6.07 – Level Up Your Marketing
Engaging influencers in your business category is crucial for expanding your reach beyond current customers and prospects. Influencers can be direct or subtle, obvious or hidden, but they all play a significant role in shaping consumer decisions.
Influencers come in many forms and are often highly trusted sources that people turn to when making purchasing decisions. According to Nielsen’s global trust in advertising surveys, 89 percent of consumers trust recommendations from people they know, making it the most influential source. Additionally, 70 percent of consumers trust online opinions from strangers, highlighting the importance of building strong online communities and encouraging satisfied customers to share their experiences.
Understanding Influencers
Consumers tend to trust editorial comments from influencers more than direct advertisements. Therefore, it is essential to choose your influencers and the delivery methods of your messages across their channels carefully.
Monitoring and Reacting to Trends
Studying market trends helps you understand the influences on sales that are beyond your control, allowing you to manage resources efficiently. When analysing trends, consider the following:
- Market Size: Is your buying population growing or shrinking? Do you need to explore new markets?
- Transaction and Customer Value: Are the value of each sale and the annual value of each customer increasing or decreasing? Should you consider adding complementary products?
- Functional Alternatives: Are alternative products gaining prominence and sales? Do you need to address these comparisons in your messaging?
- Economic Indicators: What are the signs from economic indicators such as housing starts, sales, unemployment, job growth, and wages? How are these expected to change in the coming year or quarter?
By noting current and future market indicators, you can plan accordingly and avoid excess inventory if you foresee a shrinking market or shifts in discretionary spending.
Developing the Customer Experience
Your marketing plan should focus on the overall customer experience. When products and prices are similar to competitors, the experience you offer can set your brand apart.
Customers often value how they feel when doing business with you more than the prices or benefits you offer. Reviews on Google, Yelp, and other sites frequently highlight the service received, the attention and concern shown by employees, and other experiential aspects over price or product features.
Key Elements of Customer Experience
Focus on the following elements to elevate your customer experience:
- Customer Service Protocols: How you respond to missed expectations, product issues, repairs, technical support, and troubleshooting needs.
- Purpose: How you involve and engage customers in your culture, values, and causes.
- Communities: How you bring customers and prospects together to form supportive groups that align with your brand and create bonds around similar values, product experiences, and causes.
Using a project management software tool can help you map out action items, costs, timelines, task owners, and results. This provides a single point of view on the impact, cost, and return on investment (ROI) of your marketing programs.
By leveraging influencers, monitoring trends, and enhancing the customer experience, you can level up your marketing strategy and drive long-term success.
