Marketing, if you don't follow the fundamentals, no matter how much hard work you put in, you will not succeed. Today I'm going to break down my Four Marketing Strategy Principles and how you can use them to market anything! In the transcript, I also give a few websites and platforms to use to help you achieve results. Listed below, these principles are:
1. Have clear goals for your marketing
2. Know your target market and target consumer
3. Have something that differentiates you
4. Test different channels to market, see which one is best and then focus on excelling on one channel at a time
ADEWALE: Marketing, if you don't follow the fundamentals, no matter how much hard work you put in, you will not succeed.
ADEWALE: And today I'm going to break down my “Four Marketing Strategy Principles” and how you can use the to market anything. So before we get started. I'd like you to subscribe to this channel, that way, when we post anything new, you get notified immediately.
I have a question for you? Do you know the four main marketing principles that you need to follow? If you know the answer, leave a.”yes” comment below and if you don't, leave a “no” comment below. If you don't. Those traits, I'll share them with you in this podcast.
1. The first principle is that you need to have clear goals for your marketing. What is your goal? Do you want to build brand awareness? Gain more visitors? Generates more quality, leads and more sales? If you don't know what you're optimizing for, you will know what you need to do in marketing. For example, if it's brand awareness, then it's about people seeing your brand and getting traffic. If it's about sales then it will be about creating a conversion funnel, a list of flow with up-sales and cross sales. If it’s about profitability - then you want to cut down on costs - which will bring in less traffic, but you'd want to make sure that you're in optimum positions where you're not paying too much for your marketing and your profitability goes up.
2. The second, principally to follow, is that you need to know your target market and 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 with you about a company called Shopping Feeder. This is a company that makes product feeds that allows anyone with an online store to sell on Google, Facebook, Dropstore, Junkmail - . anywhere you can think of. When they entered the market, they set their a subscription to a truly affordable price to help out online retail entrepreneurs. But guess what? Their sales were poor because people didn't trust their affordable app People thought that if it was way cheaper than other apps on the market and it was not as good - even though this was not true. But that's what the customers believed. So guess what they did? They more than doubled their prices and their revenue grew and it started to grow really fast. They made more sales by charging more for their products. So guess what? If you don't know your customers, “what makes them tick?”… what makes them buy?” …then you won’t accomplish any of your goals. You’ve got to talk to your customers. Use several mediums like Survey Monkey, sit down and have coffee with them. Get on the phone and call them to find out what your customer basically wants. And then keep adjusting your product marketing and you would do better over time.
3. My third principle you need to follow is that you need to have something that differentiates you. If you don't have something that differentiates you from your competition, then you are just going to looked. Then your customers will just look at your prices and quality reviews. It's not going to get worse. It's not going to get people to go to you. Sure, Xiaomi is a Chinese cell phone, but the reason I buy Xaomi is because all the devices work well with each other - like an Apple - everything in my smartphone works very well with my smartphone device, my laptop, my watch. And it uses Android and it's affordable.
4. My last principle is that I know people say you should use omni channel approach to marketing, which is basically marketing via many different channels, but you should test different channels and see which one is best and then focus on one channel at a time. Start with the marketing channel with the best results and do really, really well at one channel, then move on to the next channel, then the next, then the next. If you can’t get one channel right, what makes you think you can do all that once? You need to have laser focus. You can look at your competitors and see what's getting them traffic as well. You can use tools like similarweb.com to see where they are getting traffic from - and it can help you know which channel to focus on first.
All right guys, that's it for today. If you leave a comment below, I will answer it and thank you for listening.