Entrepreneurs may have a nice business idea, but these ideas are worth nothing unless they come into fruition and strive what they were built for. Prospective customers must know about your products or services in order for you to get a sale. And the only way to do it is through effective communication, i.e. marketing.
There are various ways to do marketing for your company. And the right marketing formula depends on the products offered by your business. The battlefield of marketing is tough, and you may be surprised to know that companies that are not necessarily be in the same domain as you may be competing for that same billboard at a specific place, that same slot on a national television, among many other things. Entrepreneurs therefore need to therefore think ahead, build innovative ways to market their product and build effective platform for sales.
Here, we will be discussing 7 essential marketing strategies for entrepreneurs below:
- Define Your Objective: Entrepreneurs have different approaches to their business based on the type of product. Strategies on marketing should be based on the strength of entrepreneurs as well as their product. Entrepreneurs shall clearly have defined goals and objectives they want from their business and follow the different marketing strategies accordingly and in sync with the ends to be met. By defining the objectives, entrepreneurs also effectively define the type of customers they would be targeting.
- Search Engine Optimization (SEO): SEO means organic marketing. Organic sales bring direct sales to the business without any middlemen taking the cut. For this, entrepreneurs who have website should optimize it for proper search engine optimization. SEO means focusing on key words about the product of business and synchronizing it with web or google search engine. The people who search for these keywords are potential customers as they already have an general idea of what they want from the product. This leads to higher quality sales and organic promotion of product brand as well. For this to happen, entrepreneur shall look out for intellectual web developer.
- Build a Referral Program: Referral program is two-way process. Firstly, the business delivers great product and build a good image about itself. Communication should play an important role in delivery of the product. In the second step, ask the clients for a honest feedback. Satisfaction of client is paramount for success of any business. Then you build a referral program, a way where your satisfied client would refer his friends or family to your business. For some products, make sure you are able to incentivize this referral network. This program should be continuously tracked to get a desired result.
- Engage in Social Media: In this digital era, words travel faster in social media than any other medium. The business can gain significant repute in a single day if a viral product or strategy or event is conducted related to business. Entrepreneurs should therefore try to build their business on social media platforms like twitter, Instagram or Facebook. However, it would be only the product of the business that would be able to retain customers in the long run.
- Hire Influencers: Influencers are individuals or corporations with large followers. They may be celebrity, tv or a random twitter celebrity with large number of followers. Hiring of influencer should be determined based on product and target customers. The mention by these influencers can gain you significant traffics into business and you may develop into legitimate force by capitalizing on this method.
- Build a Brand: Building a brand is very difficult but it’s not impossible if done with proper researches. Building a brand means defining your product and your happy team. For effective brand building, entrepreneurs should focus on good business name, well designed logo and professionally built website among other things.
- Offsite Marketing: Things has changed significantly since a decade. Offsite marketing may involve advertising on billboard, posters. The entrepreneurs shall try to find innovative methods to market their business. For eg: If your business is targeting individual tax return clients, you will be better off targeting clients by advertising in barber shop or saloon where large number of taxpayers come regularly. This is an effective marketing strategy nonetheless.