What is the purpose of marketing? It may be to increase market share, or attract new customers. It could also be to increase the demand for a product, or service. Let's look at these three goals more closely. Attracting new customers is the first. The two other ones are to increase market share, and create demand. All three are vital to a company’s growth. Both of these goals can be achieved by using the right marketing strategy.
Attract and retain new customers
Attracting and keeping existing customers is a key part of any marketing strategy. However, it's also more cost-effective than finding new customers. Frederick Reichheld has found that it costs five to 25% more to acquire new customers than to retain existing ones. This is because retaining an existing customer requires less resources and time. An increase of 5% in customer retention will result in a 25 to 95% increase in your profit margins.
Maintaining good relationships with customers is important. Customer satisfaction surveys can be used to gauge customer satisfaction. Surveys measuring Net Promoter Scoring (NPS), is a very popular way to measure brand loyalty. One simple question is asked to customers to rate their company's customer service. This allows them to express their opinion in their own words. By ensuring your customers are happy, you can ensure they stay loyal to your brand.
Increase market share
Marketing's primary goal is to increase market share. You can achieve this goal using various marketing techniques. These strategies aim to increase market share by gaining new clients and maintaining existing customers. As important as gaining new customers, it is equally important to retain existing customers. Two common strategies for capturing market share are pricing promotions and grand openings. A solid marketing plan will allow you to increase your market share. For customer retention, advanced point of sale systems can be used in marketing plans.
You can also acquire competitors to increase market share. Most companies acquire other companies to expand their product lines and gain a bigger market share. Microsoft purchased LinkedIn and GitHub. This led to increased revenue in social media as well as cloud OS. This strategy involves careful research and selecting a rival company whose products complement yours. H&M could, for example buy another company that is specialized in clothing and accessories for children.
Create demand for a product or service
Many small businesses thrive when they satisfy a consumer need. The water supply business, for example, supplies filtered drinking water to offices for a charge, fulfilling a customer's desire for bottled water. However, few small businesses truly understand how to create demand. By better understanding their customers and tailoring their goods and services to satisfy those needs, businesses can create a competitive advantage and remain a dominant force in the market.
Demand generation strategies are built around the assumption that people have a problem, or have pain that they don’t know about. They don't know how to solve the problem. Therefore, it is important to create content that educates. Once you have identified the needs, you can then use content marketing to address them. The next step is to create educational content that explains how a solution to those needs can make people's lives better.
FAQ
Is content marketing successful?
Yes! According to Hubspot, "Content Marketing has become one of the top three digital marketing channels for lead generation."
Content marketing is expensive.
It depends on your business size and stage. Many small businesses start out without dedicated resources. As they grow, small businesses realize the importance of a solid content marketing strategy to increase sales and customer engagement.
Partnering with a content agency or freelance writer will give you access to many tools and expertise. These professionals will help you to identify and address problems in your company so that you can develop your content marketing strategy.
A content marketing strategy that works will make you money while also allowing you to invest elsewhere in your business.
What content marketing agencies offer the best services?
The majority of content marketing agencies have extensive experience creating content strategy for clients.
Their expertise can save you time and help you to create a personalized plan that is tailored to your needs.
But you shouldn't assume that all agencies possess the skills needed. Certain companies are experts in particular niches such as eCommerce. Others are specialists in particular industries, such law firms.
Ask them where they specialize and find the agency that suits you best.
Statistics
- To further show the importance of this, 89% of people have stopped doing business with a company because of a poor experience. (neilpatel.com)
- In fact, would pay more for a better customer experience, and 86% of B2B buyers would pay more. (neilpatel.com)
- Out of the 1,500 marketers we surveyed for our State of Content Marketing report, 78% who felt their content marketing strategy was exceptionally effective in 2021 had documented their strategy. (semrush.com)
- According to research compiled by Coschedule: Companies that publish 16+ blog posts a month get as much as 3.5x as much traffic as those that publish 0-4 posts a month. (criteo.com)
- Progress indicators (0–100%) allow each team member to see how attainable each goal is and understand what remains to be accomplished. (semrush.com)
- Measure your goals with a progress indicator of 0-100%. Make your goals collaborative and transparent (semrush.com)
- Seventy-two percent business to business (B2B) (mailchimp.com)
- Companies that use content marketing see approximately 30% higher growth rates than businesses not using it. (mailchimp.com)
External Links
How To
Informationgraphic creation tips to help with content marketing
Infographics are one of the most effective ways to explain complex concepts simply, making information easy to understand. Infographics can be used to communicate your message.
You'll need design software such as Adobe Illustrator or Photoshop to create an infographic. These programs can be used to create different shapes and elements that represent your data. Then, you can add colors and fonts to make it look great. Once you have your design ready, upload images from Unsplash or Pixabay to add to it.
Look online for inspiration to create your own infographics. You could use a photo of a food pyramid to show the calories in particular foods. Then, replace those numbers with photos of the foods. Or you could look at how many sugars are found in soda pop and replace that number with a picture from a Coke bottle.
Once you have designed your infographic you can share it via social media channels, such as Facebook or Twitter. This makes it easy for people unfamiliar with the concept to learn. If you decide to post your infographic on social media platforms, include hashtags so others can see what you're talking about. Users can follow along with specific conversations using hashtags.
Try to make your infographic posts shorter than you normally would if you create one. An average blog post will be between 2000 and 5000 words. An infographic, however, only needs 500 to 1000 words. You can communicate more information in less space.
Remember that not all viewers can read small font sizes when designing an infographic. Your graphics should be large enough in font size and not rely on too much color. Also, make sure that all your text is legible.
Here are some additional tips :
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Choose an Infographic Template. There are many online templates that you can download or print. Canva, Piktochart and Google Slides are the most used templates.
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Make your Infographic. Use the template below to create your infographic. You can use any kind of media that you feel is appropriate for your audience. For example, creating an infographic about the best places to eat in Seattle might choose photos of local restaurants.
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Add Text. Add text once your infographic is created.
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Add Images. Images can be added to your infographic. These images can be charts, graphs, icons, or pictures. If you wish to include a picture, ensure it is relevant.
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Make it interactive. You can add interactive elements, such as maps, buttons, and links. This will allow you to engage your audience.
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Share. When you're done, share your infographic on social media sites like Facebook, Twitter, LinkedIn, Pinterest, and Instagram.
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Measure. Your infographic's performance. Did people click on your website? Are they signing up for your email newsletter? Was their reaction to the infographic?
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Improve. Is there anything you can do to improve your infographic Is there anything you could do better?
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Repeat. Do this again!