Nothing can be more intimidating than having a failing product marketing plan. Business owners struggle with this on a regular basis, yet feel like spending more money on a failing plan will somehow make everything better. It’s clear that there needs to be a different approach if you are struggling with a market plan. Don’t spend another penny before trying something new.
Here are 5 of the easiest and most effective ways that you can turn things around for the better and save money in the process.
1. Consider Your Audience One More Time
When is the last time that you sat down and thought about the people you are targeting? Your audience and customer base can change over time, and you might be focusing your attention on the wrong group. As your customers age, their needs change. This means that the people you were marketing to before have moved forward while a new generation takes its place. It’s important for a company to evolve as well, and you need to determine if you should keep targeting the same type of people or grow in order to meet the needs of an older group or younger generation.
2. Examine Your Marketing Venues
Just like how the audience can change over time, so can where you advertise. Technology has evolved and many businesses market solely online. This means that fewer and fewer people are looking at Yellow Pages or even the daily newspaper for ads. More and more people are relying on social media (such as Facebook and Twitter) to find good deals and talk to companies one on one. Social Media Today has projected that internet advertising will make up 25% of the entire ad market by 2015. Once you know where to look, you can change where you advertise and save money while reaching more people.
3. Look at the Competition
No matter what industry you are in, there are always other companies out there trying to accomplish the same thing. Don’t be stubborn and ignore what they are doing; take the time to examine their approach and see if you can learn something. Are they taking a different approach or targeting a different group of people? If so think about why they have done this and see if you need to do something similar.
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Even if your competition is successful and you want to generate some attention, never slander another company. It’s a shameful tactic and customers look down on businesses that do it.
4. Look at Where You are Selling
If you have to reexamine at your marketing venues, chances are very good that you’ll have to do the same for your selling venues as well. Customers have changed how they shop and where they look for good deals. Digiday revealed that 19% of shoppers leave a physical store and look for lower prices online. It’s something that empowers the customer, but can prevent a business from succeeding as well.
There are thousands of companies taking the digital leap, and it may be time for you to do the same. With data confirming that more and more people go online to shop, it’s time to make a change before it’s too late.
5. Get Your Customers Involved
The internet does have some great benefits, such as the fact that it’s easier than ever to connect with customers. You can make informational videos, fun blogs, or even create polls for your customers to participate in. All of these can help close the gap between a customer and a business, meaning that you can build a certain level of trust with them.
On the other hand, you can use online guidance platforms to ease the stress of customer service. Answer questions online and provide responsive feedback at a much faster rate than ever before. If customers know that they can reach out to you and get a quick response, they are much more likely to stay with you as a business. People like to feel like they can make a difference, and being able to be recognized for making a comment or reaching out means that they are acknowledged by a business and feel more invested in the brand.
As you can see, the main factor here to be aware of isn’t how much money you are spending on a marketing strategy, but where your efforts are going. If you have a firm grasp of who wants your product and where to market it, you can have much more effective results at a fraction of the cost.
Don’t waste your time and money on a strategy that’s bound to fail. Start making changes today!
Note: This post is a guest post from a member of our DMR Insider Community.
Image credit: Jon Ross via flickr