If your marketing strategy is older than three years, it could be time for an update. Moreover, if you find your messaging is not getting the results you want, maybe it's time to go back to basics. If you work on the fundamentals of a good marketing strategy, then the results should fall in place.
Revisit Your Audience Personas
It's vital for your company to understand the likes and dislikes, backgrounds, age groups, political affiliations, dreams, and aspirations of your ideal audience persona. Consider the type of audience that would be the best match for your product and/or service. If you haven't evaluated your audience personas in years, now is the time for an overhaul — especially if your products and services have changed over time. If something isn't "clicking" with your marketing, this may be the step you need to get back on track. You can then use your updated audience personas to get back in sync with their needs and wants. Sundance explains that all this information is vital to understanding how to interact meaningfully with your target market.
Understand Your Product and Service
For this step, perhaps you should take another look at analyzing your product and service. What market need does it meet? How is it unique from similar products and services? What sets it apart from your competitors? No one can market your product and service better than your company can. While you do need customer advocates, the basics of product marketing starts with your understanding. If sales have stalled and you feel like you don't know where to take your marketing campaign, then it may be time for a refresh. Digital Marketing Training Group recommends participating in ongoing training to stay up to date on the latest trends and standards in the digital marketing industry. You can then apply your knowledge in furthering your marketing goals.
Get to Know Your Competition
When getting back to marketing basics, your company might be so focused on your product line and customers that you forget any other obstacles that might be lurking around. MarketResearch.com warns that one such hurdle in your quest for market domination would be your competitors. It is critical to get to know your competition. You can learn from their mistakes and avoid similar pitfalls.
You can also gain a better understanding of why your target audience might purchase from them instead of your company. In addition, you might learn from their successes and apply some of their winning strategies. Not to mention, you can study their segment of the marketplace to find any opportunities to sell more of your products and services.
Embrace Strategic Partnerships
In order to grow, some companies need to find allies. For instance, if you look at the history of McDonald's, Ray Kroc partnered with local bakeries throughout the nation to ensure a consistent baked product for every McDonald's franchise. As far as your company stands, think of a partnership that can work in a mutually beneficial way. If your company sells lipstick, you might partner with an eye shadow brand to sell kits instead of individual pieces. In terms of marketing, you and your partner benefit from exposure to new consumers.
There you have it, the basics of marketing. At times, going back to basics is all it takes to get your company moving in a forward direction once more.
(BPT) - The dollar, the euro, the pound, the yen… the currency people use around the world has many different names, but it all shares something in common. Paper forms of currency are out and digital payments are in. The security and convenience of card based electronic payments and digital payments are driving a global shift away from cash. As consumers and merchants around the world become more and more digitally connected this shift will continue to accelerate.
All over the world, the shift toward cashless payments is well underway. On the beaches of Cabo San Lucas, taco and tamale vendors are starting to offer their delicious food to customers with the swipe or tap of a card on a mobile phone. In Singapore, consumers can rent bikes, pay for their morning coffee and split their dinner bill without ever needing cash, and in Warsaw, as cashless payments are becoming increasingly accepted, tourists can start to tap and pay their way around the city without carrying cash.
Changes abroad, changes at home
The United States is seeing similar changes. Cash and checks are on their way out and swiping, dipping, tapping and clicking are filling the void — benefiting consumers and businesses alike.
A recent Cashless Cities study from Visa, set to be released later this year, finds that if businesses in the top 100 U.S. cities transitioned from cash to digital payments, those businesses and their cities would experience net benefits of $312 billion per year. Businesses in New York City alone would net $6.8 billion while saving more than 186 million hours in labor. But the benefits of taking checks and cash out of the system do not stop at labor cost efficiencies. They include:
* Convenience. Consumers and businesses alike benefit from the speed and convenience of electronic and digital payments. Faster checkout times mean more sales for businesses and more time to spend on the important things in life for consumers.
* Security. Accepting cash payments has always placed businesses in a bind; as their revenue increases, so does their risk of falling victim to theft. Transitioning to cashless payment options enhances security and reduces risk for businesses and their customers.
* Reduced costs. Cash payments must be counted, stored and transported. There are costs associated with all of these processes. Adopting cashless payments saves businesses time and money.
Moving forward to take advantage of cashless opportunities
Many businesses across the country are already benefiting from going cashless, but for companies — particularly small businesses that have yet to take the leap — now is the perfect time to make such a change.
Visa is announcing The Visa Cashless Challenge, a call to action for small business restaurants, cafés or food truck owners to describe what cashless means for them, their employees and customers. Visa will be awarding up to $500,000 to 50 eligible U.S.-based small business food service owners who commit to joining the 100 percent cashless quest.
Business owners can learn more about the challenge and the other benefits of going cashless at www.visa.com/cashless. Complete rules and information will be available on the website on Aug. 15.
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