Is your business stuck in the past? – The London Economic

Is your business stuck in the past?

If your business is stuck in the past, here are five ways to update your current marketing plan…

In order to stay competitive in a fast-paced economy such as the UK, it’s vital to keep your marketing strategy under constant review. The start of the year is a great time to consider how effective your current tactics are, and whether there are any holes or weaknesses that should be dealt with. Here’s where to start.

 

1: Different Communication Channels

Businesses now have at their disposal a wide range of multimedia communication channels with which they can exchange information with their customers, from traditional formats such as television, print ads and radios, to 21st century options including social media platforms and blogs.

Visitors to your website can be remarketed to across the internet. Through tactics such as email marketing, and SMS marketing via specialist companies such as GlobalMessaging you can effectively reach thousands of people at the click of a button for little cost. Consider the type of information you want to share with different audiences, and which are the best ways to reach them. It could be that moving to a new channel can instantly boost your engagement.

 

2: Optimise Your Website

Websites are often compared to online shop windows, but that’s too simplistic a comparison. Your company website can be one of your best and most flexible sales devices. It should collect visitor data such as email addresses and personal preferences that you can then use to drive more effective marketing campaigns. It should have landing pages that are written specifically to convert casual browsers into purchasers. It should have a clear pathway to the checkout to ensure that sales are maximised, and it should feature a blog that not only stamps your authority on your industry, but increases your presence on social media and thereby your search-engine performance.

 

3: Know Your Customers

While refreshing your marketing strategy, this is also a good time to reconnect with your customers, and gain a firm understanding of why they use your product or service. If it has been around for some time, then perhaps the market has moved on and you’re being left behind. Look at what your competitors are doing, especially the market leaders (if that’s not you). What are they doing with their marketing, and what advantages do they have over you? How can you differentiate yourself, and improve on their offering? Perhaps your brand needs a facelift – if it looks dated then customers may be looking to alternatives that seem to have a more modern approach. A brand refresh should include not just your website but everything down to brochures, email signatures, even business cards.

 

4: Experiment with Pricing

Supermarkets are perhaps the most prominent example of brands using different pricing strategies to market themselves, and you can get inspiration from them. Look at things like innovative discounts, different types of promotion for old and new customers, or new competitions – anything that is going to get the marketplace talking. Your competitors will naturally respond, but they will be on the backfoot while you have the initiative and can then make your next move.

 

5: Go Mobile

The evidence suggests that the near-future of retail and marketing will be mobile. If you have an e-commerce store then it ought by now to be optimised for mobile devices, or you may be missing out on a great deal of business. If you have a bricks and mortar outlet, then you might consider how you can use mobile technology to enhance the customer experience. For instance, by providing tablets at the entry of your shop to help people order or find things they want, offering exclusive in store discounts through your app, or producing downloadable store maps.

 

Interested in reading more business advice, or giving your own entrepreneurial tips?  See TheLondonEconomic.com business section where you can read or contribute. The London Economic targets SMEs and London based businesses and startups.

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