Marketing has never been more complex than it is today. It’s not like thirty years ago, before the Internet, where you could opt for something conventional and classic. Today, to succeed, you have to try new things and see if you can make a breakthrough.
This can quickly turn into an expensive venture, and it’s not always possible for businesses to do this. We’re going to show you how you can try these new marketing approaches without putting your business at risk.
See also: 4 Ways to Achieve Your Marketing Goals
1. Establish Your Goals
Begin by establishing your goals. These need to be goals that you can measure, attain, and achieve in a reasonable amount of time. This isn’t the time for generalised statements about growth and making more money. You need a clear goal; otherwise, you have nothing to measure each marketing approach against.
2. How Expensive Is It?
Like it or not, the cost of a new marketing approach will hurt your pocket if you don’t plan for it in the right way. The easiest way to do this is to inspect each marketing option and get a rough idea as to how much it could cost.
Now you need to act in the right way. If it’s too expensive, you need to either postpone it or make sure it has almost zero risk. If it’s cost-effective, or even free, give it a try. That’s the principle of trying new marketing approaches.
3. Test Timely
Set out clear timelines for testing out marketing campaigns. For most businesses, they can get a rough idea as to how something is unfolding within a couple of weeks. Make sure you establish an option for continuing to test if one option shows real promise.
4. Perform Market Research
One of the most important things you should do when trying new marketing approaches is to see what your competitors are doing. To do this, you can do some market research into what they are offering and then determine how you can do it better. Big companies around the world are doing just that, leading to huge results.
5. Use Your Customers
Whether through incentives or not, you have to engage your customers. Your customers are the people you’re targeting, so it only makes sense that your customers are going to be the type of people you need to engage. Ask them directly what they prefer and ask them for feedback on a specific way of marketing. Most customers will do it because they simply want to have their voices heard.
Remember: you don’t always have to set up anything formal. Your customers are easily accessible through platforms like Twitter and Facebook.
6. Reflect on Your Performance
Even the most detailed of plans won’t always work in the way you intended them to. Sometimes this is a good thing, and sometimes it’s a bad thing. As a business, it’s important for you to set some time aside with the relevant people to review what’s happened, why, and where you proceed from here.
This should figure as part of any marketing campaign. If something has gone well, talk about why you’re going to continue it and how you can enhance it. If something hasn’t gone well, discuss why it went wrong and whether it was preventable.
Evaluation is probably the most important aspect of trying out new marketing approaches. Make this as formal as you can and file the results for future reference.
A lack of direction and a lack of control over financial affairs are the two biggest reasons why businesses fold when they attempt a new marketing campaign. Make sure your budgets and plans are clearly outlined. Keep monitoring the progress of your marketing campaigns and ensure that you give yourself ample time to evaluate your results.
Follow all these tips and you can be as flexible as you like when it comes to getting your products to market.