How to grow your business to become the market leader of tomorrow
With the right marketing you can make your small business resonate with customers and reap (growth) results with great ROI. Follow this checklist guide
If your business’ growth objective is to take over the market then you need a strategic plan in place to get you there.
This is where marketing comes in – after all, great marketing inputs will only lead to growth outputs.
By harnessing proven marketing methods, data and creative insights, you can make the most out of your marketing campaigns and get ahead of the competition.
Using tips from global marketing company DCMN, we’ve compiled a checklist of marketing channels you can build into your brand strategy to turn your business into a future market leader.
Keep in mind that not all of these solutions will work for your business or should all go into your marketing mix – the experts at DCMN can help you tailor your marketing strategy accordingly.
Create online videos
35% of Europeans watch online videos via their smartphone on a daily basis.
According to DCMN, online videos are the best advertising format to spark interest from scratch. Look to create online videos that have a clear call to action (CTA) and make sure you promote your videos across platforms (social media, YouTube, on your website/blog etc.). Be sure to test your video across several platforms to see what works best for your business.
Use display advertising
Display advertising enables you to use more than just text ads. You can ‘display’ images on banner ads, audio and video (pre-roll on videos on platforms such as YouTube) to communicate a message to your audience.
Want to really catch the attention of your audience? Then you can look to add some premium display placements on big publisher websites relevant to your audience.
Advertise on TV
The reach of TV remains high. Ofcom’s 2017 report showed that 91% of the UK’s TV population (individuals aged four and over) watch broadcast TV at least once in a typical week – this figure goes up to 98% of the population in a month.
Similarly, 79% of UK adults – 40 million people use catch-up technology such as BBC iPlayer and ITV Player or subscription services such as Netflix.
The impact of effective TV advertising can do wonders for your business’ growth and when it comes to reaching a mass audience, nothing quite beats the silver screen.
Make email marketing your business’ best friend
Research from the Direct Marketing Association shows that segmented and targeted emails generate 58% of all revenue. This is a great way to re-engage previous customers.
Get more out of social media
It’s a given that Millennials (18-34) and Centennials (those 18 and under) are all over social media but 93% of Baby Boomers (those aged 54 to 72) now use social media too, with time spent on social averaging just over an hour every day.
You can use your paid social campaigns for branding as well as performance. For instance, you can use canvas ads to let a user interact with your ads and brand. What makes social media (in particular Facebook) an excellent channel to advertise your product or service, is the amount of targeting these platforms allow you to do.
You can reach almost any demographic, interest and even run look-alike audience campaigns targeting people who have similar traits to your existing users.
And make sure you’re using Facebook to market your business as it’s the number one social media platform for performance.
Retarget your ads
According to e-commerce growth platform AdRoll, 80% of marketers report that retargeted ads perform the same as or better than their display, search campaigns or email marketing efforts.
Retargeting is an excellent way to re-engage people who have either forgotten to checkout or who have shown interest in your website and then got distracted. The conversion rate is often much higher with retargeting ads and performance is therefore a lot better.
Make print advertising part of your strategy
To become a market leader, print needs to be part of your media mix.
DCMN highlights that print advertising not only increases your campaign effect, but also offers many opportunities to get creative. Door drop marketing should also be considered.
Co-operate and collaborate with brands online
To become a market leader, it’s advised that you align your brand with popular and trusted media brands and create online media partnerships.
As a strategic partner, your brand benefits from the reputation and trust of well-known partner brands with their editorial look and feel.
Implement native ads
Link your ads to content sites and blog posts where your customers can then find additional information about the topic where you want to be seen as an expert.
Effective native advertising can help you attract more website traffic, and higher quality traffic – a win-win to help you become a market leader.
Native advertising is a form of paid media where the ad experience follows the natural form and function of the user experience on website. It is an excellent way to blend into your surroundings and ensure your ad and message don’t come across too ad-like but might, in fact, be a recommended post from the website you are advertising on.
Run cinema advertising
If you have the budget to spend out on this then cinema ads can be a brilliant marketing tool.
DCMN says that cinema is the number one place to create brand difference, with almost five times more efficiency than online video. Digital Cinema Media has also released research which shows cinema ads are eight times more effective at making brands stand out than TV.
Think about Search Engine Advertising (SEA)
Drive leads to your business through SEA.
In search advertising, your ad will appear in the form of a text or image and is posted on search engines like Google and Bing. These ads will then appear prominently in the Search Engine Ranking Pages (SERPs). Search ads help bring people who have shown interest in your offering to your website.
We always recommend you run paid search ads along with your other campaigns to ensure people are directed to your website when they search for relevant keywords.
Influence with influencers
Consider getting your business’ marketing message across through the medium of online influencers; individuals who are trusted and hold authority among your audience.
For instance, did you know that 70% of teenage YouTube subscribers trust influencer opinions over traditional celebrities?
You can look to leverage micro-influencers (those with followings of 5,000 or less) to reach targeted/niche audiences and maximise your marketing budget. Just like word of mouth, influencer marketing is highly trusted by consumers and can have a really big impact when done right.
Head outdoors with OOH (out of home) advertising
The average UK adult spends at least three hours per day out of their homes. Out of home is different from other media: it cannot be avoided, blocked or switched off like an online ad. It is a public, broadcast medium with high reach and impact. In fact, OOH advertising reaches 98% of the UK population every week.
Moreover, in the age of the smartphone, consumers are responding to OOH calls to action. They snap, search, share and shop more immediately than ever before. Consider expanding your reach by snapping up a share of the OOH pie.
Talk to your audience on radio
Radio, a dying medium? Hardly. Over 90% of UK adults listen to radio weekly with the average listener tuning in for 21.5 hours of live radio per week. 26% of adults listen to radio via mobile or tablet at least once per month.
And with the rise of digital platforms such as Spotify, Deezer and the Digital Audio Exchange DAX – there are now more targeted ways to speak to your consumers directly.
Don’t write off this medium which is adapting fast as technology develops.
Use data to generate ROI
Your marketing strategy is pointless if it doesn’t generate Return on Investment (ROI) so, before you put the marketing methods in this checklist into play, you’ll want to use data-driven insights first.
You should run thorough market research to ensure that you understand your customers insight out and find out what drives customers to your brand.
For some businesses, it’s about ensuring the conversion rate is high, while others should focus on trying to get the CPO (cost per order) as low as possible or optimising towards getting new users onto the site.
Finally, you should look to continually measure and monitor your marketing performance to understand what elements of your marketing strategy are working – and what isn’t. Find out what KPIs are most important for your business to succeed.
DCMN grows the market leaders of tomorrow and is a sponsor of the Startups 100 2018. Find out how the growth marketing partner for start-ups could benefit your small business at www.dcmn.com