Right Competitive Strategy by Knowing the Best
Marketing Medium for Your Business
Organizations need the right insights to prioritize investments on the best, most relevant marketing channel for their business. It makes sense to focus on specific channels considering most businesses and decision makers don’t want to spend excess money on testing if a certain marketing approach or channel works.
Finding the best medium goes beyond creating an effective competitive strategy on the ideal channel, it also includes unifying the customer experience between different mediums, as well. As your target customers interact with your brand through certain mediums, their connection to your business via a specific channel needs to be meaningful.
49% of organizations don’t have a defined digital marketing strategy and only 58% of marketer’s report that they're a success in achieving marketing goals. Though digital, interactive forms of new media are often emphasized in modern marketing strategies, traditional types of marketing mediums are still valuable, and may, in fact, be the smartest option for certain businesses.
With so many considerations, weighing various marketing channels and devising an advantageous strategy becomes entwined with the competition, and how your business can use the right medium to surpass them.
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Most Valuable Marketing Objectives
Though different industries, business models, and sectors need to implement unique marketing approaches and define the best medium for their goals, certain marketing goals are general to most businesses:
- Generating additional leads
- Automating processes
- Procuring an adequate budget
- Increasing and improving brand awareness
- Growing web traffic
- Increasing sales revenue
- Improving lead quality
Additionally, while there are many promising mediums available, business need to choose the ones that are producing profit and generating quality leads so that they can market with confidence.
Companies have to take steps to ensure that there’s not a disconnect between marketing investments and marketing results with data-driven information that’s turned into actionable insights that will have marked outcomes in campaigns.
Other Factors to Consider
Choosing the most lucrative and engaging marketing medium helps define your competitive advantage and address the appropriate target audience. There’s no “gold standard” when it comes to marketing strategies; it’s dependent on identifying the right channels to pursue based on concrete data and analytics.
B2B vs. B2C Mediums
B2B and B2C traditionally adopt different approaches to marketing, as specific mediums better reach intended audiences than others. Both consumer and business facing companies need to ensure that their marketing mediums, such as SEO efforts, digital marketing, and web presence, work together to transform strategy into revenue.
- B2B The Content Marketing Institute released a study indicating that B2B marketers find that developing content marketing by focusing on creating shareable content, and a documented editorial strategy is extremely effective. However, email, organic search, whitepapers, webinars, are also effective for generating leads and increasing revenue.
- B2C Customer-facing companies tend to focus on personalization and adopt aggressive social media and mobile marketing strategies. Email marketing, online advertising, product placement, pay per click, and mobile advertising, also produce desirable results.
Know Your Customers
Certain channels appeal more to different customer demographics. Many businesses are attempting to direct their marketing strategies to appeal to a consumer segment, like millennials. It’s important to know your audience: who they are, what they like, and how they interact with different channels.
Understand Your Competitors
Analyzing your direct competitors and understanding which marketing mediums have been successful or unsuccessful for them is crucial to employing an intelligent marketing strategy.
Companies need to track and analyze multiple areas of competitor marketing strategies, like website traffic, social media, display advertising, and search traffic and keywords, to help inform your strategies.
Improving Marketing Strategy Effectiveness
Businesses need to bypass popular marketing trends and be selective of the type of mediums they adopt when developing their competitive strategies so that they can maximize customer bases, sales, ROI, and lead generation.
Overcoming the challenges of devising successful marketing tactics is easier with the support of the experienced market research analysts at Research Optimus (ROP). To gain the best results from your marketing medium, ensure you’re getting the best insights, with the objective market, competitor, customer, and advertising research from ROP. Contact us today to explore how we can help developing the marketing strategy you need to stay ahead of competition.
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