Building a Profitable Marketing Strategy

For any business hoping to reach new customers and take advantage of the potential to enhance their profit; the chances are that they’ll need a solid marketing strategy. Without one, these possible consumers may not even know that the companies’ products and services exist – and this could result in even the most well-meaning provider struggling to reach the right audience.

According to an extensive study by leading research agency Smart Insights, just under 50% of businesses didn’t actually utilise a digital marketing strategy as of 2018. And those that did have a strategy (less than 20%) haven’t yet been able to put it into action. But what does this mean? That almost 70% of businesses surveyed have yet to take advantage of their marketing potential.

So, what are the concerns exactly?

Without something to aim for, a business will simply be coasting by and hoping that their current efforts are enough to make their ends meet. The above research indicates that of 100% of businesses asked, only 30% are planning for their future by taking the steps to secure their marketing efforts and maximise their reach.

How could you build a profitable marketing strategy?

With just a few simple steps, according to this article by Foundr – and by ticking all of the right boxes, your marketing strategy could soon begin to speak for itself. Below you’ll find these steps in a little more detail.

Recognise your target market

If you don’t know which types of customers you are planning on targeting, you might as well be shooting in the dark. One of the most important things to do is to identify your potential customers and hone-in on the types of services that they may be most responsive to. This can be done by creating what industry experts call a ‘buyer persona’ – which loosely translates to a metaphorical buyer to evaluate which techniques may be the most effective.

Things to consider when developing your persona include the location of your market, their age range, their gender, what their interests might be and their education and job information.

Research your competition

Another very telling activity is to pay close attention to what your competitors are doing. Some may be more successful than others and if they are, why not take advantage of the potential to learn about what they are doing right? With this type of research, you could discover the marketing techniques that yield the greatest results, whilst eliminating those that might not be quite as effective as you may have expected.

Pick your approach wisely

Some prefer to market via social media platforms such as Facebook, while others may find the potential of SEO (search engine optimisation) to be more appealing. There are so many unique ways to advertise and promote your business and its services, it may seem overwhelming at first. But by categorising each type, exploring the unique potential of those available and then selecting the one (or ones) that may yield the greatest results; you could be propelling your marketing potential to an entirely new level.