Increasing sales, revenue, and profits are common goals for businesses. After all, a business that doesn’t make money is not a very good business and won’t last long in today’s competitive market. But how do you boost your earnings? There is no simple answer to this – how much your business earns depends on a multitude of factors. However, there is no denying that marketing plays a key role in your profits. That is why you need experts like Movers Development who can help you improve your strategies and thus grow your business. But marketing is a multifaceted tool and not every aspect of it is equally relevant for every goal. So, it’s important to focus on the aspects of marketing that can boost revenue if that is your goal.
Which aspects of marketing can boost revenue?
Marketing is a very broad term that encompasses many diverse practices. Things as diverse as event planning and supply chain management can both fit under the term marketing under the right conditions. In order to better understand the different practices that marketing includes, we tend to divide them into six major aspects of marketing:
- marketing strategy: there are many different ways to advertise a business and not all are equally suitable in every situation; so before you start doing anything, you must decide on a plan
- market research: you won’t know what type of marketing your business will profit from until you know what the market is like, who your competition is, what they’re doing, what the customers are responding to
- digital marketing: increasingly important in this day and age, digital marketing can make a huge difference through your website, social media, e-mail campaigns, search engine optimization, and other practices
- corporate sales: in most industries, business-to-business sales are not something you can count on regularly; but when they happen, they are typically huge orders that bring in a lot of profit
- branding and advertising: creating a distinct image for your products or services and communicating it to your customers properly will introduce the audience to your business, gain new customers, and create a loyal customer base
- retail marketing: distributing your products to retail stores and convincing customers there to purchase them is the traditional way to do business marketing
All of these aspects of marketing can boost sales and revenue when employed properly. However, some will do it better than others.
Focus on these four aspects of marketing to boost revenue
Of the six main aspects of marketing, four are more closely tied with increased revenue: marketing strategy, market research, digital marketing, and branding, and advertising. Unless you’re a business that specializes in providing services and products specifically to other businesses, relying on corporate sales alone is a mistake. They aren’t common enough or valuable enough to be a solid strategy.
Similarly, retail marketing cannot be your only goal nowadays. People rely on the internet more and more. With the COVID-19 pandemic, many of us are avoiding going to stores at all. When we’re there, we try to get our shopping done quickly. So you want to sell your products in other ways instead.
#1: Marketing strategy
The first step toward success is planning. This is true in almost every situation. And it is certainly true when you’re embarking on a complex task such as marketing a business. So take the time to plan out your marketing strategy. Ask yourself:
- What are you trying to sell?
- Who is your target demographic?
- How can you reach your potential customers? How can you get top moving leads and convert them into sales? What’s going to set your products apart from other products on the same shelf?
- What are you trying to achieve with this campaign? Is it more profitable? Or a loyal customer base? Or maybe something else entirely?
Answering these questions will help you decide on the individual steps you need to take with your marketing. If you’re running an e-commerce business, for example, you’ll want to focus your efforts on digital marketing. If you notice that you don’t have many return customers, you may want to focus on your existing customers and figure out how to retain them. Promotions, offers, bundles, and similar changes in pricing might be a good idea when your business is not doing so well. But how will you know what the right strategy is?
#2: Market research
Market research will help you figure out what your customers like and don’t like. It includes analyzing your own sales, looking at trends in the industry, and examining your competitors’ strategies among other things. All this information will tell you things like average prices for similar products and services, what you can expect from certain types of marketing, which goods and services are often sold together, where most of your customers are coming from, and so much more. All this information will inform your decisions regarding marketing strategy and business development. Use them to guide you.
#3: Digital marketing
An excellent tool of the modern world, digital marketing allows you to reach vast numbers of potential customers very easily. You can create online content about interesting topics that leads people to your website, use search engine optimization to appear on the first page of Google searches, spread the word about your business on social media, target certain demographics for advertisement by partnering with the right websites, and more. With more than half of the world’s population spending more than three hours a day online, this is where the future of marketing lies.
#4: Branding and advertising
The way people perceive your products, services, and business is going to affect your success. You want to be associated with good things, talked about as a leader in the industry. You achieve this through branding – creating a specific positive image about your business in the mind of your customers and the general population. These days, branding is easier and more effective than ever. Use social media like Instagram or Facebook to post about social causes you support, interact with your customers to show how much you care about them, or use your platform to educate on important issues. People are more like to buy from businesses they like. So make them like you!
The proper way to employ the aspects of marketing that can boost revenue
The four aspects of marketing that can boost revenue don’t exist in a vacuum. So you can’t use them in a vacuum either. Instead, you’ll want to use all of them, combine them, let them affect each other. Your market research should inform your marketing strategy. The marketing strategy should include plans for digital marketing. Branding and advertising should be a part of your digital marketing. All of these are interconnected processes. And they’re not static either! Things change, so don’t be complacent. Do regular market research and update your strategies accordingly. That way, you will always stay relevant.