There is no secret. It doesn’t really matter how good your product or service is; if people do not know your business exists, you’ll have a low chance of getting visibility and growing your brand.
Let’s think about this; if they don’t know you, they will not look for you.
Let’s take as an example some of our most admired brands today, like Apple, Amazon, and Google.
What do you think you would do if these businesses didn’t exist? Seriously, in what would your life be different without these companies?
What kind of phone would you have? Where would you shop online? Where would you go to look for answers to your questions and problems?
Now, luckily for you, these businesses exist. And, you’re definitely aware that they do. But how did you actually become aware of them?
Who is responsible for making you know these companies? Is it their owner? Steve Jobs? Jeff Bezos? Larry Page?
Probably no. These are great businessmen, but they are probably not the reason why you know these companies.
It’s well known that marketing helps to grow businesses. Even the biggest companies rely on it to reach their customers and maintain their standards.
That’s why we are going to walk you through how efficient marketing is one of the best ways to increase your brand awareness and grow your business.
Now, let’s get to know efficient marketing.
But there’s no need to be worried! We are here to help.
Some people still believe that marketing is just about looking pretty. That it is just about making some business cards and setting up some nice social media pages.
However, let us tell you, It is much more than this!
You can learn marketing on your own, but it isn’t as straightforward as many people think. If you want to run efficient marketing, there are lots of concepts and strategies different from each other to learn.
And frankly, there is no growing business without efficient marketing.
For example, let’s take a look at OneTrust, the fastest-growing private company in the world. They did not get to grow by 48,000% without running any marketing.
If marketing was that simple, then every single business wouldn’t have any problems in generating new leads and customers.
However, that isn’t the case. Thanks to things like a crowded market, competitors, consumer preferences, and demand, marketing is crucial for any business.
Not only do you have to create a product that people love, but you also have to create something more valuable for your target audience than the alternatives that already exist.
And when you do have this product, you have to make your ideal clients aware of it and drive them to your business.
Still, many businesses make claims like “Marketing doesn’t really work” or “Marketing is too expensive.”
But what they are saying, in reality, is “I don’t really understand marketing” or “I had bad experiences with previous marketing campaigns.”
This is the difference between bad marketing and efficient marketing.
Marketing without a studied strategy built around your specific target audience is not efficient.
Efficient marketing deeply knows your ideal clients and makes the right emotional impact, driving them through a buyer’s journey specifically designed for them.
Efficient marketing increases your visibility, leads, and conversion rate, returning a healthy return on investment.
Great, by now you probably realize even more how having efficient marketing is a key point for any business growth.
Let’s now take a closer look at truly efficient marketing.
How can marketing be considered efficient?
Let’s think about this; your product is basically the value you trade to customers, who in return, pay you a price for the value you provide.
Efficient marketing allows a higher number of potential clients to know about what you offer and makes them perceive your offer as something valuable for the problems they are facing, increasing the percentage of conversion.
To run efficient marketing, yours must follow a strong strategy based on specific factors.
Having full control of these factors is what will make your business stand out and be noticed by a higher number of potential consumers driving them through the buyer’s journey increasing your conversion rate.
In particular, we are going to take you through the 4 + 1 main factors making your marketing efficient.
4 + 1 because it’s the combination between a classical concept defined as marketing mix plus one additional factor that nowadays, in a world always more digital, makes the real difference in making the marketing efficient.
These are the factors that separate efficient marketing from low-performance marketing.
These Main Factors of marketing are the core building blocks of any efficient marketing strategy. And if you want to achieve further business growth, you need to have these items in balance.
What Are the 4 + 1 Main Factors of Marketing?
The 4 + 1 Main Factors of Marketing are Product/Service, Price, Promotion, and Place + People.
This complete marketing mix addresses any single component that must be considered when planning the best strategy to market your product or service.
Now, let’s go to see each of the 4 + 1 factors:
When it comes to your Product or Service, you need to clearly define the values and your target audience benefit from it.
The value that your product or service delivers must be clear and in line with the issues and needs your potential customers have, alongside a trustworthy branding and design.
Everything needs to be made in order to deeply engage your target audience and give them a positive impression.
If it does not, then everything else you do afterwards won’t be as efficient.
The more your target audience feels identified and engaged with your product or service values, the more they will be up to pay the price you are asking them for.
Let’s think about the brands we mentioned earlier – Apple, Amazon, and Google. They all have strong value propositions for their customers.
And, their brands have clear missions that consumers connect with.
Google, for example, has the mission to help organize the world’s information and make it accessible and useful.
Hopefully, this example shows you how critical your product values are within your marketing strategy.
Now, let’s move on to the 2nd factor – Price.
Essentially, your offer price should be in line with what the market is willing to pay for similar or alternative products.
Your product price must be in line with your offer values for consumers to trust and purchase your product.
Also, your pricing strategy might involve discounts, coupons, different payment plans, or credit. These incentives may also help spark more interest in your products.
For example, let’s take a closer look at Apple’s pricing strategy.
Apple’s pricing strategy is unique in the way that an Apple device, like a computer, is more expensive than 90% of their competitors.
However, this is fully justified.
Their products are completely different from the competitors’, and people genuinely love their brand. Their customer loyalty is incredibly high and hard to match.
Because of this all, discount incentives are not really necessary to motivate their audience’s buying behaviour.
However, they anyway run occasional special promotions and discounts during particular events like Black Friday.
Eventually, your pricing strategy must be in line with your product or service value. And, as long as this is the case, your marketing mix will be balanced.
How much should you invest in Digital Marketing?
Promotion refers to the advertising and sales strategy you use. The goal of Promotion is to increase your business visibility, making sure that your target audience is aware of your product or service and the value associated with it.
For example, many businesses are now adapting to digital, running online advertising, also because it is much more cost-effective than traditional advertising.
Some of those online advertising channels that your business promotion strategy could benefit from are Facebook and Google.
Of course, a complete channel knowledge is fundamental to see how your promotion could fully benefit from it. And very importantly, promotion is about how your message will make the right emotional impact on your potential consumers, driving them to trust your business and want to fix their issues with your product or service.
Your promotion strategy may include videos, photos, and other forms of content. It is important that the content is truly valuable for your target audience and delivered in the way that they prefer to get it. The content must also be aligned with your brand, build trust, and help consumers understand the value of your product or service.
An example of a strong effective Promotion strategy would be Amazon.
Many people do not know that Amazon was actually Google’s main advertiser for a while.
Now, they are worth more than Google.
There is no surprise then that Amazon represents today one of the biggest companies in the world. It is because they invested heavily in Promotion, following an effective strategy directed to their target audience, using competitive price-points and easy delivery.
Place refers to where you sell your products or services.
In today’s world, with large use of the internet, Placement refers to your website and social media pages, especially for online companies.
In the digital environment, the website and social media pages are the centre of all marketing activities. Potential customers collect the main information there, influencing their purchase decision making.
With its more than 600 billion daily active users, social media are incredible tools to boost your visibility and create a community of quality followers who love your brand and will become customers after a while.
However, every social media is different, and even though your target audience most likely uses more than one, you are not going to find them on all of them. Knowing your potential customers’ behaviour is what will tell you where to focus your work on in terms of social media.
It is then necessary to invest in an efficient website. A website that makes a positive impact on your visitors and drives them to follow the buyer’s journey designed for them.
When we talk about people, we refer to your specific target audience.
This has to be the core of your Marketing to make it efficient. This is what makes the real difference in terms of engagement and, afterwards, sales.
For any product or service you offer, you have a specific target audience. That specific group of people that most likely will buy what you offer as it is the right solution to the problems they face.
Let’s be realistic, people don’t care very much about what a business sells, especially nowadays where the digital world is overcrowded. They, of course, prefer a trustworthy brand, but before this, there is something else. They care much more about how you can help them fix their issues and fulfill their needs.
That’s the very first thing to keep in mind, and the very first step to make to design and run efficient marketing.
Purchase is emotional behaviour. What is the driving emotion that would make your target audience engaged with what you share with them? What is the driving emotion that would make them follow the buyer’s journey?
Deep knowledge of your potential clients is one of the fundamental key points to increase your business leads and sales.
Their biggest problems, needs, behaviour, driving emotion for them to behave exactly that way. All of these are the ingredients your marketing needs to be efficient.
This is the core of a truly effective strategy. This is the additional part that makes the mix of the other 4 factors able to empower your marketing and take your business to higher levels.
This is it. The 4 + 1 marketing mix factors for efficient marketing – Product/Service, Price, Promotion, and Place + People. The real difference between efficient marketing and low-performance marketing.
Let’s get everything together here.
We determined that marketing is the key point for any business growth.
With no additional customers, no business can grow, and marketing is what makes new potential clients aware of your business and the value associated with your products or services.
We addressed the most common objections to marketing.
People who strongly object to marketing are often victims of low-performance marketing or do not completely understand what marketing is.
However, we have seen what makes marketing efficient. The 4 + 1 factors are what make the real difference in a crowded digital world and have the power to lead any business to further growth.
Digital marketing services from Serendipity Marketing
If you’re looking for the right agency to run efficient digital marketing for your business, there is no need to look any further than Serendipity Marketing. Our team of specialists will help you create an efficient campaign specific to your business to achieve its goals.
Our full-service Digital Marketing agency London offers a variety of different services to help you create and run the right strategy for your business needs. Do you know what the best part is? You will be able to keep track of everything in one single place instead of using multiple companies. This will allow creating a more adhesive campaign for your business.
We also offer open and transparent pricing. Our agency believes that you should know exactly what you are getting and how much it will cost.
When you work with us, you get a dedicated account manager so that you will always know who to contact if you have any questions or concerns about your digital marketing campaign.