An undeniable fact is that the global market is a very competitive one for any brand. The make it or mar it is your ROI and that depends on how you bring to fore your competitive advantage.
The statistics reporting that the failure rate of all U.S. companies after five years was over 50 percent, and over 70 percent after 10 years is by no little means frightening.
11 percent of these failures have been adduced to no knowledge of suppliers, wasted advertising budget, and carrying inadequate inventory. Some of the mistakes the management has made that brought about these failures were lack of clear focus and lack of market awareness.
Your brand’s market penetration hinges on how your product or service is accepted, which culminates in the ROI you are making. This practically is a determinant factor as to your brand becoming a household name and making the necessary waves in the market.
It will be detrimental, annoying, and suicidal if you allow all the time and resources you have put into planning as a startup disappear into thin air because you didn’t do a proper marketing campaign.
You will make good with the following approach.
- Plan a good conversion rate
It’s absolutely necessary that you plan out a good conversion rate. Across industries, the average landing page conversion rate was 2.35 percent, but there are companies that have broken that record and are making conversion rates of 11.45 percent or higher.
You can’t afford to be complacent, that will kill your business. The companies that are making higher than the average are not resting on their oars. They are working tirelessly to improve and that means sending you packing from the market. They are working on taking over your clients and are ever ready to catch in on any slip from your side.
In the basics, aim at making more than one dollar for every single dollar you expend to put your product on the market. That is the least you can do and then work up from there.
- Adapt to changes
The strategy you use today may go stale tomorrow. You should be on top of the market. Don’t be afraid to carry out experiments with the view to strategize and re-strategize.
If you fall back because you are possibly making a good ROI, you will miss out on other good opportunities. The R&D section must be in tune with the advertising department for good potentials.
- Spread your net
The fact that one strategy is working out does not mean that you shouldn’t try some others. The best practice is to try out multiples of ideas and discard the lowest performers. Don’t make the mistake of putting your eggs in one basket.
- Give the campaign enough time
The marketing campaign shouldn’t be seen as a dash in and a dash out affair. You need enough time to ensure your product registers with the end users. It’s actually depressing when you are sinking resources into a project and it seems you are not getting the requisite response, you need to work out metrics to measure how successful your campaign is.
- Quality product
The market is an open field and people will definitely try out your product with the view of criticizing it. Ensure that what you claim about your product is actually what it is. You can’t afford to cut corners, that will be your undoing.
Don’t make promises you won’t be able to deliver on. It will be to your advantage if you hit the nail on the shed. The absolute understanding of your product cannot be underscored. A good tool to use in determining if your product is what you claim is the three R’s – recognition, repeat sales, and referrals.
- Know your consumer
The very old saying that the consumer is king, can never be taken for granted. Your consumer means everything to you. If your product is good and the message you are delivering is the best in the world, you are still very far away from the mark without the absolute understanding of your consumer.
The consumers’ needs, interests, and wants are supreme in whatever you set out to do. An entirely separate research team must be engaged to constantly brainstorm on their personae in order to gauge their feelings and reactions from time to time.
To be on top of the game you should endeavor to send across messages that impact on every aspect of the lives and spending habits of the consumers. Your message should be delivered at the appropriate time to enhance a positive response.
- Be abreast of the marketing compliance guidelines
The market may be an open or free space but you can’t just do whatever you want. There are guidelines put in place by the Federal Trade Commission (FTC), to protect the consumer, you must be abreast of.
If you run afoul of these guidelines and are non-compliant of the regulatory standards of both external and internal bodies, you run the risk of losing a huge chunk of money as fines, losing customers, and losing a good reputation.
If you are able to follow this approach you are assured of making a good ROI.
