Starting a business is often the easy part. Yes, I know it’s hard, but not as tough as growing and maintaining a size that’s big enough to cover business expenses and make profits.
In addition to hiring the right talent and keeping them motivated, you’ll need to identify digital strategies that help cement your position in your target market.
If you’re thinking about obtaining new markets, entering new markets, or releasing new solutions, here are some fundamental tactics worth considering
Leverage Consumer Data
Inquiries, surveys, searches, purchase history, returns, and payment history contain an abundance of customer information that a brand can harness. It can help improve your perception and understanding of your customer to facilitate the delivery of better experiences.
Top ways to use consumer data include:
- Enhancing your segmentation process. Grouping customers appropriately allows you to send out relevant messages and include them in the right campaigns to improve uptake.
- Calculating customer lifetime value. Determining your customer’s value ensures you focus on higher-value customers to ensure your brand reaps better ROI.
- Improving operational efficiency to enhance consumer satisfaction and encourage loyalty and repeat purchases.
- Guiding content production. Feedback from surveys and search intent alongside website visitor tracking allows you to see what content customers respond to and pieces that go unnoticed. Analysing these data points will help you adjust your content strategy as needed.
Identify Your Differentiator
Your business is likely operating in an already crowded industry and competitors are giving you a run for your money. How do you keep your company from the clutches of oblivion?
By defining your differentiator.
Knowing what your business is really good at and showcasing these qualities gives customers and prospects a solid reason to choose you.
Here are two questions to help you know your differentiating qualities:
- Research what you do, that close competition doesn’t. How do your competitors advertise themselves? What aspects don’t they talk about? How does your company measure up in these areas? Are these aspects important to your customers?
- What’s in it for the customers who choose your business? What experiences should they expect—from sign-up to post-sales? What about your brand builds loyalty?
Lastly, ask for customer feedback. Find out if you met or exceeded their expectations. What did customers appreciate about your brand and solutions and why did they come to you over competitors?
Going directly to the source will provide fool-proof answers to help you improve your game.
Make Cold Calls
Are you introducing a new product or are venturing into a new market? Cold calling is a solid way of building awareness and initiating new relationships with potential customers.
You can handle things in-house or team up with a professional lead generation agency that will secure high-quality leads that your team can turn into customers.
If you opt for in-house cold calling, here are some tips for your team:
- Brush up on your research skills. Who’s your focus market? What sales triggers can you capitalize on? What does their search intent reveal? Use the info to package worthwhile pitches.
- Get into social media, particularly LinkedIn. Get into relevant groups to analyze queries and needs you can address. Offer friendly but expert advice to warm up relations with group members and invite them to contact you over the phone for more information.
- Listen patiently to your leads. It makes them feel that their opinions are valued and you might uncover problems that you hadn’t picked up on earlier.
- Build credibility. Express genuine interest in your listener’s pain points and offer pointers even when they don’t lead back to you. Where possible, mention a couple of brands you’ve worked with successfully and provide case studies the prospect can review.
Collaborate with Complementary Brands
Collaborations broaden your field of business opportunities by bringing together separate entities in complementary industries to work collectively towards common goals.
In addition to creating meaningful connections, you and your business partner(s) share experiences, skills, and expertise to enable innovation and growth
Right from enhancing brand credibility to accessing new markets and leveraging each other’s strengths, brand alliances can help your organisation’s chances of reaching greater heights.
To collaborate successfully, consider
- Budget. Collaborative campaigns in most cases require money. How much are you willing to put down? How much do you expect your partner(s) to raise?
- Think long term. Establishing credible partnerships and creating campaigns may take several months before you can enjoy the benefits. Give the collaboration three to six months to work.
- Analyse and tweak. Your campaign may not yield much the first time. Sit together to analyse and tweak the content or offerings to attract greater interest.
- Have a detailed agreement in place. Ambiguity can quickly kill team morale and result in campaign flops. Be concise about what everyone needs to do and put a time frame on it.
If you’re like most people, your inbox continues to swell with newsletters, product updates and discounts, and all kinds of communication. And many of them remain unread, right?
Why do you read the ones you do and ignore the rest? Do you find them generic and space-consuming?
Marketers love email marketing; you can blast hundreds of emails to your subscribers in minutes and feel accomplished. But is sending out emails all there is? What about open rates? Spam labelling? Evoking real interest in your recipients?
Here’s where email segmentation comes in. When you divide your recipients into smaller groups based off their interests, purchase preferences, or demographics, then target these groups with valuable relevant messages.
The top benefits of segmenting your email audience include:
- Increased likelihood of opening your email, reading it, and interacting with your CTAs.
- Improved conversion rates. Copy that engages the audience based on what you know about their likes or needs increases their likelihood of signing up or making purchases.
- Avoiding spam filters. A segmented list may help improve email deliverability and steer you away from spam filters.
- Decreasing un-subscription. People find too many irrelevant emails annoying and their next step might be to unsubscribe. Through segmentation, you can talk to your audiences about things that matter to them, keeping them interested in your brand.