You might have an amazing product, an incredible service, or the greatest idea for a cool new business, but without the right marketing, people might never get the chance to hear about it. In today’s saturated market, it’s easy for even the best of businesses to remain undiscovered.
That’s why marketing is crucial to the success of any business. If you are launching a new business, follow these expert tips on how to market a new product or service:
- Know your audience and how to reach them.
- Be active on the right channels.
- Share valuable content.
- Track the budget and ROI.
- Hire an expert.
1. Know Your Audience and How to Reach Them
The first step to any effective marketing strategy is always to identify your audience. Your marketing efforts won’t do much if you don’t pinpoint the type of person you are trying to reach.
Start by developing a buyer persona—a semifictional representation of your ideal customer, including their background, demographics, interests, challenges, and goals. When you understand who your target customer is, how they spend their time, and what your business can offer them, you will be in a much better position to reach your audience.
2. Be Active on the Right Channels
Once you know how your audience spends their time, you can easily select the best channels in which to focus your marketing efforts. Here are a few of the common marketing channels to consider:
- Social media
- Google Adwords
- Email marketing
- Search engine optimization
- Content marketing
- Advertising
- Public relations
The channels you choose will depend on the nature of your business or service as well as the habits and preferences of your target audience. When starting to market your business, begin by prioritizing a few channels that seem the most promising before adding others.
3. Share Valuable Content
The next step is to capture your audience’s attention with the type of content they are interested in. Here are some best practices for making sure the content you share is worthwhile:
“What’s in it for me?”
When it comes to scrolling through an Instagram feed or browsing the web, assume that everyone is silently asking, “What’s in it for me?” Instead of merely talking about your service or product, show your audience how your product or service will benefit them. When people see how something applies to them, they are much more likely to pay attention.
80/20 Rule
If all a business does is promote itself, no one will be interested in hearing what they have to say. The best way to attract your audience’s attention is to offer content that will be helpful for them. For instance, if you have an interior decorating business, publish ideas for color palettes, new trends in furniture, and ways to save when redecorating a home. This will attract people who are likely in need of an interior decorator.
A good rule-of-thumb is to follow the 80/20 rule: to have 80 percent of your content be helpful and only 20 percent be promotional.
Tell Your Brand’s Story
Stories can have a powerful effect on people, and people often tend to think in terms of stories. That’s why storytelling marketing is proven to be an effective method for presenting a brand. A good story should include a hook, characters, a conflict, obstacles, and a resolution. This storytelling can take a variety of forms, but in all cases, your audience should be able to relate to the story, and your product or service will be the ultimate happy ending.
4. Track Budget and ROI
Effective marketing involves maintaining a cost-effective budget while still investing in activities that will prove profitable for the business. New and small businesses must be especially mindful of their budget and which marketing activities they should prioritize.
If you have a new service or business, consider starting with free marketing options when available. At the same time, be willing to spend money where it matters, such as paid ads that might give your business the initial boost it needs.
Throughout the process, continually monitor the ROI to see which efforts are performing well and getting the desired results. Focus on the things that are working, and reduce the time and money spent on things that are not.
5. Hire an Expert
New services or businesses might consider outsourcing their marketing to a credible third party. Marketing one’s own product or service can take up a lot of time, which can be reduced by outsourcing to marketing experts.
Stage Marketing is a fitting option for new or small businesses that want to ensure their budget is being directed to the right activities. Stage Marketing offers complete transparency in time spent and activities performed as they work with companies to determine the most effective custom marketing solutions for the business.
Don’t let your amazing new service or product go to waste by neglecting the marketing efforts that will get your business seen. Today, marketing is a critical part of what it takes to run a successful business. If you are looking to market a new product or service, contact Stage Marketing today.