The Business Boom: 6 Keys to Unlocking Your Marketing Potential
Marketing is the lifeblood of every business. Your ability to reach your target audience and sell is what will make or break your business. However, many businesses fail to look at the bigger picture when it comes to marketing. They focus too much on producing sales and profits, but not on enough on the best way to get there. There are many things that you can do to get the most out of your marketing campaigns and develop a better marketing strategy. Here are the six keys to unlock your company’s marketing potential.
1. Create a Lead Nurturing Strategy
Lead nurturing is the process of developing relationships with prospects and moving them through a carefully crafted sales funnel designed to close at the right moment. You have to understand that not every prospect is ready to buy. Some of your prospects may have just become aware of a problem. Some are in the research phase looking to learn more about the problem.
Some are in the comparison phase and trying to discover the best products/service to purchase. You need to address all of these prospects with your lead nurturing strategy to convert more of the leads into customers. This will allow you to see a bigger return on investment from your marketing campaigns.
2. Identify and Target Audience Segments
You’ll get better results from your marketing by identifying the different segments in your audience. Segmenting will allow you to personalize content and promotions which will create stronger relationships and lead to more sales. Salesforce Pardot states that segmenting based on product interest, stage of the buying cycle and cold leads are a good idea and can be more effective with automation tools like email marketing software.
A good example is targeting an audience interested in electric guitars. Rather than trying to offer your top selling guitar, you can segment the audience by the type of music they want to play and promoting a guitar that is made to play that genre. The perfect example would be a guitar designed for playing blues as opposed to a guitar designed to play metal. You can also segment the audience by brand name and budget to present the right models at the right price.
3. Learn Your Metrics and Make Growth Decisions Based on Them
If you want to expand your marketing by entering new channels, you have to learn your metrics. You need to figure out your profit margin, sales conversion rate, customer acquisition cost and average lifetime customer value for each channel. By knowing your numbers, you get a better idea of what marketing channels to expand to and at what rate you can scale up your campaign.
For example, let’s say you want to scale sales by entering a new advertising platform. You may find that the competition is fierce and the high costs make it impossible to earn a profit from the initial sale. But if you know your one-year lifetime customer value and the ROI is very high over the full customer cycle, you’ll be able to scale your business through the platform.
4. Constantly Optimize Creatives and Sales Pages for Conversions
The easiest way to achieve big lifts in sales and profits is to constantly optimize for conversions. Changes in your creative, headline, layout, general design, leading paragraph price and offer can translate into small lifts which add up to big spikes in conversions and sales. By using multivariate testing on sales pages, you can test multiple elements on your website at once. This allows you to optimize for the highest conversions very quickly. The testing process should be an ongoing event as it will continue to increase profits for as long as you’re willing to continue experimenting.
5. Set Up a Collaboration Platform
Collaboration platforms are one of the most underused marketing tools. By having one core platform where your team communicates and collaborates together, you can
create better marketing campaigns. A person in your team conducting market research can collaborate with the person creating the ad for a more targeted message. The freelance graphic designer can better deliver on the vision of the brand manager. Having a disconnected team can lead to many things being lost in translation and that’s something that can have a detrimental impact on your marketing. One of the many platforms that you can use is WorkFront. It’s a platform specifically designed to help your team stay organized, increase productivity and save time.
6. Use Multiple Channels for Maximum Reach
Today, consumers are using multiple channels to get information and keep in touch with businesses. In order to reach your entire audience, you need to be using multiple channels. Autopilot’s data shows that 71% of consumers want to communicate through multiple channels and companies that use multiple channels saw a 24% greater ROI. You want to use everything from email, your blog, YouTube, social media, mobile push notifications, forums, to press releases to get the most out of your marketing campaigns.
In conclusion, you need to make sure you’re set up correctly and using the right strategy to reach your full marketing potential. These six keys will help you increase the chances of hitting all of your marketing goals if not exceed them. Greensheet Media can also help you with your marketing goals to grow your business.