Business marketing is a process of identifying and promoting products or services to meet the needs of a specific audience. It can be used to increase brand awareness, drive sales or develop new business opportunities. Business marketing is an integral part of any company’s growth strategy, regardless of size or industry. While larger businesses often have departments dedicated to business marketing, smaller companies can utilize a number of marketing tactics to achieve their objectives.
Whether you operate a physical storefront, have an online-only business or manage a hybrid of the two, you need to actively market your company’s products and services in order to grow. Getting in front of potential customers is the ultimate goal of all marketing efforts, and there are a number of ways to do that without breaking the bank.
1. Define Your Audience
Figure out who your customer base is, and then create targeted marketing messages that resonate with them. This step is important because 66% of business buyers say they expect companies to understand their unique needs and expectations. 2. Understand Your Market Dynamics
The business world is constantly changing, and understanding what those changes are can help you stay competitive. The best way to do this is through research. Look for information online, call competitors or survey your existing customer base to gain insight into what your market looks like. 3. Establish Your Value Proposition
Create a compelling reason for a customer to buy your product or service over that of a competitor. This requires a deeper understanding of the customer base, including their demographics, purchase patterns and preferences. 4. Collect Feedback
Business owners should listen to their customer base and then use this feedback to improve their offerings, service levels and overall product experience. This step can be done by creating customer surveys, using social media and email, or leveraging tools from companies such as Salesforce and Campaign Monitor.
5. Promote Yourself
The easiest way to get in front of new customers is through advertising. Consider local publications, online advertising networks or pay-per-click (PPC) advertising programs as avenues to promote your business and reach your target audience.
6. Encourage Referrals
Encourage existing customers to spread the word about your business through social media and by providing incentives for them to do so. This step can be as simple as offering a discount on their next purchase or a free gift card.
7. Establish a Loyalty Program
It costs five times more to attract a new customer than it is to keep an existing one, so it’s essential to take care of your current ones. This can be done through loyalty rewards, referral programs and other similar initiatives. It’s also a good idea to regularly send emails with valuable content such as tips, advice and news about your products and services. This keeps customers engaged and shows that you care about them.