Every budding entrepreneur wants their business to succeed. After all, failure is not an option for many. However, the harsh fact is that 20% of businesses fail in the first year, with more going to the wall each year. While many causes, such as economic downturns or unexpected rent rises, are beyond anyone’s control, a solid marketing strategy is something every business can do. There are countless books on the subject, not to mention endless advice online.
You could spend hours and days ploughing through these words of wisdom. Or you could focus on the following five elements. They form the core of a marketing strategy that is proven to be robust and should see you through the choppiest of waters, whatever the business world has to throw at you.
Understand your potential customers
The first step is to understand your customers’ likely demographics and what triggers they need before deciding to part with their money. A recognised technique is to devise specific personas you believe will be your target. These well-rounded pen portraits set out everything from their approximate salary to what kinds of media they consume and how they spend their leisure time.
Most businesses have three to five possible personas, and it’s essential to differentiate them carefully. The more defined each one is, the better you’ll understand what makes them tick.
Define and create a unique brand
Once you have a clear picture of who you’re selling to, you can build your brand on a solid foundation. From the outset, it’s important to remember that a brand is more than a collection of colours, typefaces, and designs. It is how customers feel about you and the service you provide.
This means you must go deeper than the superficial to understand who you are and what you offer. While taking the easiest route to defining your brand can be tempting, doing so will only result in selling yourself short.
Use alternative routes to customers
Choosing which channels to contact customers is essential to your marketing strategy. Some will be obvious, such as traditional mail shots or email, but you’ll probably also want to do some advertising.
Today, there are even more potential methods of communication, and one that offers the potential of real results and a generous return on investment is via an affiliate site. This takes the form of listing several companies in the same sector with links to them via the site. You pay for each of the successful leads that it delivers.
This is an especially popular marketing technique in the online casino sector. According to experts, affiliate sites like casino.org enable potential players to check out the best casino bonuses. Then, they can click through, register at their favored casino, and start playing.
Know your competition
Using an affiliate site means that you will be directly compared with your competitors. Even if you don’t go down this route, it is always essential to have an apparent idea of who they are and how they market to their customers.
The aim is not to be just like them but distinctly different. That way, you can position yourself uniquely in the market and provide your offering. Remember that your competitors will also be paying close attention to your business.
| What to Do | Why It Matters | Goal |
|---|---|---|
| Identify your competitors | Understand who you’re up against | Stay informed and prepared |
| Study their marketing strategies | Learn how they attract and retain customers | Find gaps and opportunities |
| Differentiate your brand | Avoid blending in with similar businesses | Stand out in the market |
| Monitor their actions regularly | Stay ahead of any changes or new offers they make | Adapt and innovate effectively |
Analyse, learn and act
Lastly, conduct a thorough business analysis. Who are your customers? What is their average spend? How have they responded to discounts and other offers? These are all invaluable nuggets of information that you can use to drive your business forward. A word of caution, though.
This data needs to be adequately examined and verified for genuine use. You must also think carefully about how you will act on it.
On top of these five pillars of a marketing strategy, several other factors must be considered, including the famous four Ps of marketing. Get all these right, and enjoy a little luck, and you should be on course for a very successful business.
Conclusion
A marketing strategy is not just about following trends—it’s about really understanding your customers, defining your brand, trying out the channels, being aware of your competition, and analyzing your results. By focusing on these five elements, you’ll have a strategy that will withstand the test of time and drive long-term success.
