Solid online presence is a must for any modern company looking to succeed. However, many of them fail to make the proper first impression or capture their share of the market due to several common mistakes that are well-known to experienced marketers. Here are the top 6 ways to make the most out of your industry online
- Learn more about the recent failure stories
The best way to avoid widespread mistakes is to study how other people make them. As online engagement metrics and other analysis instruments become affordable even to small businesses, there is no justification for not exploring the key trends and failure patterns in your industry before launching an expensive marketing campaign. ‘Learning from the worst’ protects you from the survivorship bias obtained from reading multiple ‘industry success stories’.
- Keep your enemies even closer
At this point, you may want to take a closer look at your competitors. While you strive to be better than them, knowing their key strengths and limitations may be valuable to make your marketing proposition far superior. This is especially important if you want to target the same segment of customers or engage in a rivalry with a more resourceful competitor.
- Know your customer
With that being said, you do not get your profits from your competitors or marketing critics. Establishing effective social media communication with several industry experts and influence agents is a necessity if you really want to learn more about your customer needs and the ways you can address them.
- Beware the disruption
Remember the time when Kodak ruled the camera market and you could not rent a room without an estate agent? It only takes a single disruptive technology to cast down yesterday’s leaders from their thrones. Make sure that you are constantly monitoring the most recent developments in your industry and maintain contact with several experts who can inform you about such trends in advance.
- Steal like a frugal artist
Another interesting option is to become a disruptor yourself. The frugal innovation approach takes top-notch innovative solutions from one industry and applies them to the companies lacking money, resources, and competencies. While this surely looks like a high-risk gung-ho strategy, a small B2B enterprise using affordable big data processing solutions may get a 1,000% boost in customer satisfaction within several months, which is well worth the risk.
- Find your niche
While many industries are already small in scope, there is always a way to go even deeper. Imagine yourself standing in front of a crowd without a microphone while trying to speak to all of them simultaneously. If you lack the financial resources to buy equipment for hosting a Live Aid show, your next best option is to find the 10 most interested listeners and communicate with them exclusively. Similarly, finding your niche instantly cuts down your marketing expenses and makes your customer communication deadly precise.
No two industries are similar to each other and you may need to perform a thorough analysis of yours to identify which of these methods work best in your case. As soon as you test all available options, you will be able to develop your own marketing strategy that makes your company different from other brands.
Ellie Richards is an online Marketing Manager for PhD Writing company Original PhD. She specialises in research, content and article writing on various topics, including Education, Marketing, and Technology.