How does marketing drive the growth and long-term success of your business? That's the topic of September's edition of the 6PM newsletter.
Branding is all about establishing desirable perception about your business. When you hear "Apple", "Nike", or "Tesla", do you have a distinct image and feeling that immediately comes to your mind? That’s their brand. That's your perception about those companies. That what separates them from their competitors.
According to Jim Collins and Jerry Porras in their book, Built to Last, those companies that last several decades are clear on their core values and core purpose. In other words, they have a distinct brand. In his New York Times best selling book, Start with Why, Simon Sinek emphasizes that knowing your “why” is critical for your business’s success because people buy from your “why”.
Marketing contributes to the growth of your business by creating desirable perception about your company which influences your target audience’s purchase decision now and in the future.
There were 31.7 million small businesses in the United States in 2020. The number grew by 3.15% from the previous year and grew by 7.09% over the three-year period from 2017 (Source: Oberlo). What makes you stand out in this extremely crowded market? What differentiates you from your competitors and what makes you more desirable? I’m sure what you offer (products or services) is excellent. I’m sure many of your competitors’ offers are excellent too.
To stand out in the crowded market, according to Michael Hyatt in his book, Platform: Get Noticed in a Noisy World, you need both a compelling product and a significant platform. And these two are what your business requires in order to create a competitive advantage in today’s hyper competitive environment. Product/offer development and platform building are marketing’s responsibility and how marketing contributes to the business growth.
Platform here means your own “place” where you can communicate and connect with your target audience and stand out from the crowd. A website and social media are basic platforms most businesses have. Creating a platform (such as creating a website and social media accounts) is easier than ever before. But because of that very fact, building and and managing a “significant” platform is becoming harder.
Where to start? Use the 6PM (6-Pillar Marketing) Framework to figure out the most effective and efficient ways to build your significant platform. Some of the ways you can build that significant platform are content marketing, SEO, and event marketing. Refer to this blog to learn more about the 6PM Framework: The 6PM (6-Pillar Marketing) Framework: the What, Who, and Why.
Another way marketing contributes to the growth of your business is by putting customer experience first. Customer experience should be part of marketing’s responsibility and it should be an important one. People expect a great buying experience. When marketing owns customer experience, your business can make sure there is a coherent experience from the first moment they are introduced to your brand to the purchase and post-purchase stages.
A great experience matters in the beginning of the customer journey because you have just a few seconds before you lose your target audience’s attention. People’s attention span is less than 8 seconds these days.
A great experience matters in the middle of the buying journey because most of the education and evaluation stages of the buying journey is done without talking to a sales person. While they go through their buying journey, they compare the experience with your brand to that of your competitors. If you aren’t providing the experience that your target audience is looking for, somebody definitely is.
A great experience matters at the end of the buying journey because there never is an end. Providing a great experience to your existing customers leads to more business earned from them and referrals from the happy customers.
MarTech is $122 billion industry and it is growing by 22% year over year. Investing in marketing technology is becoming more and more necessary if you were to enhance your customers' experience with your brand, lower your customer acquisition cost, and gain efficiency with your demand generation effort. The question is how to know which marketing technologies are the right fit for your organization.
Join the workshop to understand the roles marketing technologies play in achieving your business objectives and how the 6PM (6-Pillar Marketing) Framework for MarTech can help you identify the right MarTech investment for your organization.
When: 11:30am - noon EST on September 23rd, 2021
As always, thanks for taking a peek at the 6PM Newsletter. I hope the content I share on this monthly newsletter is helpful. If you have any questions or topics you want covered in future newsletters, please drop me a line. I would very much appreciate it.
Mihae Ahn, MBA | Director of Marketing, ProServeIT | Connect with me on LinkedIn