Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling that product or service.
Put simply, the main goal of marketing is to find a need, service it,
and build an ongoing mutual relationship with customers.
For many businesses, marketing can become one of the most expensive processes of running a business. The number of ways to market your business is continually changing. Working out the most cost-effective way to market your business can be the biggest challenge. That is why it is so important for businesses to put a marketing strategy in place.
Reactive marketing is the most common approach in this day and age. It is a “reaction” to the marketing of your competitors.
For example, if your competitor offers a sale, you decide to have your own sale. Simply undercutting their price or changing their product/service slightly, and calling it your own.
It is easy for any company to be reactive, that’s why it’s so popular.
Proactive marketing requires you to do something a bit more creative and original with your marketing. Proactive marketing campaigns are campaigns that do not mirror the campaigns of your competitors. They are thinking outside of the square ideas.
Proactive marketing, on the other hand, is a lot more work, but the return on investment and marketing share can be much higher.
Proactive thinkers control the world around them. Reactive thinkers are always one step behind, scrambling to fulfil a requirement.
Define your target market.
Your target market can change from one year to the next and if you’re not watching carefully, sales can drop as a result.
Don’t put all your eggs in one basket.
Never rely only on one form of marketing, smart marketers know that all mediums have a significant influence on each other and should be considered collectively.
Do the free stuff.
There are things you can do to market your business that doesn’t cost a cent, so make sure you consider including marketing mediums that are free (i.e. Social media).
Try something new.
If you’re still using the same advertising mediums that you were using three years ago, then it’s time to try something new.
Never forget SEO.
Search Engine Optimisation (SEO) simply means using keywords and search phrases to get your website to rank highly in search engines.
Understand that without traffic, your website will not make money for your business.
Email marketing continues to be a favourite marketing medium for companies given it’s one of the cheapest and most measurable forms of self-promotion around.