If you are looking for an answer to improve your marketing strategy, you have come to the right place. Creating an effective strategy can make or break to your marketplace. With the possibility of gaining new customers, why not revisit your strategy? How can you improve upon what you have or have not completed? Let’s dive into 4 keys you must look out for in your marketing strategy to gain a competitive advantage.
1. Knowing Who Your Target Market Is.
When starting a new marketplace, understanding who your customers are is one of the most important steps. Having a great product or service is an important focus as well but without your target market, you will not know if it truly is great. If no one is buying into your marketplace you either have one of the two issues: Product/service is not what people value or you are simply targeting the wrong audience. With that being said, finding the right market for your marketplace can be difficult.
Where do they hang out? What gender are you targeting? What industry are they in? While those a just a few questions you must ask yourself, creating your buyer persona must be your first step. Think of your ideal customer and break down the details such as income, gender, and age. If you feel the need to dive deeper, you can go into their hobbies, favorite sports teams, or family size. That information may be useful depending on the industry in which your marketplace is.
2. Focus On Helping.
While money is the driving factor of any marketplace, it is important to understand that should not be the ultimate goal. It does help keep your site running but it will not keep you in business for very long. Put your focus on help your customers rather than placing money signs on each of them. Good businesses put the effort to grow through the human component rather than money. Take Airbnb for example. They don’t own any products nor do they have an eye catching website. They focus on the customer aspect and how they can make their experience better.
Hold weekly meetings with your team to help remind them of the mission and goals at hand. People tend to get money hungry and with success that tends to happen. Create the culture of helping your customers first and the rest will fall into play.
3. Bringing Value To The Table.
Sure you may have a great product or service but what is in it for your customers? How can they incorporate your marketplace to make their daily lives easier? You may be offering a marketplace for freelancers or storage space, but whatever the case is it must bring value to the table. Why should someone choose you over the competitors? What makes your marketplace stick out from the rest?
Make it clear and to the point what you can offer to your customers. Don’t go bashing your competitors but rather point out what makes your better. Focus on the positive aspects and get creative with it. You are not here to reinvent the wheel but rather to show how steer the wheel in the right direction. Get your marketing and sales teams together in order to work together and help educate your audience. Let your advertising and content help strengthen your case for being such a valuable product rather than relying heavily on sales pitches.
4. Dissecting The Analytics.
Having a marketing strategy in place and executing is one thing, but how do you know it is successful? Are people clicking, sharing, downloading, or liking the campaigns you are running? What type of responses are you getting with your CTR, conversions, or views? These are all very important to understand to see if all the hard work you have put forth is paying off. Spend the time to dissect the analytics by using free marketing tools such as Google Analytics.
What if you are not a big fan of numbers and think there’s more to it? Sure analytics is not for everyone but as a marketplace owner the job must be done by someone on your team. See what is producing the most traffic, generating the most leads, and where your visitors are coming from. Gain as much insight from your analytics as possible to help adjust your marketing strategy moving forward.
Don’t let marketing be the dull part of your marketplace. Spice things up, get creative, and more importantly have fun with it. Show the true character of your team and let the outside world gain trust to help persuade them to do business with you. I know I like to business with people I trust and sure hope you do as well.
Do you have any fun ideas or tips you like to implement in your marketing strategy? We’d love to hear what you have to say! Leave a comment below or give us a shout on social media. Happy Martin Luther King Day!