Creating a successful marketing campaign is vital to the success of a business. A Calgary Marketing Company will build a strong marketing campaign to launch a product, introduce a new service or announce a new business.
While Marketing is very crucial, there are some mistakes a Calgary Marketing Company can make that will reduce the potency and effectiveness of their marketing campaign. Below are 5 of them.
Research and development is a necessary and valuable device that will improve your business or your products and service.
Research and Development basically are researching the specific needs of your customers. Your research will cover what they need, how they need it, when and where they need it. This research then affects what kind of services or products you produce.
Without a proper Research and Development strategy, a Calgary Marketing Company will not be able to decide who and what to address in their campaigns.
The Reseach and Development Department of a Calgary marketing company will find out the trends, new product designs in the market. It becomes easy therefore to market these new features because they are already needed in the market.
Research and Development helps marketing companies find and develop new ways to make meaningful contact with their customers. If a marketing company does not spend enough resources on research, their marketing might end up misplaced and useless.
In marketing, positioning is of utmost importance. In positioning, a marketing company creates an image for a product based on the target market of the product.
This targeting is done in the pricing, the promotion, the place and the product. A good positioning strategy will move the consumer from being aware of the product to actually purchasing the product.
One of the biggest mistakes a marketing company can do is to market just to build the company or just put the product in the market space.
Without proper positioning, advertising cannot work effectively. An advert that will work with African American female teenagers may not work on Older Caucasian men. Poor location of stores selling a product is part of poor positioning. Knowing your target customers will allow you know where to reach them in person.
Determining the price of a product is also part of its positioning. The same product can cost two different prices depending on who it is being sold to. A proper knowledge of the target audience is the first step in positioning.
What is that particular characteristic of the product you’re marketing that makes it compelling or attractive to the consumers that they may not find anywhere else? This is the Unique Selling Point of that product.
Knowing or choosing a unique selling point for your product is very crucial. Your marketing efforts should then be focused on getting this competitive advantage in front of your customers.
Marketing without a Unique Selling Point means there is no clear differentiation in your marketing. Without it, your consumer’s purchasing decision is random. Lower prices or a closer location become the decider for the consumer.
Without a Unique Selling Point, you cannot easily build customer loyalty. With a Unique Selling Point, the customers know what to expect from your product and will come back to get it. Marketing without regard to this means consumers of your product will group your product with others in the market; there’s no reason to seek you out next time they need your product.
Without a Unique Selling Point, you lose the advantage of simpler selling. Marketing the unique selling point of your product makes it easier for the sales team to sell your product. When they know what the product they’re selling different, they can sell with better conviction.
Marketing can sometimes be misconstrued as only a method of getting new customers in but this is false. Marketing is supposed to also focus on retaining present customers.
Research has shown that Customer Retention is responsible for 52 percent of retail revenue drivers. Research also shows that 68 percent of customers who leave a business do some because they feel like the company does not care about them anymore.
Existing customers have already bought from you, there is a level of trust already. By asking and knowing their experience with your product, you can easily meet their needs. Neglecting to do this will lose the customers.
If you are conscious of keeping and retaining your old customers, it may even reduce your marketing cost. If proper customer research has been done, you know what they need from you and you can market directly to answer their questions.
Even if you have to increase marketing cost in the direction of your current customers, it is totally worth it. Research has shown that a 5 percent increase in customer retention will lead to about 75 percent increase in revenue. Those numbers speak for themselves.
The product you are marketing can be great but it will not matter to the potential customer if they don’t believe they need it. You, on the other hand, cannot convince them to buy your product if you don’t know what they need.
Knowing the needs of your customer is the single most important factor in marketing. This is valid if you are selling to individuals or other businesses.
There are certain things every Calgary Marketing Company needs to know about their potential customer.
– Who are they?
What is their demographic? Age? Marital status? Occupation? How much they earn? If your potential customers are businesses, then what kind of business are they? Private or public? Small, medium or large?
– Why do they buy?
Why do they need the services that you provide?
– How do they buy?
Do they prefer to buy in a store? Do they want you to sell to them in their offices? Or do they just want to shop online?
– What they think about you and expect from you?
Do they want home deliveries? Do they believe you are meeting that need? What exactly do they expect the business to provide them with?
– What do they think about your competition?
This is also very vital. If your competition is failing them in certain areas, you know where to focus on.