Marketing is often at the forefront of the success and advancement of any business. In fact, it would be correct to say that marketing is one of the dimensions of the competitive advantage businesses look to gain over their competitors. The best part about marketing is that it offers indefinite room for creativity, innovation, and experimentation. Marketing is a perfect blend of art and business strategies after all!
It is interesting to note that in recent times, the marketing budgets of business ventures have seen augmentation. To validate, in accordance with insights from WebStrategies, average marketing budgets have now increased to 11.3 percent of the total budget of enterprises.
The above insight indicates that businesses are now acknowledging the relevance and prowess of marketing. They are now looking at effective marketing as one of the most critical factors for success. What we also need to realize here is that marketing is a dynamic field and trends change from time to time. The objectives and best practices of marketing today may be a lot different from how things were two years ago. Besides, in the near future, the dynamics may change again. What do you think are some of the most salient objectives of marketing in contemporary times?
This blog highlights the most crucial marketing objectives that businesses need to pay heed to in order to survive and thrive. Besides, there are also some vital recommendations on the ways in which you can drive great outcomes with respect to your marketing objectives. So, without much ado, let us get started.
Key objectives of marketing in contemporary times
Enhanced brand awareness
Every brand loves to enhance the popularity and awareness of its products among consumers. You would be fascinated to see your brand being more recognizable and famous amid your relevant target audience, wouldn’t you? Given that, adding to brand awareness among consumers perennially is among the top-notch marketing objectives.
As more and more people become aware of your brand and its products, there will be massive amplification in brand equity, word of mouth marketing, valuable leads, and sales. Having said that, more and more people need to know what your brand is about and what unique selling propositions it has in terms of products and services.
How do you think you can make your brand more recognizable to customers? Needless to say, you have to market it in excellent ways! One brilliant idea for enhancing brand awareness is to undertake influencer marketing strategies. Remember, there are billions of active users on social media! Famous influencers with millions of followers can make people more familiar with your brand and products in a viral way.
You already know how influencer marketing has flourished in recent times. In fact, the influencer marketing domain is booming day by day in terms of size and budget. More and more brands are joining hands with famous social media influencers to optimize brand awareness. Besides, businesses are now allocating a larger part of their marketing budget to influencer marketing. To substantiate, as per Bigcommerce, 18 percent of business ventures are spending USD 100000 to USD 500000 on influencer marketing. Well, that is huge!
Therefore, it is time that you start leveraging influencer marketing and the other features of social media to enhance brand awareness. Influencers introduce your brand and products to a new target audience that feels influenced by their actions and word-of-mouth promotions. In this modern era where social media has become the ultimate battleground, influencer marketing is one of the smart approaches to creating brand awareness.
Active customer engagement
In these times of stiff competitiveness and paradigm shifts in industries, it is critical that you keep your customers engaged in a persistent manner. In fact, as per Outgrow, comprehensive customer engagement can represent a 23 percent hike in profitability and revenue growth. Besides, greater customer engagement can lead to a 63 percent downfall in customer turnover rates in the B2B channels. Did you know this already by any chance?
Having said that, if you rank the objectives of marketing in the order of relevance, customer engagement will be among the most significant ones. You have to keep your customers involved, interact with them, offer them the platforms to voice their opinions, and keep asking them for feedback. The need of the hour is to transform the customer experience.
This is where social media marketing is emerging as a powerful tool with great prowess. You can keep your customers engaged through intriguing stories, live sessions, IGTV videos, Instagram Reels, and other features unique to various social media platforms. In fact, you can also conduct polls and surveys on social media. Social media has humongous charm and prowess when it comes to interacting with customers and potential buyers.
As per Statista, more than 420 billion users are active on social media. To add, as per GlobalWebIndex, on average, social media users spend more than two hours on social media every day. Do you see how colossal is the scope for engaging customers on social media platforms? What you also need to know is that 54 percent of social media users research for new products and services across social platforms. In doing so, they may have certain queries they would want to be replied to at the earliest.
So, by all means, your social media marketing tricks and wits have to be at the top of their game to keep customers engaged. It is true that in contemporary times social media has become the most powerful channel for customer engagement. However, you should not limit your engagement tactics to social media. As per Outgrow, 78 percent of customers prefer brands having an omnichannel approach to customer engagement.
Therefore, you have to keep evolving new and innovative ways to engage customers and market these ways in an exemplary way. Offering surprises, rewards, special perks, and celebrating your customers are other promising ways for facilitating high customer engagement. Send them wishes on their birthdays and they would be more than happy!
Generation of quality leads
Your business needs to keep generating quality leads in a consistent manner to streamline its growth. To inspire purchasing actions among your potential customers, you first need to identify your potential customers. In other words, you need to attract the interest of buyers in your segment such that they at least start thinking on the lines of buying from your business.
Eventually, the prospects of conversions would depend on the quality of leads you are able to generate. To generate more leads of good quality you need to create a massive database of the details of potential buyers. Marketing analysis, asking users to sign up for your newsletter on your website, and online surveys can be some worthwhile ways of garnering data. For that, your newsletters and surveys need to be marketed in creative ways and best practices.
Once you sort this data and identify the most qualitative leads, you can create powerful email marketing campaigns to pursue your leads. In fact, cold emails can play a vital role in creating more leads of high quality.
The ultimate objective of marketing in any form is to drive higher sales and upscale profitability. No entrepreneur would ever say that they have made enough profit. They would rather keep pushing for more and that is how it ought to be. When it comes to profitability, you know that the sky’s the limit!
Eventually, the purpose of creating a buzz around your brand and pursuing leads is to convert sales. While sales is a perpetual business objective, marketing is an indispensable facilitator. The profitability of your business is what gives a quantifiable measure of success and growth. Speaking of the contribution of marketing, innovative marketing is the key to driving sales in the contemporary era.
Moving forward, when it comes to the objective of optimizing profitability, there can be a broad spectrum of strategies. But we need to look at this objective from the marketing purview here. For converting a higher number of leads, marketing has to be more targeted in its approach.
Before a marketing campaign is designed, it is imperative to define the specific target audience for a particular product or service. For instance, if a company is selling retirement solutions, its audience has to be baby boomers. Millennials and Gen Z folks would not be much interested in buying retirement plans, would they be?
Having said that, the approach to marketing campaigns has to be on targeted ads, affiliate digital campaigns, and email campaigns aligned to the interests of those who are looking for a retirement plan. Even if you are including storytelling, stories have to be around how retired people have benefited in an immense way from your plans. Millennials narrating stories about retirement plans will make little sense.
Hence, the bottom line is that it is quintessential to define the audience for a product or service and then have targeted and narrowed down marketing campaigns up and running.
Creation of brand authority
Creating brand awareness may not be enough in terms of gaining impetus in revenue growth. The simultaneous focus of your strategic planning also needs to be establishing brand authority. Having a brand authority implies that you are perceived as a leader in your industry. When you are successful in creating brand authority, your brand is looked at as the prodigy of expertise. Every entrepreneur would love to have such authority around the name of their brands, isn’t it?
Hence, brand authority and brand awareness both need to be specific objectives of marketing with discrete approaches. We have already seen how brand awareness can be amplified. Speaking of creating brand authority, you need to market your brand for its unmatched expertise and excellence.
One of the most worthwhile ways is to have a well-defined content marketing strategy such that internet users are able to build a rapport with your content. Your content should seem a credible resource to the internet users and should be informative in nature aiming to offer solutions. The key is to create interactive content people can engage with and rely on. The authority you are able to create with your content will add immense value to brand authority.
Marketing is all about making people believe that your products and services can bring positive transformations to their lives, isn’t it? It is about creating a high demand for your products and services so that sales targets are achieved. Therefore, creating high demand is an indispensable marketing objective.
The actual consideration here is how you can amplify the demand for your products. The cornerstone strategy for this objective should be to market your product as unique and quite different from other products in the same vertical. To stimulate more demand, you can also market the idea of special perks, heavy discounts, and amazing deals for customers making purchases within a specific timeframe.
Also, you can attract people with festive discounts and the chance to win jackpot prizes on their purchases. The idea is to have as many dimensions of unique perks as possible to buyers. Once you decide your discount and perks strategies, you should then have powerful marketing campaigns in place influencing people to buy before exclusive offers end or stocks are looted.
That is exactly how the Black Friday sales are marketed! The good part is, such sales and exclusive offers always work to create more demand. Understand consumer expectations, deliver on them, and see how demand shoots up!
Collection of customer feedback
Marketers may be making a tactical error if they do not feel that is a critical objective of marketing. For any business, it has become important to incorporate customer feedback into the construct of their products and services. In fact, this enables businesses to be more competitive and accommodate changing consumer preferences.
But how will customers know that their feedback is needed? Besides, how will your customers know about the channels through which they can share their feedback? Of course, the idea of feedback sharing needs to be marketed to them. Through creative and outside-the-box marketing ideas, you need to make customers interested in sharing their feedback. Innovation in your marketing tactics has to be the center of gravity here.
Customer feedback can be collected in worthwhile ways through online surveys and polls on social media. What needs to be at the forefront of this pursuit is an amalgamation of fine digital marketing skills and tactics. Using digital marketing best practices, you can take these surveys and polls to a wider audience of your customers.
Besides, since you would already have the data of your customers, you can ask them to participate in feedback surveys via email marketing or even Whatsapp.
Increased brand goodwill
Brand goodwill is an intangible measure of the trustworthiness, reputation, and credibility that a brand has been able to make over the years. Needless to say, this is something that brands would want to augment in an incessant manner. Having said that, increasing brand goodwill is one salient objective of marketing.
Furthermore, brand goodwill is a crucial factor when it comes to customer loyalty and retention. So, you have to devise impressive strategies for building better brand goodwill to remain competitive among new brands added to your segment almost every day. A loss of goodwill and reputation can oust you from the competition in a flash after all!
To increase the goodwill of your brand, you need to surpass the expectations of people and your existing customers when it comes to marketing brilliance. Moreover, you should initiate appealing customer loyalty programs that offer considerable rewards to customers. An attractive and rewarding customer loyalty program can boost customer loyalty by a great deal.
Also, having brand ambassadors with overwhelming goodwill onboard can be a great way of building on brand goodwill. Brand ambassadors with a huge following and massive goodwill featuring in your ads and marketing campaigns can take your brand’s goodwill to the next level. The individual goodwill of such ambassadors will add incredible value to your brand’s goodwill by being the face of your brand.
Reinforcement of core values
Consumer preferences are changing at an overwhelming pace and this is something marketers must acknowledge. People are now more inclined to buy from brands that reflect strong values and principles. For instance, a large segment of buyers is now more attracted to brands and businesses that exhibit sustainable business practices.
To substantiate, as per Small Business Trends, 83 percent of millennials tend to choose brands that talk about radiant values and endorse the same in their functioning.
To add, as cited by Forrester, firms that are driven by values and the idea of collective welfare report greater year-on-year growth in revenue. As you can see, reinforcement of core values pays off even in terms of profitability!
But how will people know that your brand is value-driven and has some strong principles? They will only know it when you reflect these core values in your strategic marketing campaigns right? So, if sustainability is one of the core values of your business, you need to create marketing strategies that exhibit your strong belief in sustainability. You need to market your business as a champion of sustainability to attract buyers that prefer sustainable businesses.
One brilliant idea for marketing your value-driven approach would be to have blogs, podcasts, and videos surfacing on different platforms that stress the vitality of your core values. The focus of such content marketing should be more on talking about the worth of your core values than pitching your products or services in a direct way.
Enhanced digital outreach
The businesses that still do not feel the need to optimize their digital presence will soon find themselves out of the competition. If businesses need to be successful in contemporary times, they need to be on the internet and keep expanding their outreach consistently.
Digital marketing has become a common buzzword in the business world. In fact, it would not be wrong to say that digital marketing is the way forward and the future of marketing. Speaking of the objectives of digital marketing, the clear aim is to increase the visibility of a business in search engine results. That is what search engine optimization, PPC campaigns, and digital adverts are all about.
You want your business to be more discoverable for internet users when they make queries on search engines around relevant keywords. As per Statista, there are more than 4.6 billion active users of the internet across the globe. That makes it almost 60 percent of the global population! You would not get a larger target market to pitch your products anywhere else, would you? Are you making the most of this opportunity?
Creating optimum SEO content and having a well-defined link-building framework is one of the most promising ways for increasing website visibility. Best practices around these tactics can improve rankings on social media in a significant way. Besides, creating content on specific keywords that are of high value in your segment works well to enhance digital outreach. To add, there has already been an extensive discussion on creating an enchanting social media presence above.
Increased market share
It is a given fact that every business wants to grow its market share by undertaking a market penetration strategy. There is no reason why you would ever stop focusing on increasing your market share, right? For that, you need to win more customers and increase the volume of your sales. What do you think is the ultimate mantra of attaining a larger share in the market segment of your products?
Of course, the answer is marketing! The better you market your products the more customers you win and the greater is the market share. Having said that, market penetration is one of the most significant objectives of marketing.
Moreover, to meet this objective as per your strategic goals, it is imperative that your marketing approach is aggressive and multidimensional. From the traditional marketing strategies to the most unconventional marketing tactics you should have clear plans for all domains. The greater focus in this era of digitalization of course has to be on digital marketing!
Call to action buttons should be at the center stage of your strategies to inspire immediate actions and purchasing decisions among potential buyers.