MARKETING: What Creative Entrepreneurs Need to know
Now that you have established your business, don’t you think you need to bring in those big figures through sales. How do you get that done its simple. It’s just Marketing. Don’t let the word ‘just’ deceive you. The World of Marketing is more vast than the sky and continues to evolve every minute, so does businesses around the world too. Yours shouldn’t be an exception
From ‘Buy 2 and Get 1 Free’, to ‘Scratch to Win Promo’ on product cartons, advertisement on giant billboards on the roads, TV commercials, radio jingles, to those Ads that pops up on your smartphone screens are common examples of marketing in play.
Marketing simply means an action taken to bring attention to business’ offerings; which can be physical goods for sale or services rendered. The ultimate purpose of marketing is to generate revenue for a brand, company, or organization
Here are what we think you should know about Marketing as a Nigerian Creative Young Entrepreneur.
■ Build Brand Identity
If we ask you “Name 2 companies with colour yellow”. You probably have one or two in your mind right now without breaking a sweat. At the mention of an attribute, people should be able to link your brand, company or organisation positively. This shows you have built a strong identity over time. Building a brand Identity is achieved through quality assurance and trust, communication contents and brand story, branding elements and experiences you create for your customers which sums up the brand perspective and public perception of your brand, company or organisation. Take your branding serious. It is like a door to your house.
■ Develop A Marketing Strategy
A marketing strategy contains the company’s value proposition, key brand messaging, data on target customer demographics, and other high-level elements. You must have a flexible marketing strategy, conduct research regularly to fulfill customers wants and needs, cost to satisfy them, convenience of purchase and brilliant communication. Based on research there are 5C’s of marketing which are Communication, Clarity, Credibility, Consistency and Competitiveness. A good marketing strategy must give credence to them.
■ Evolve with Market Trends
The Market is Evolving daily so must you as a company, brand or organisation. Understand that every product has a lifecycle and new technologies, global phenomenon and other factors will affect your market. Introduction, growth, maturity, and decline are the 4 stages of the product lifecycle. As a business owner you must manage properly these stages and carry out research on your consumers or customers and trends of the market. You can tap new market opportunities by adding new features to your products or improving your customer service delivery to stay ahead of competition. Adapt and Adopt as fast as you can to continue to stay relevant in the market.
■ Optimize Marketing Activities
Whether you’re a traditional company or a modern day Startup/SME there are fundamental Marketing Activities you must incorporate into plans for your marketing Strategy such as;
•Mobile Advertising: This is a form of digital advertising displayed on mobile devices. It’s one of the most effective form of advertising today.
•Digital Marketing: This involves all forms of marketing employed on the internet to make sales. Explore and maximize the potentials.
•Content Marketing: This is using communication materials to engage, attract and convert for purpose of sales. Content is king in today’s market.
•Brand Storytelling: They say ‘only story that you tell well, sells well’. Tell your story in a creative way that helps you drive sales and build trust.
•Email Marketing: When you open your mail and you see those long personalized copies, telling you about the product, perks and compelling reasons why you should buy with a single click. Yes, that’s email marketing.
•Search Engine Marketing (SEM): Drive traffic to your website using search engines (SEO & Search Ads), promote website’s visibility using paid search, contextual advertising, and organic search rankings.
•Video Marketing: According to Forbes, 90% of consumers say videos help them with buying decisions. Create videos with relatable contents that gives value to your customers and in turn drive sales.
•Social Media Marketing: Use any of the social media platforms like TikTok, Facebook, Instagram or Twitter to connect to your customers and market your products and services to them
In order to maximize your sales and returns, target the right customers. The best way to do this is by determining which segments are most likely to use your product or services. Use surveys and analytics to take informed decisions.
■ Help Your Customers Feel Connected
What if we tell you marketing is not only about selling. Marketing involves a series of activities which connects a product with its buyers or users.
Sell benefits, not the products and services.
As creative entrepreneurs, you should define the line between selling a product and selling a benefit. For example, a food brand should prioritize selling tasty experience. As fintech or cryptocurrency company would sell safety and security of assets. As a logistic company, you could state that you provide swift and affordable delivery.
The essence of marketing is to reach your target audience and communicate the benefits of your product or service — so you can successfully attract then acquire, engage to keep, delight and grow customers to make massive sales.
Marketing is a very vast field, nevertheless you can achieve the big figures in profit and returns through careful execution of strategic digital activities, techniques that drive traffic, qualified leads, and sales when you follow our tips and put them to practice.
Marketing Is the heart of every business. Keep breathing. Stay winning.
Let us know what you think of our tips in the comment section.
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