marketing strategies

All posts tagged marketing strategies

Why Marketing Strategies Fail?

by Carol Lobo on

2e1ax_simplistic_entry_bigstock-Missing-The-Target-4023853Marketing strategies do not provide satisfactory results in most of the cases for small as well as large businesses. Although there are a large number of reasons for missed expectations, we will discuss some of the most basic mistakes. These mistakes can be easily avoided by paying a little attention. Following are some of the common reasons why marketing strategies fail.

Failure to please the right people:

In many cases, the marketing strategy is designed to please the CEOs, managers, and other supervisors rather than the customers. It needs to be understood that the managers and CEOs do not represent the target audience. Such marketing strategies fail to focus on what the customers and prospects actually want as a result they do not create sufficient response.
Overreaching and overexpansion:

A common reason why marketing strategies fail is that the company tries to be “everything to everyone”. Customers have subtle differences in their preferences. Good marketing strategies incorporate these differences in the advertisements, promotions and marketing messages. More efficient and targeted marketing plans can be executed by appealing to a specific target audience. “One size fits all” approach is more likely to fail than a niche marketing approach.

Out of sight, out of mind:

Your marketing plan is likely to fail if you file it away. Your marketing strategy should be visible to you and your team all the time. This can be done in a number ways. For example by:

  • Making action sheets and making them visible to your marketing team and colleagues
  • Using a bulletin board for posting aims, goals, timelines and to-do-lists
  • Sharing information with other related departments

Ill-defined and vague strategies:

Ill-defined and vague strategies are most likely to fail because the marketing plans based on these strategies will not be actionable. The goals should be specific, measurable, achievable, and time-bound. If you set goals such as becoming the “most desirable” or the “best in class”, it will be difficult to measure them and therefore it will be difficult to determine whether these goals have been achieved or not.

Short-term approach to marketing:

The marketing strategies are likely to fail if their focus is short-term. Lifetime marketing strategies should be designed to attain lifetime loyalty of customers. Sales team, customer services personnel, administration and operations departments, and office support staff should accept the marketing goals and take ownership for the success and failure.

Budget-oriented mindset:

Budget oriented marketing strategies are driven by budgets rather than the marketing goals. Marketing managers who concentrate their efforts on saving costs often fail to achieve the best results from the marketing strategies. They make poor media choices and waste the resources. The budgets should be carefully allocated to customer-oriented marketing plans. Only then you will be able to use your resources prudently and get the most favorable results. Outsourcing marketing services to professional marketing agencies can help you save costs without losing focus on customers.

read more
Carol LoboWhy Marketing Strategies Fail?

In Top 10 Marketing Strategies

by Carol Lobo on

2e1ax_simplistic_entry_bigstock-Red-arrow-going-through-the-ma-25740392All businesses need to understand the importance of being known. That is a business needs to be a celebrity in its own right for success. It is important to be known because many customers view some organisations “more expert, worthier, better in quality and good at what they do” just because they are well known. These businesses may not actually be better than their competitors, but the customers assume that they are better just because they are famous.

It is important to highlight that customers are willing to pay higher prices for the products offered by the well-known organisations. These products may not necessarily have any better feature or higher quality than the products offered by less-known competitors, but they will be able to attract higher prices.

Now that I have explained the importance of “fame”, I will discuss top ten marketing strategies that will help you to be known in the market and among customers.

1. Stand out:

The most important marketing strategy is to make your business stand out from your competitors. Point out to your potential customers what makes you different from other companies. For example tell your customers about your unique return policies, unusual features of your product, and your extraordinary customer service.

2. Consistent Marketing:

You should consistently keep on marketing. Regularly advertise, take part in contests, offer free giveaways, and participate in social activities to consistently keep the name of your business out there in the market.

3. Personalisation:

Personalise with your customers. Make your customers feel that you think of them more than just customers. You can do this, for example, by maintaining a list of birthdays of your regular customers. Send them birthday cards with special discount coupons.

4. Work for the community:

To be seen as working regularly to make your community a better place will grow your goodwill and reputation. Regularly donate to local charities, NGOs and other organisations serving for the betterment of the community.

5. Giveaways, gifts and presents:

Give away prizes, gifts and presents to your existing and potential customers on a regular basis. This marketing strategy will help you collect important information about your customers. Ask your customers to participate in the contest by filling an entry form that requires their name, postal address and emailing ID.

6. Create a website:

Create a website that provides important information about your business and your products and their features. Make your website interesting and attractive. Submit your website to Google and let the world know about your services.

7. Newsletters:

Send newsletters to your customers through mail or email. This lets you to stay in contact with them on a regular basis.

8. Press Releases:

Write press releases about the activities of your organisation, new products, improvements in the features of your products and other significant things about your organisation. Publish the press releases online as well as in the local newspapers.

9. Sponsor events:

If you can afford, you should start or sponsor an event. This will make you known among the potential customers and attract their attention.

10. Hire professionals:

You can also hire professional services of marketing agencies for marketing if your business can afford to do so. Marketing experts can make a right marketing strategy for your business considering the age, size and reputation of your organisation. They are the experts and can offer you valuable marketing services.

read more
Carol LoboIn Top 10 Marketing Strategies