A Simple Marketing Strategy To Improve Your ROI
Today’s market has helped business owners realise that marketing requires more strategy and structure today, than ever before. The opportunity to improve your Return On Investment (ROI) is always available however, can sometimes feel very technical and very challenging. As we always try to do with business topics such as this, is take what seems complicated and simplify it into usable concepts. The easiest way to show this is with a simple shape such as a Triangle.
If we look at the triangle above, we can discover a little bit about how marketing works and more importantly, how it can work for you…simply.
On the left-hand side of the triangle think MEDIA. This is usually the first issue that many business owners fall into because they start their marketing strategy here. It may sound something like this: “I’m going advertise my services/business on Facebook, on a bus, Insta, television, radio, Google…whatever the choice, it’s all media (and we’ve personally worked in most of them).
Here’s the first tip: It’s not the best place to start because there’s two other sides of that triangle that we haven’t even talked about yet and as you’ll see, media is at the end of the consideration.
So, on right side of the triangle let’s add MARKET. The market is really about who you’re selling to, AND what they want. Remember, not everyone in the Market wants exactly what your best customers want and your best customers are the ones that you want more of in your business because they are your A Grade customers.
We need to talk about what you can BEAT the market in (to attract the A customers) and then at least MEET the market, in terms of the other key areas.
The third side that’s all about you and it’s all about your MESSAGE, how you talk to the market, what’s most important to them and how your message needs to MATCH your target market’s needs.
It all starts with the Message.
Our MESSAGE should focus on either QUALITY, SERVICE or PRICE depending on what our best customers are loyal to and create the best message to BEAT the rest of the MARKET with and attract our best (A Grade) customers.
Now it’s time to make a decision, what will you be known for?
Your goal is to BEAT the Market with that one MESSAGE and simply MEET the market on the other two, otherwise you’re going to start to confuse the market…and that’s bad.
Bonus tip: We need to figure this out BEFORE we go spending money on Media…
Remember the simplicity behind the strategy is designed to give you a clearer understanding on how to better spend your marketing budget.
Of course, get in touch with us for a 15 minute chat on how we can help you talk directly to the best customer and a better ROI on your marketing.
Natalie and Amanda (Market Beaters)