordingly. Stitchfix has nailed the brand engagement strategy. The clothing brand sends its customers short quizzes and then gives them personalized style recommendations based on their answers.
4. Reward your loyal customers
Most businesses today use CRM and data analyzing software that can inform them about the highest paying customers and their churn rate. For customers who give you the highest revenue, you can reward them with points and offers. Airlines are the best example when it comes to rewarding customers. Most airlines have reward points that can be converted into miles.
Loyalty programs can be quite effective when it comes to generating repeat purchases. Moreover, they instill a sense of pride and confidence in customers who believe in the brand.
According to Sudip Bose, MD and CEO of Assured Digital, “Loyalty is a win-win investment for both sides. Brands invest in gratifying their customers, while the latter spend on earning those rewards.”
Conclusion
Whatever marketing strategy you use, always remember to keep your target audience in focus. Once you lose their sight, your investments will go in vain. Good marketing is all about customers rather than the product itself; it is always about the “YOU” attitude.
Guest Author Bio:
About Michelle Joe: Michelle Joe is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences, and express herself through her blogs. You can find her on twitter: @michellejoe524
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