4 Marketing Strategy Principles - My Template for Marketing Anything
In marketing, if you break the fundamentals, no matter how much effort you put in, you will not succeed. Today, I'm going to break down my four marketing strategy principles, and how you can market anything.
RESOURCES & LINKS:
How to Create an Online Marketing Plan that Will Grow (Nearly) Any Business [article]: https://neilpatel.com/blog/how-to-create-an-online-marketing-plan-that-will-grow-nearly-any-business/
20 Uncommon Marketing Strategies That’ll Kickstart Your Startup [article]: https://neilpatel.com/blog/startup-marketing-strategies/
The first principle is you need to have clear goals for your marketing.
What is your goal? Is it more visitors? Is it brand awareness? Is it more sales?
If you don't what you're optimizing for, you won't know what you need to do in marketing.
For example, it's brand awareness it's all about eyeballs and getting traffic. It's about sales. It could be about creating a conversion funnel, a lead flow, adding up sales, down sells.
If it's about profitability, it could be about cutting costs on your marketing and figuring out how you can get less traffic, spend less money, but make sure you're in an optimal position, where you're not paying too much for marketing and your profitability goes up.
The second principle that you need to follow is you need to understand your target customer.
If you don't know your target customer, no matter what you do, you won't do well. Let me share a story from a company called Diamond Foundry. What Diamond Foundry does is, they sell diamonds. And these are man-made diamonds. They still meet all the same requirements that a diamond that you would find in the Earth, and a human eye can't tell the difference and even if a diamond specialist looked under a scope, they won't see any difference.
But here is the difference. Diamond Foundry can produce that diamond for pennies on the dollar versus having people go mine for them and find them in the field.
So Diamond Foundry decided that they wanted to sell these diamonds at a truly affordable price to help people out. Can you guess what happened to their revenue sales?
It tanked. Do you know why?
No one wanted affordable diamonds. They felt that if something was affordable, it wasn't going to be good.
Even though that's not true, that's what their customers believed.
Their business started growing and it grew really fast and things started to work out.
Can you guess what change they made? They increased their prices.
They made more sales by charging more money for their product.
In other words, if you don't know your customers.
What makes them tick. What makes them buy and why. You won't grow your sales, your traffic or accomplish any of your goals.
And you won't find this out by just looking at a Google Analytics Screenshot. You got to talk to your customers. Get to know them. Meet them in person. Drink coffee with them. Survey using tools like SurveyMonkey.
Whatever it may be, by talking with them you'll get more insights so you can keep adjusting them and do better over time.
The third principle that you need to follow is you need to have something that differentiates you.
If you don't have anything differentiating you from the competition, they're just going to look at price, quality, reviews. It's not going to get people to go to you.
The moment you differentiate yourself, you can do so much better. A good example of this is Apple's expensive, but the reason I pay for a MacBook or an iPhone is that all the devices work so well together and they do the main things, that I want, really well in a simplistic way.
So the key is not just to be another me-too player and have nothing that differentiates you.
You need to figure out how you can make yourself stand out.
And you may not know this right away. You may have to interview people. Talk with your potential customers. You have to figure out what your competitors aren't doing that you could be doing.
All these things will help you figure out how to differentiate yourself.
The last principle. I know they say marketing's moving to an omnichannel approach.
I even say that. It's true. But you need to focus your efforts at one channel at a time. Handle one channel. Do really well at it and then expand into two channels.
Once you do well in two channels, then go for three, then four and then five. But if you can't get one channel right, what makes you think that you can do all seven or 10 or 20 at once?
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