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Know Your Business

Lesson 4 from: Digital Marketing Fundamentals

Salim Holder

Know Your Business

Lesson 4 from: Digital Marketing Fundamentals

Salim Holder

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Lesson Info

4. Know Your Business

Lesson Info

Know Your Business

Saving a clear objective is one of the most important things you can do to achieve highly effective marketing. Having no objective is like jumping into a car and driving 90 mph without having a destination. If you have no destination, how do you know when you get there, where you need to be, How do you know if you're taking the most efficient and or effective path? So the first lesson I will offer is analyzing your business, the current climate, key challenges, opportunities and threats. Here are two different frameworks and a few tools that can be used to assess your business and define your business objectives. The first is the Palmer method. One structured way to think about your business is the power myth. This method simplifies business goals into four categories. It's selling more stuff to more people for more money and doing it more often in business. We are always looking for ways to sell more stuff to more people for more money. More often, we're always looking to do at least ...

one of these, sometimes all of them. You'll need to review your business results and other analytical data to identify where you need to place most of your focus, analyze your current business results, profit category and competitors to determine if you're at a point where you need to get more people to buy your stuff. An example. Could be a graphic designer that creates amazing logos who started selling the t shirts and or other promotional items. A brand would print that new logo on to increase their revenue generated from current clients. Maybe you want to focus on more people getting more people to buy from you. An example would be a brand new e commerce store, may want to focus on getting more people to the store. You may also want to focus on getting more people to spend more money when they buy it from you. An online subscription service could seek to upgrade clients to higher priced subscription and finally, you might want to get people to buy from you more often, a company that sells sneakers may want to get customers to come back to the store more frequently by also offering cleaning surfaces on a monthly basis. So now let's look at a case study as an example. It's looked at Brooklyn coffee house and show an example of how a business challenge may cause the strategy to shift. So Brooklyn coffeehouse was having a tremendous year. Sales were up. The dining area was always packed with loyal customers who returned daily to complete their work and enjoy Brooklyn's best coffee at the time, Brooklyn coffee house was the only locally owned coffee shop in the neighborhood with enough room for people to sit down and enjoy their coffee while completing their work. As a result, many of the patrons would come and buy their coffee or tea work for hours at a time sitting at the tables in the dining room, but leave when they got hungry at lunchtime. If the ultimate goal is to make more money, then where should they place their focus? Take a second to answer that for yourself. Looking at the case study Brooklyn actually has two options. They can focus on selling more stuff, Brooklyn started selling sandwiches and other food to help satisfy the needs of those hungry workers that were leaving the coffee shop during lunch and experienced a significant boost in sales and customer satisfaction. Another strategic tactic they could choose would be to focus on increasing the money they get from each of their customer. In other words, can they find ways to monetize the use of the internet to get more money? An example is a company called go go guest installs, printers and coffee shops. So unique internet codes can be printed on the receipt, which allows coffee shop owners to enable usage of the internet specifically for those who've made a purchase, essentially adding an extra benefit for those who purchase products from them. Another framework is the purchase fund. The purchase funnel is a widely used framework designed to show how people progress from just becoming aware of a product or service to becoming actual advocates for new businesses with less history. Starting off identifying the most important step of the purchase funnel to focus your marketing spend can save a significant amount of wasted effort time and money. It can also be the difference between a modest improvement in sales and record shattering results. Let's take a look at the steps in the final, starting with awareness, getting people to learn and know about your product or service consideration is simply getting people to include your product or service in the list of items they would consider to purchase conversion is when they actually make the purchase or when they actually become or subscribe to your service retention, is they enjoy the initial experience and coming back to experience it again and when they become an ambassador, that's when they're telling all their friends about your product service. In other words, they are becoming brand fans. Let's take a look at another case study from a B to B company. This is a software company that sells office productivity software that can be downloaded directly online And they have seen a significant slow in sales over time. They've been around for years and have very high awareness among their key target audience. At one point they were known to be the best, but over time new businesses has improved their offerings at a much faster rate, which has driven a decline in their sales. A new management team has come and significantly improve the product offering. Now they're looking to drive growth based on the purchase funnel, where should the brand prioritize their focus, take a second, just to think about the answer would be increasing consideration. Now they're naturally they're going to have to drive awareness of the new updates to their new product, but they will need to do so in a way that gets buyers to reconsider purchasing another service. As it seems. Over time buyers have stopped putting their confidence into that brand and have considered buying other products instead of this particular brand. As the brand has improved quality and performance, they need to also improve that perception among consumers, which essentially is driving consideration. Here are a few other tools to help analyze your competition and your industry setting your business objective is largely about knowing where you want to go and what you need to get there. However, your business situation must also consider external factors like your competition. So here are three tools that can be used to gain better competitive intelligence, which can be used to hone in on your strategy while using these tools. It's important to answer what marketing tactics are they using? Who are they targeting? What tactics seem to be effective. What are the gaps in their marketing plan or strategy, are the things they could be doing differently or things are doing wrong? And finally, how do consumers feel about their brand or products? Here are a couple of tools. Similar web, similar web allows you to see how much traffic your competitor is getting to their website, where their website visitors are coming from, and it also allows you to learn more about their audience. Another tool, the ECM Rush ECM Rush allows you to learn about your competitors, search engine, marketing, their organic search rankings, keywords, back links and also other online advertising information. And finally, there's buzz sumo. Buzz sumo allows you to track conversations of competitors and consumers in relation to your brand or product category. Use it for help identifying what is working and not working in the category, know what your customers are looking for and what issues are most important to them. You can even use this tool to help you with your content strategy before moving to the next section. I want you to use one or two of the tools or resources that we just reviewed to gain some intelligence on your closest competitor and write down your key learnings.

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