"A man who stops advertising to save money is like a man who stops a clock to save time."
Several trends have emerged over time. These trends have also changed how businesses are being managed. Marketing builds brand awareness, increases sales, and engages customers. Strategic marketing can lead to a long-lasting relationship between your business and the consumers.
A marketing strategy is a comprehensive plan developed to achieve the marketing objectives of your business. One of these marketing objectives is to reach more consumers to ensure an increase in sales. Choosing your target market is very important. This will streamline to whom you will offer or sell your products or services.
Here are nine effective marketing strategies to help your business achieve the growth you projected:
Considered as one of the most valuable sources of marketing, word-of-mouth remains to be one effective marketing strategy for any business according to the study conducted by the Word of Mouth Marketing Association (WOMMA) and the American Marketing Association (AMA). Surveys have also shown that consumers trust more the suggestions from their family and friends compared to some advertising stunts. According to Forbes, “having 100 really passionate fans that love your brand or product is exponentially more effective than having 10,000 “fans” who signed up just to win a free iPad from you.” Thus, establishing a connection with your consumers is the major aspect of marketing that you should give more attention to.
With the advent of technology, e-mails have become another avenue for people to communicate. As a business owner, you also have to make e-mails be at your advantage. E-mail marketing is highly effective, proven by a study conducted in 2018, in the sense that sending e-mails to prospects can convert them to be your customers. This marketing strategy does not have to be complicated and it has delivered huge returns for businesses. The high return of investment is guaranteed when e-mail marketing is done right. Build up your email’s list of targeted customers so you will have a guide of whom to send your e-mails. Just always remember to sound polite and respectful.
3. Broadcast Advertising
The most dominant way to reach a large number of consumers is advertising through mass media channels like television and radio. According to the Small Business Pulse, two percent of small businesses cite TV and radio as one of the top three marketing strategies. To reach out to your customers through broadcast advertising, you have to pay for the spot based on various factors like the duration, time, and channel where your commercial or advertisement will be aired. A media department of the advertising agency or network will handle and negotiate with you and your airing rights. What sets broadcast advertising from other marketing strategies is that it raises awareness to your consumers about the product or services that you offer, considering that there are a lot of people who have access to TV and radio.
4. Content Marketing
Forbes cited the Content Marketing Institute’s definition of content marketing. “Content marketing is a marketing technique of creating and distributing valuable, relevant, and consistent content to attract and acquire a clearly defined audience—to drive profitable customer action. Among the benefits of this kind of marketing strategy are increased sales, cost savings, and better customers who have more loyalty. Every businessman should consider that the consumers deserve quality content aside from enjoying the value of your product or service. Learning the art of content marketing can boost sales only when done in the right way. It is best recommended that you develop a documented content marketing strategy to ensure effective content marketing. There are a lot of ideas that you choose from for content marketing. These options may not be limited to Frequently Asked Questions (FAQ), webinars, blogs, visual contents, vlogs, e-books, and many more.
5. Social Media Marketing Campaign
Social media is an excellent avenue for businesses of all sizes. It can also reach a wide range of prospects and clients. The most common social media used are Facebook, Twitter, Instagram, Pinterest, LinkedIn, Snapchat, and Youtube. Since most Filipinos are known to be heavy users of social networking sites, advertisers and marketers are utilizing these sites to use as a marketing tool. The ultimate goal for social media marketing is to create content that will catch the users’ attention and eventually share it with other people. As a result, it helps the products or services from a company to increase brand exposure and broaden customer reach. This type of marketing strategy covers activities such as posting text and image updates, videos, and other content that will encourage audience engagement. Each social media caters to different users, which means different target markets. The choice of social media to use should be aligned to the target market your business wishes to serve. There are social media management tools available that can help in managing and getting the most of the social media.
6. Search Engine Optimization
If you have a business website, then search engine optimization should be your friend. Search Engine Optimization or SEO is the process of making the best of your website, getting organic and unpaid traffic from the search engine results page. With easy access to the internet, most people resort to accessing the web for anything that they like to search for. You have to make sure that your website will show first on the list of results from the search engine. There are several techniques that can make your website SEO-friendly. The domain name and internal links are very important; thus, you have to understand the basic processes.
7. Pay Per Click (PPC)
Pay per click or PPC is another mode of internet marketing where advertisers pay a fee each time their ads are clicked. Search engines are great platforms where to put your advertisement. The goal of PPC is to lead the audience to click on the advertiser’s website or app. That’s why when a prospect customer searches for something that is relevant to your business, your advertisement displays. Keywords play a vital role in this marketing strategy. As defined, keywords work as generalize abstractions of a wide range of search queries. For a little trivia, search engines charge less for ad clicks to advertisers who can create relevant, intelligent pay per click campaigns.
8. Print Advertising
With things getting digital, the traditional form of advertising is not dead yet. It still delivers results and sales for thriving businesses in the industry. Print media advertising is a marketing strategy that utilizes physically printed media like newspapers and magazines. There are still consumers who prefer to read physical media like the ones mentioned. Magazines and newspapers can still reach consumers, business customers, and other prospects depending on the target market of your business. There are various choices that you can choose from for advertising in newspapers. You can choose from local, regional and national titles. You can also pick for the frequency of publication if its daily, weekly or Sunday editions. On the other hand, magazines can publish your advertisement weekly, monthly or quarterly. Page location and advertising spaces like full-page, black and white or colored are also the factors you need to consider.
9. Networking Marketing
Networking marketing is a type of marketing that businesses use to increase their sales. It relies on a network of distributors to grow the business. This is a business opportunity for those people who want to work part-time with a flexible schedule. This kind of marketing strategy provides an opportunity for those who are actively seeking a job to earn income and at the same sell your product line directly to friends, family, and other personal contacts. In other words, your products are being introduced to a pool of consumers while allowing your sales representatives or distributors to earn.
There is so much to learn when venturing into business. From developing the business plan to complying the legal documents for operation and now to keep your business relevant and connected to the people. Marketing plays a vital role in the success of your business. Just like how you developed your business plan to establish a clear direction for your business, a marketing strategy is also vital in order to keep your business afloat in this competitive world.
Philippines’ economy is projected to do well more in the coming years; thus, it is best that you take this opportunity to start your own business. Running a business from scratch can be a little bit challenging since it will take more effort, time and resources to introduce your product or service to the market. Compared with franchises where the brand is already established and there is already an existing market and processes available. Another advantage of franchising that it can offer is allowing you to venture into the business without the risk of debt or the cost of equity. You may choose from a wide range of business selection should you wish to opt-out for franchising business.
Ultimate Guide to Franchising
Avoiding Scams, Making Smart Investments, and Better Decisions
The franchise industry is booming, and entrepreneurs are wondering about how this sector works. This ebook aims to help aspiring franchisees achieve their business goals.Learn more
Disclaimer: Franchise Market Philippines strives to provide relevant and accurate information in all its articles. However, some information in our articles may differ or might be outdated from what you can see or read directly from the establishments' or businesses’ websites. Please get in touch with us directly for any discrepancies.