Rogue Ways Of Marketing Your Business
In the middle of a cost of living crisis, every single penny that you spend on promoting your business needs to see a good return on your investment.
Markets are contracting, and your share of that market will contract with it unless you put yourself out there and make more noise. Getting rid of marketing spending in order to save money is a false economy.
A better approach as times get tough is to be more clever about your marketing. Turn the volume up, adopt new and different strategies, and push your own boundaries. Seek out activities that require very little cost but could elevate you above the general hubbub and give you the added exposure that is going to bring customers to your door.
While every business is different, we’ve highlighted some of the ways you can take your marketing to a different level with a minimal budget and potentially good return. Ultimately what you decide to do will depend on your particular sector, but we hope that these ideas will get you thinking outside the box and encourage you to explore different marketing paths.
Here Are Six Prime Ways Of Marketing Your Business
1. Newsjacking
Newsjacking is the art of taking popular and trending news stories and linking them in some way to your service or product on social media. This could be anything from wishing members of the Royal family a happy birthday, to having an opinion on the latest contestants of Love Island, to making jokes about the latest political shenanigans.
Newsjacking can generate more press, increase brand awareness, and attract new eyeballs to your business.
2. Customize ALL packaging
This is particularly important for businesses with a physical business – whether you are selling luxury high-end products or basic ranges, your packaging is a constant vehicle for brand awareness.
Going through the entire life cycle of a product, from design to delivery, every stage has opportunities to customize with more brand identity. From the packaging on the shelves to the plastic pallets that are used in transportation.
3. Sponsor a local artist to create a mural on your wall
Does your business have a physical building? Could you maybe seek out a local artist who could paint you a mural on a large empty wall? You need to pay the artist (they do, after all, need to make a living!) But not only does it create a show-stopping public visual representation of your brand and company for all to see, but it can also produce its own press and publicity as something interesting and unusual.
4. Do a TikTok dance video with employees
You may want to get your younger employees involved in this – but there’s usually a song and dance trending on social media. Set aside a few minutes each day to practice, and then make it a big social event among your employees for the actual filming. It’s a great team-building exercise.
5. Engage on social media
Do you regularly post on social media? Even if you do, you need to do more than just post. You need to engage – as this is your opportunity to talk directly with potential customers.
Take some time out each day to go through and engage with the posts of people you want to be targeting. Not only will this increase your presence in front of them, but it will also help with your own algorithms and get your own posts trending on more timelines.
6. Source support from your biggest suppliers
The better you do, the better your suppliers do – partner up with your suppliers on different marketing activities and seek both financial and practical help and support from the.
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According to Investopedia, “Market segmentation is a marketing term that refers to aggregating prospective buyers into groups or segments with common needs and who respond similarly to a marketing action. Market segmentation enables companies to target different categories of consumers who perceive the full value of certain products and services differently from one another.” Here, the marketers of a company first find out the target market and then divide the market into small groups and subgroups. In this case, consumers in the small market segments share similar interests, needs, and characteristics. As a marketer, if you target a small group of a large market, you will be able to connect with consumers who are more likely to pay for products that appeal to them directly. Basically, if you use market segmentation, it will be easier to manage a large audience and segment them to create a personalized and targeted market experience. With market segmentation, as a marketer, you will be able to focus more on your marketing efforts towards your individual customer segments. This will help you to cater to the specific desires and needs of your target customers. Read More: What Is Continuity In Business, And Why Is It Important? How Does Market Segmentation Work? According to G2.com, “Market segmentation aims to introduce a tailored message that will be received successfully. This is advantageous for companies with a product or service in the marketplace that boasts multiple benefits or uses for different types of customers. Accept the fact that you can’t be everything to everybody, and as a marketer, you can’t solve everyone’s problem or appeal to every single person.” Hence, market segmentation is a useful and effective growth strategy that marketers implement to reach strongly with their offerings to the target audience. To identify different market segments within a market, companies use three criteria - The segment’s common needs (Homogeneity) The uniqueness of the group from others (Distinction) A similar response to the market (Reaction) Let’s take an example of an apparel store having different market segments for football players and basketball players. Being part of different groups, football players and basketball players respond to different advertisements. If the apparel company understands the uniqueness of these two different market segments, branding will be easier for them. What Are The Types Of Market Segmentation? The following are some of the major types of market segmentation that marketers implement to find out their niche market: 1. Demographic Segmentation Here, companies break the market segment into common demographics based on gender, age, income, race, education, occupation, and more factors. With this segmentation, companies assume that individuals belonging to similar demographics have similar needs. This is one of the most common methods of market segmentation. 2. Geographic Segmentation Here, the marketers segment a particular population based on factors like physical location. In this case, they assume that people living within a given geographical area have similar needs. It is a great strategy that larger companies use if they want to open new branches in a new place or want to expand their operations. 3. Psychographic Segmentation Here, the company tries to segment a population based on personality, lifestyle, opinions, and interests. This makes it one of the most difficult market segmentation approaches. This is because these are difficult to achieve since objective data are not available on these traits, and these traits change easily. However, if done properly, these provide the strongest results. 4. Behavioral Segmentation In this case, marketers depend a lot on consumer actions, market data, and the consumers’ decision-making patterns. Here, the grouping of the consumers is done based on how they have previously interacted with markets and products. The previous spending habits of the consumers show what they actually want. What Are The Benefits Of Market Segmentation? According to Shopify.com, “It’s easier to reach, target, and engage customers with a niche business that specifically appeals to a segment of the market. Use this strategy to identify the most profitable segments for your business. Remember, market segmentation isn’t a one-off activity, as consumer preferences change and new competitors emerge.” The following are the major benefits of market segmentation: Better resource efficiency The brand image gets stronger It creates a higher potential for brand loyalty Targeted advertising is better Market differentiation is more effective What Are The Limitations Of Market Segmentation? The following are a few limitations of market segmentation that you need to be aware of: The upfront marketing expenses are higher, as companies spend a lot on gaining data. Since a large market is under consideration, the product-line complexity increases as a result. Misassumptions are common, and this creates a lot of risk for marketers. The process of market segmentation can only be done if the data is reliable. Hence, it depends a lot on the source of data. Read More: Business Continuity Plan – What Is It, And How Does It Work? 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Adapting To Consumer Expectations: Personalisation In Digital Advertising
The shift towards digital has transformed advertising from a broad-based approach to a highly personalized interaction between brands and consumers. This evolution reflects a deeper understanding of consumer behavior and preferences, facilitated by advances in technology and data analytics. Personalization in digital advertising is not just about tailoring ads to individual users but about creating meaningful connections that enhance the consumer experience and drive engagement. Understanding Consumer Expectations in the Digital Age Today's consumers expect more from brands. They seek relevance in the messages they receive and are willing to engage more if these communications reflect their personal interests, needs, and lifestyles. This demand for personalized content has set a new standard for digital advertising, pushing brands to innovate and adapt. Consumers now favor brands that demonstrate an understanding of their unique preferences, making personalization a critical element in building and maintaining customer relationships. The Role of Data in Crafting Personalised Experiences Data is at the heart of personalized advertising. By collecting and analyzing consumer data, brands can gain insights into individual preferences and behaviors. This information, ranging from browsing habits to purchase history, enables advertisers to deliver content that resonates with each consumer. However, with great power comes great responsibility. Brands must navigate the delicate balance between personalization and privacy, ensuring that they use data ethically and transparently to build trust with their audience. Technological Innovations Shaping Personalised Advertising Innovation in technology has paved the way for advanced personalization strategies. Artificial intelligence (AI) and machine learning algorithms can sift through vast amounts of data to identify patterns and predict consumer preferences with remarkable accuracy. These capabilities allow for the dynamic personalization of advertising content, ensuring that the right messages reach the right audience at the right time. Furthermore, brand suitability solutions have emerged as a vitalcomponent of personalised advertising. These solutions ensure that ads appear in contexts that align with a brand's values and the audience's expectations, thereby enhancing the effectiveness of advertising campaigns and safeguarding brand reputation. The Impact of Personalisation on Consumer-Brand Relationships Personalized advertising has a profound impact on the relationship between consumers and brands. When brands successfully deliver personalized content, they not only meet the immediate needs of their audience but also foster a sense of belonging and loyalty. This relationship-building is crucial in today's competitive market, where consumers have endless choices at their fingertips. Personalized advertising can differentiate a brand, making it more memorable and increasing the likelihood of repeat engagements and transactions. Best Practices for Brands Embracing Personalized Advertising For brands looking to harness the power of personalized advertising, there are several best practices to consider. First, prioritizing data privacy and security is essential. Clear communication about how consumer data is used and ensuring compliance with data protection regulations can help maintain consumer trust. Second, brands should invest in the right technology and expertise to analyze data effectively and create personalized experiences. Finally, continuous testing and optimization of personalized advertising campaigns are crucial. By regularly assessing the performance of their campaigns, brands can refine their strategies to better meet consumer needs and expectations. In conclusion, personalization in digital advertising represents a significant shift in how brands interact with consumers. By focusing on individual preferences and behaviors, brands can create more engaging and effective advertising campaigns. However, success in this area requires a commitment to understanding consumers, leveraging technology, and respecting privacy. As brands navigate the complexities of personalization, those that master these elements will be well-positioned to build stronger relationships with their customers and achieve greater success in the digital age. Benefits of personalization in digital advertising When we are discussing digital advertising, personalization can have a lot of benefits for organizations. Let’s have a look at what those are: One of the most significant changes it can bring is that it can increase sales and conversions. Creating advertising that is specifically tailored to meet the customers' interests and needs will get the companies a positive response from the customers. For instance, if the customer expresses interest in one particular product, they will be more inclined to click on an ad for the product and then buy the item. Another one of the benefits of personalization is that it helps in building strong relationships with customers. Suppose you make your customers feel that you genuinely understand them and are looking after their specific wants and needs. In that case, there is a chance that they are going to be your loyal customers. This is going to lead to repeating business and getting positive mouth-to-mouth recommendations as well. This is something invaluable for any business. Personalization also helps you stand out from the other businesses that are your competition. Every company is throwing so many advertisements at customers every day that it becomes challenging to make an actual impact on an audience. But if you are personalizing the advertisements, you make your message stand out from the other ones that are circulating in the market. This way, the advertisements will be more memorable for the customers. Along with that, personalization helps companies save money on their efforts to make advertisements, as they are more efficient with the amount they are spending on advertising. They target only the relevant audience and focus on their resources on that audience, which is going to convert and will not go to waste. They do not spend the advertisement on those whom the ad will not impact. What is the future of personalization in digital advertising? The future of digital advertising with personalization is quite an exciting and rapidly growing field. Data and technology are advancing with changing times, and companies are looking for new ways to personalize their efforts and also connect with their audience more. One of the trends that is going on these days is the use of AI and other machine learning in personalization. These new technologies are going to become more sophisticated and advanced. This will allow companies to look into even more data and form more personalized and tailored experiences for the customers. Making use of smart speakers and voice assistants for personalization is also going to be more prevalent. Companies would be able to use these devices to deliver offers and personalized ads and recommend products to customers more intuitively and naturally. It is also expected that personalization will go beyond traditional advertising and get involved in other areas of customer experience. Companies are going to use personalization to provide personalized customer service, personalized pricing, and even personalized product recommendations. However, as this evolves, the ethical considerations are also going to become. Companies have to make sure that they are transparent about using and collecting data and allow customers to have control over the personalized experience they are given. MORE FOR YOU: Digital PR: The Gamechanger Of The Marketing Landscape A Brief Guide To Business Integrated Planning Rogue Ways Of Marketing Your Business
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