Tag: #DevelopStrategy

#DevelopStrategy – Relationship Marketing vs. Lead Generation



Marketing strategies are not created equal. While everyone has a perspective on which is the most effective, two common ones that get lumped together are “relationship marketing” and “lead generation.” These two marketing strategies are not the same thing.

Relationship marketing involves the use of “direct response” campaigns that emphasize customer retention and satisfaction. This type of marketing strategy creates a bond with the customer through narrow market targeting, tailors offers to their customers, and usually demands a response that can be tracked by the marketing team. This typically requires an email address so that the company can contact the individual directly for exclusive offers, maintenance follow-ups, and unconverted leads. Relationship marketing is about the long-term value of a loyal customer and the connection that can be built beyond typical ads and generic sales promotions.

Pros:

  • Allows companies to tailor taste profits based on the customer’s preferences, activities, etc.
  • Focuses on customer satisfaction
  • Increased customer retention by enriching the purchasing experience
  • Brand loyalty becomes more commonplace
  • Referrals come from loyal customers


Cons:

  • Cost of acquisition is steep at the beginning in both time and money
  • Slow-moving marketing platform that requires patience as referrals build
  • Networking, not everyone’s forte, is a central piece in developing business relationships


Lead generation, however, focuses on the sales lead side through newsletter sign-ups, marketing referrals, events, etc. This is a key part of the purchase funnel method and is associated with pipeline marketing. It’s less personal than relationship marketing, but very effective in gaining new potential customers. Lead generation usually requires an opt-in of some type. Examples include landing pages, online surveys, and brand specific opportunities. Like relationship marketing, lead generation requires an email address to convert leads into customers.

Pros:

  • Build a list quickly
  • Ensures that your clients and customers want to be there (opt-in)
  • If combined with a sales funnel, this method can run itself via newsletter drip campaigns after the initial set up


Cons:

  • A relationship isn’t really built until they “opt-in” to something you offer
  • High turnover rate
  • If done poorly or in a sleazy manner, this can destroy your reputation (Don’t offer something you’re not willing to follow up on!)

Both relationship marketing and lead generation have their strengths and weaknesses, but the best marketing strategy involves a combination of the two. Ensure that you track the results for each style so that you can adjust your strategies as needed to ensure a long-term quality experience for both you and your customers.

The team here at The Social Media Advisor prides itself on developing their business through relationship marketing but also comprehends the value of lead generation and prospecting. A healthy balance of both can be extremely valuable for any small business. Want to find out more? Contact me to book a discovery call to find out how we can help you #BeAwesome with your marketing strategy. 



~ Social Media is changing the way people do business.  Don’t get left behind ~ 


Be sure to Follow us and Let’s Engage!

Hollie Clere of The Social Media Advisor is a “#BeAwesome” Developer, Social Media Brand Builder, Content Manager, Trainer and Author in LinkedIn, Facebook, Twitter, Blog, Google+, YouTube, Pinterest, Instagram and the tools to manage them.


#Develop Strategy – Why Strategy in Your Marketing is Important

When you are running a small business it can be difficult to maintain all the different facets of running a successful company. Owners need to manage the work, the clients, the numbers, the team, and the marketing. It can be both daunting and overwhelming. Many entrepreneurs and business owners simply overlook marketing due to a lack of time, energy or experience. However, business growth is dependent on your marketing strategy. 
Business Plan
First, you need to have a plan. The more detailed your plan the easier it will be to set measurable and achievable goals. Your plan should incorporate what you intend to do during the year – the amount of work, the level of profit, staffing, expenses, purpose and messaging. Leave no rock uncovered when you sit down and develop your plan. This will include your marketing strategy for the year. 
Branding & Storytelling
What a lot of business owners don’t understand about their brand is that it exists whether you develop it or not. How the public views you, and your company, makes up the elements of your branding. Owners that ignore this fact will find that the public has 100% control over how their work is perceived. Smart companies understand the power of creating a business message – a method of storytelling for work – that projects the image that business owners want their staff, clients, competition and the general public to associate with their work. Understanding your own brand and company story is the first step in developing a marketing strategy.
Target Audience
We no longer live in an age where we market our services to everyone. Traditional advertising is slowly becoming a marketing tool of the past. Why? Because it is ineffective to sell to a wide group of people without narrowing down the demographics. Want an effective marketing strategy? You need to hone down exactly the type of people that make your ideal client. The time and effort involved in sales and marketing should be utilized only in areas where your target audience works, plays and relaxes. If you don’t have a picture of your ideal client, then you need one right away.
Types of Marketing
Now that you know your message and where your clients hang out, you need to determine the types of marketing that will be most effective for what you do. This will be different for every business. The variety of marketing options feels endless. This list alone will have your head swimming. 
In 2016, online marketing is the place to be. This means social media marketing and content marketing are huge right now. Building a mailing list (or funnel) is another area that many marketing experts say is essential for your business. Developing content and booking stages is a type of marketing as well, called influencer marketing, and can be quite effective for establishing expertise and presence. Relationship marketing is a great way to build a village of partners that are invested in you and what you do. 
This article showcases a study that proves the younger generation does utilize social media when it’s time to make purchasing decisions. Another reason that demonstrates how knowing your audience is vital. 
Marketing Plan
Having an editorial schedule with goals and focus for your content, messaging and social media is practically essential.  If you are not certain which direction to take, do some initial experimentation. For instance, you can concentrate on one type of content or platform each month, while maintaining your other marketing channels.  If you switch it up and continue focusing on different platforms over a 3-6 month period, you can see which platforms are doing the best for you and get a better understanding of each option. 

If you know one choice will work well for your business, focus your energies on developing that area first and then slowly begin incorporating other channels. Often it’s better to do one thing well than to do a variety of marketing tactics on a sub-par level.
Networking
Networking is another way to grow your circle of connections.  You can do this both on- and offline.  Recommendations back and forth are extremely beneficial.  You can also reach out to your network if you have questions about how to get the most out of your marketing, social media platforms, content and emails.  You might have a connection who is masterful in a certain aspect of marketing you are you’re interested in.  You and your connection might work in the same industry, but have different niches.  If you both have blogs, you can refer to each other in your content. This is a great way to develop both referral and power partners for your business, not just new clients!
The best advice is to have fun!  Think of your marketing strategy as an adventure.  You will learn so much about how you want your business to look, feel and present itself to the world. 

Having trouble creating your company’s story? Don’t have a clue how to put together an editorial calendar? Just don’t have time to deal with all the little tasks involved with staying on top of your marketing strategy? Give the team at The Social Media Advisor a call – we specialize in small business marketing strategy development!

~ Social Media is changing the way people do business.  Don’t get left behind ~ 


Be sure to Follow us and Let’s Engage!

Hollie Clere of The Social Media Advisor is a “#BeAwesome” Developer, Social Media Brand Builder, Content Manager, Trainer and Author in LinkedIn, Facebook, Twitter, Blog, Google+,YouTube, Pinterest, Instagram and the tools to manage them.

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