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If you’re a business owner then you’re probably already familiar with the concept of marketing, but perhaps you’re still wondering why you hear about it day in and day out when it comes to advertising and growing your business? Here are a few main ways in which marketing can improve your business and lead to greater success.
Increase Your Reach
A well-planned and well-executed marketing strategy can increase the reach of any advertising or promotion done by your business. This means that you’ll be increasing the amount of people that your marketing efforts manage to reach and hopefully improving the overall value of your advertising and promotional efforts. Increasing the reach of your advertising means for every dollar spent, you’ll be reaching more people and getting greater bang for your advertising buck.
Accurately Pin-Point Your Target Market
Your marketing strategy should include a thorough analysis of your target market and how best to reach them. You’ll be able to pinpoint when and where you should concentrate your efforts, allowing you to more accurately pin-point your target market and reduce “wasted reach” which translates to wasted money.
Grow Your Client Base
Marketing effectively will grow your overall client base, increasing sales which also generally leads to a wider spread of word-of-mouth advertising. Your marketing strategy should be an investment in growing your business through its customers and their needs. Providing for their needs and maintaining a high level of service, in line with your marketing plan, will ultimately lead to continual growth of your client base and your business. As your business grows and your client base evolves, your marketing strategies should be able to adapt.
As you extend your reach and grow your client base, you’ll also be generating business leads to follow up on throughout the year. Collecting contact information of past and present customers, potential new customers and leads recommended by your current customers will all provide you with a valuable resource of potential future sales if followed up correctly.
Build Customer Relationships
New customers aren’t the only goal – an effective marketing strategy will help you generate repeat business, which will build customer relationships with your business. The more contact the customer has with your business and your brand, the stronger this relationship and the more likely that you’ll be able to encourage loyalty and build customer trust. This is incredibly valuable for growing a successful business.
To get a head start in developing and executing your own effective marketing strategy, get in touch with Market Smartly for the best support and guidance in marketing your business.