The 3 Most Important Factors of Marketing Success


Your marketing plan can either make or break your business. However, of all the dynamic forces that can feed into you building an effective marketing plan, there are three key factors that determine marketing success: trust, targeted audience and budget.

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1. Trust

Many businesses believe that marketing should be an occasional effort. This is a big mistake. Before you implement your big marketing plan, build a relationship with the audience to whom you want to sell your product. Social media is a powerful tool you can use. Instead of trying to sell your products on social media, introduce them and initiate a conversation about them.

Today’s public has become increasingly knowledgeable about media messages. In other words, they know that the purpose of media messages is to persuade them to take action; hence, building relationships is more important than selling people. Most people no longer buy because they are told to do so. They buy because they know the product; they love it and believe in its value.

When you’ve built a good relationship with prospects, they will buy your product and become your regular customers without you sweating blood to convince them. It is easier for people to buy your products or use your services if they know you are trustworthy. 

Recommended reading: Why Reputation Management Matters for Small Businesses

2. Target Audience

Sending out marketing messages without first defining the targeted group is setting yourself up for failure. No business, small or large, can afford to be everything to everyone.

A successful marketing message is one that is created for a group of people with a distinctive need for a particular product. Once you find the demographic you want to target, you will be able to send messages that set your company apart from competitors.

And, if you decide to give away products to gain marketing exposure, make sure that your target audience can actually use this type of promotional product. No point in giving away stuff if they are going to chuck it in a drawer and never look at it again. 

If your target audience is well-defined, then your carefully crafted marketing messages are going to fall on receptive ears.

Recommended reading: How to Build an Effective Marketing Strategy: Ten Tips For Achieving Success

3. Budget

The main aim of marketing is to increase sales and ultimately increase the profit of your company. However, if your marketing budget is not strategically planned, you can end up losing money on your marketing which goes against this goal. Setting a well-determined budget means you will plan your marketing accordingly and aim to maximise your returns. It's not the amount of money you spend on your marketing campaign but how well it is spent and what return you are getting that matters. 

Make sure you set metrics for each marketing campaign you run and that you know how to measure those metrics. Be data driven in your marketing efforts, as this will ensure the budget is well-spent. 

Your company will only benefit from its marketing efforts if the budget is strategically planned.

Over to you now. What do you think has driven your marketing success? Tell us in the comments below. 

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Wednesday, 13 November 2019
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