So, you’ve just developed a new revolutionary product and are now ready to take over the marketplace. All of this is fine, but if you don’t have a clear strategy on how to get customers, you will struggle to make a mark and your venture will eventually fail. And if you’re still unfamiliar with online marketing, getting familiar with all the different marketing methods out there and knowing where you should put most of your efforts can be a challenge.
Know Your Target Market
You can’t afford to have a ‘build it and they’ll come’ mentality in this day and age. Too many people focus on building a fancy website with all the bells and whistles, and just assume that the masses will come flocking. With all the tools available today, you can expand much further than just your local market, but only if you truly understand the market. So, make sure that you know everything there is to know about your target market first before you start working on any strategy.
Know the Difference Between Inbound and Outbound Marketing
Before you start, you have to know the difference between marketing approaches so you know which one will fit your business model the best.
Inbound marketing is about luring people in by publishing valuable content and letting them come to you instead of you actively pursuing them. You can do that by creating content that answers their questions and solves their problems. Once you have them on your site, you can gather their information and start building a relationship with them.
One of the great things about inbound marketing is that you’re not hard selling anything and are presenting yourself as an actual resource. Leads acquired that way also tend to be more valuable and often turn into long-term customers. However, creating and finding valuable content that will be targeted for your audience can be costly. And it can take more time to get results.
If inbound marketing is like trapping, then outbound marketing is more like fly fishing. You throw your lure in the water hoping something bites. Outbound marketing is probably the most common form of marketing and has existed from the year dot. An example of outbound marketing is starting email campaigns to gather leads and following up with cold calls.
If you’re in the B2B business, then directly interacting with your audience through trade shows or meetings face to face is essential. However, depending on your product, aggressive marketing may actually deter your core audience. That’s why it’s essential that you understand your target market first to know which approach would work the best.
Have a Clear Plan in Place
Now that you understand your market better and have decided on the approach you’re going to take, it’s time to start on a plan. Without having a clear plan in place, your efforts won’t be properly targeted and you’ll have more of a challenge tracking your results. It would be wise at that point to consider working with a B2B sales and marketing firm that will help you build a solid roadmap for your future marketing efforts.
And if you plan to expand, it would also be wise to start looking for outside capital. A B2B venture capital firm will be able to secure financing for you and give you advice on your expansion plans. They may also be able to give you an idea of whether your project is viable or not before you spend your money for nothing.
Understanding how to build an efficient marketing plan is essential if you want to branch out and build your brand both locally and internationally. Make sure that you follow these few instructions and also consider working with professionals who will be able to guide you through the process.