We have grown several small businesses leveraging these marketing success factors
At Convert, we have successfully worked with several small businesses, transforming them from zero revenue into profitable ventures. Despite being in different industries, these businesses shared several marketing success factors in common that propelled them to a profitable growth state.
What are these marketing success factors?
We will outline these marketing secrets and illustrate them with examples below:
1- Build a Robust Strategy
At this early stage, having a robust strategy in place is essential. Whether built by the team, owner or through consulting a specialist, it lays the foundation for success.
- Identify your target audience: brainstorm with the team, what traits, demographics, and interests your audience has.
- Understand their behavior and needs: put yourself in the shoes of your target audience, and try to understand their behavior and needs. If you have few customers, try to sit with them and understand furthermore.
- Determine product/service positioning and establish success factors: Determine your positioning in the market, to achieve brand resonance and establish success factors for your product/service.
- Develop a marketing funnel: develop and optimize your marketing funnel, to drive the most efficient conversion rates.
- Define channels and prioritize customer experience: define your prioritized channels, and optimize your customer experience in every single interaction across your defined funnel.
For example: we determined the target audience and have positioned our client Swim Jordan clearly and have cascaded our funnel, channels, marketing strategy and content to become a customer centric swimming academy.
2- Invest In Your Brand
One of the most valuable pieces of advice we give to our clients is that you need to invest in your brand. Your brand is something that sticks with you, creates the first feeling and impression with your customer; and this interaction is considered the most crucial interaction that sets the tone to the subsequent interactions.
Your brand should be able to resonate with your target audience and your brand positioning, and if these three elements resonate with each other; you will immediately feel the difference and the connection with your customers.
For example: we developed an aggressive, prestigious brand, for a tennis academy that targets outdoor enthusiasts that wish to play an expensive yet competitive sport, positioned to be the leading academy in tennis in Amman, Jordan.
3- Maximize Your Customer Lifetime Value
Customer lifetime value is defined as your total revenue from your customer over time, and here you are right; we are talking about retention and upselling.
In fact, one of the most agreed-on statistics is that it costs you five times more to convert a new customer rather than converting an existing customer.
Hence, you need to focus on maximizing your customer lifetime value in these three aspects:
- Benefit of your customers’ word of mouth and referrals: build means to encourage customers referrals and positive word of mouth. For example, you can build personal relationships with your customers to encourage them to help you out.
- Optimize your customer experience: Your customer experience is the most important asset when it comes to CLV; everything depends on it. You would want to create an experience that is memorable and attractive.
- Upscale your retention and upselling: build and sustain creative methods to retain your customers quickly or upsell them. These customers already trust you and have had a good experience; leverage that trust and experience for your own favor.
Conclusion
These are some invaluable marketing success factors, learnings and insights we have gained at Convert that can significantly impact your business but are often overlooked by small business owners.
If you are seeking seasoned marketing experts that can elevate your small business, Convert is at your reach by: info@convertjo.com
