What is the goal for marketing? In business, this could be to increase market share and attract new customers. It may also mean to create demand. Let's explore these three goals in more detail. The first one is to attract new customers. The other two are to increase market share and create demand. Each of these are essential to a company’s success. These goals can be achieved with the right marketing strategy.
Attract and maintain new customers
Although it is vital to any marketing strategy, retaining and attracting new customers is more cost-effective that finding them. Frederick Reichheld research has shown that it is five to 25x more expensive to acquire a new client than it is to retain an existing customer. Because retaining an existing client requires less time and resources, this is why it costs five to 25 times more. An increase of 5% in customer retention will result in a 25 to 95% increase in your profit margins.
It is essential to keep good relationships with your existing customers. Customer satisfaction surveys will help you gauge customer satisfaction. One of the most popular brand loyalty metrics is Net Promoter Score (NPS). One simple question is asked to customers to rate their company's customer service. This allows them to express their opinion in their own words. If your customers are satisfied, they will remain loyal to your company.
Increase market share
Marketing has one primary objective: to increase market share. You can achieve this goal using various marketing techniques. These strategies will increase your market share through gaining new customers or maintaining existing customers. It is just as important to keep existing customers as it is to gain new ones. Pricing promotions and grand opening sales are two common strategies to capture market share. An effective marketing plan can help you grow your market share. To monitor customer retention rates, marketing plans may include advanced point-of sales systems.
You can also acquire competitors to increase market share. Companies often acquire rival companies in order to increase their product offerings and increase their market share. Microsoft acquired LinkedIn and GitHub to increase their revenue in cloud OS and social media. This strategy involves careful research and selecting a rival company whose products complement yours. H&M could, for example buy another company that is specialized in clothing and accessories for children.
Create demand for a product or service
Many small businesses thrive when they satisfy a consumer need. The water supply business, for example, supplies filtered drinking water to offices for a charge, fulfilling a customer's desire for bottled water. Small businesses are often unable to understand how to generate demand. By better understanding their customers and tailoring their goods and services to satisfy those needs, businesses can create a competitive advantage and remain a dominant force in the market.
Demand creation strategies work on the premise of people having a problem or suffering that they don’t even know. They also don't know how they can solve this problem. Therefore, it is important to create content that educates. Once you've identified these needs, you can use content marketing to help solve them. The next step is to create educational content that explains how a solution to those needs can make people's lives better.
FAQ
Is content marketing easy to measure?
Yes! Measuring results is part of the process. This helps you to determine if your efforts were successful or if you need to make adjustments.
You can track how many visitors came from various sources--including organic search, email, social media, paid to advertise, and more--and track conversions like sales leads and purchases.
These metrics will show you which pieces performed well and highlight your most important opportunities.
What Content Marketing Strategy is right for me?
A Content Marketing Strategy is perfect if you know exactly what you want to communicate.
If you are looking for some direction before starting, these are some questions:
Does my business need to communicate something specific? Or do I want to create content that resonates with general audiences?
Are you more focused on generating leads, or converting visitors to buyers?
Do I want to promote one or more products?
Am I interested in reaching people outside of my industry?
If the answer is "yes" to any question, then a Content Marketing Strategy is what you are looking for.
How many hours per week should content marketing take?
It depends on the situation. There may not be a need for content marketing. But if you're trying to build traffic to your site, you'll probably need to devote at least 1 hour per day.
Statistics
- This marketing strategy landed Ford a 15.4% conversion rate. (neilpatel.com)
- To further show the importance of this, 89% of people have stopped doing business with a company because of a poor experience. (neilpatel.com)
- According to our research, brand awareness, attracting traffic, and generating leads remain the key content marketing goals in 2022. (semrush.com)
- According to the Content Marketing Institute, 70% of B2B marketers and 86% of B2C marketers surveyed use content marketing in some form or other. (criteo.com)
- Companies that use content marketing see approximately 30% higher growth rates than businesses not using it. (mailchimp.com)
- According to research compiled by Coschedule: Companies that publish 16+ blog posts a month get as much as 3.5x as much traffic as those that publish 0-4 posts a month. (criteo.com)
- We found that 40% of businesses don't have a documented strategy yet. (semrush.com)
- Out of the 1,500 marketers we surveyed for our State of Content Marketing report, 78% who felt their content marketing strategy was exceptionally effective in 2021 had documented their strategy. (semrush.com)
External Links
How To
How can content marketing be started?
For businesses to reach potential customers and create leads online, content marketing is a powerful tool. You can connect with potential clients by sharing useful information on your products and services.
Content marketing encourages trust among customers, which leads to increased sales conversions.
You can start by creating a blog. Blogs are easy to use and allow you post new articles frequently.
This makes it possible for people to return often to your writings. You can also use social media sites, such as Facebook or Twitter, to share pertinent news and information.
YouTube can also be used to create videos. These videos can help educate viewers about your business.
Finally, you can create infographics using tools like Canva. Infographics represent data visually. They are great for explaining complex concepts and making it easier to digest information.
Your chances of reaching new readers are greater if you post more often and consistently.