In digital marketing, and to be honest marketing in general, if you break the fundamentals, no matter how much effort you put in, you will not succeed. So, in this article, we are going to break down the 4 main marketing strategy principles and how you can market any product and service.
Hi there, and welcome back to Serendipity Marketing. We're a digital marketing agency with a mission to help small businesses grow by applying psychology to their marketing strategies.
We have just one question for you. Do you know the 4 main marketing strategy principles that you need to follow? If you do, leave a comment down below with yes. If you don't, leave a comment below with no. And if you don't, no worries. We are going to share them with you in this article.
So, it’s time to dive straight into how you can market any product and service.
1. Clear goals for your marketing
The first principle is that you need to have clear goals for your marketing. What is your goal? Is it more visitors? Is it brand awareness? Is it more sales?
If you don't know what you're optimizing for, you won't know what you need to do in marketing.
For example, if it's brand awareness, it's all about eyeballs and getting traffic.
If it's about sales, it could be about creating a conversion funnel, a lead flow, adding up sales, and down sales.
If it's about profitability, it could be about cutting costs on your marketing and figuring out how you can get less traffic, and spend less money, but make sure you're in an optimal position, where you're not paying too much for marketing and your profitability goes up.
2. Understand your target audience
The second principle that you need to follow is that you need to deeply understand your target customer.
If you don't know your target customer, no matter what you do, you won't do well.
Let us share a story from a company called Diamond Foundry. They sell manmade diamonds. They still meet all the same requirements of a diamond that a human eye can't tell the difference and even if a diamond specialist looked under a scope, they won't see any difference.
But here is the difference. Diamond Foundry can produce that diamond for pennies on the dollar versus having people go mine for them and find them in the field.
So, Diamond Foundry decided that they wanted to sell these diamonds at a truly affordable price to help people out. Can you guess what happened to their revenue sales? It tanked.
Do you know why? No one wanted affordable diamonds. They felt that if something was affordable, it wasn't going to be good.
Even though that isn’t true, that's what their customers believed.
After understanding this, their business started growing and it grew really fast and things started to work out. And can you guess what change they made? They increased their prices.
They made more sales by charging more money for their product.
In other words, if you don't know your customers, what makes them tick, what makes them buy, and why, you won't grow your sales, your traffic, or accomplish any of your goals.
And you won't find this out by just looking at a Google Analytics Screenshot. You have to talk to your customers. Get to know them. Meet them in person. Do coffee with them. Survey using tools like SurveyMonkey.
Whatever it may be, by talking with them you'll get more insights so you can keep adjusting them and do better over time.
If you need any help in understanding your ideal target audience and deeply getting to know them to then use this data to generate the most positive impact on them, just click here and see our full step-by-step Audience Analysis Guide.
Alright, now before we move on with the next marketing strategy principles, have you ever thought about how much you should invest in marketing to generate constant business growth? Click the button below to calculate the ideal marketing budget you should allocate for higher visibility, engagement, and profit.
How much should you invest in Digital Marketing?
3. Make yourself different
The third principle that you need to follow is you need to have something that differentiates you. If you don't have anything differentiating you from the competition, they're just going to look at price, quality, and reviews.
It's not going to get people to go to you. The moment you differentiate yourself, you can do so much better.
A good example of this is Apple. They are expensive, but the reason we pay for a MacBook or an iPhone is that all the devices work so well together and they do the main things that we want really well in a simplistic way.
So, the key is not just to be another me-too player and have nothing that differentiates you.
You need to figure out how you can make yourself stand out. And you may not know this right away. You may have to interview people. Talk with your potential customers. You have to figure out what your competitors aren't doing that you could be doing.
All these things will help you figure out how to differentiate yourself.
4. Be focused
We all know that marketing is moving to an omnichannel approach. We say that as well. It's true.
But you need to focus your efforts on one channel at a time. Handle one channel at a time and do really well at it and then expand into other channels.
Once you do well in two channels, then go for three, then four, and then five.
But if you can't get one channel right, what makes you think that you can do 7 or 10 or 20 at once?
You need to have laser focus. And you were trying to figure out what channel you should do first because you probably picked a channel that you're really good at because that's giving you the best odds of succeeding.
Start from the channel where your target audience is active and receptive the most. This way you can scale quickly and get your brand known by as many people as possible.
Once you generate a good profit from that channel, move to the second one where your potential customers consume the most. And so on.
Start small and build. Don’t just go all-in, that would just end up overwhelming you, reducing your focus, productivity, and results.
These are the 4 marketing strategy principles that if you follow at the same time will help you have successful marketing whether it’s digital or not.
Following these 4 principles will help you market whatever product or service you want to and scale the brand.
What principles did you find helpful the most? Let us know in the comments below. This way we can get to know what content to create to provide as much help as possible.
If you need help with your digital marketing to grow your business in terms of visibility, engagement, and profit, contact us today and speak with one of our digital marketing experts to see how we can build the bridge between the point you’re standing at right now and your goals.