As we approach the end of the year, organizations are beginning to wrap up 2022. Many small and medium-sized businesses (SMBs) are having their end-of-the-year meetings with clients, closing out billing, and thanking their employees for their hard work (hopefully). This is also the time of the year when many businesses are developing marketing plans to drive success in 2023.
Launching into 2023 with plans to build your marketing strategy can help expand your business and increase revenue. But before you start creating elaborate campaigns or spending thousands of dollars, remember the basics — understanding your target audience, the marketing funnel, and why marketing is important.
Who’s your target audience?
Understanding your target audience is a crucial piece to all marketing campaigns. You can increase conversions and customer retention when the right audiences see your brand. As an organization, you need to provide a solution to a problem for your audience. For example, if you own an Italian restaurant, the problem you’re trying to solve is, “What to eat?” From there, you can determine whom your target audience members include. Depending on your goals, it could be people older than 18 in the surrounding area, parents, single men, or another group. Conduct research, learn what your audience needs, and how your SMB can stand out against the competition.
Making your way through the marketing funnel
Another fundamental component you should keep in mind in 2023 is the marketing funnel. Marketing is a process, not a one-and-done project. Running a proper campaign includes finding potential customers and moving them from knowing about your business to purchasing, then eventually advocating. The marketing funnel works to gradually build rapport with potential clients and push them to convert into a sale. Marketing campaigns that acknowledge the marketing funnel can utilize different tactics —email marketing and SEO. After a potential customer provides consent to receive emails from your SMB, you can create materials to welcome them, offer discounts, remind them if they put any items in their cart, and thank them for purchasing an item. Creating personalized messaging helps customers feel connected to your SMB and will hopefully help push them down the funnel.
The importance of marketing
Finally, the last fundamental to remember in the new year is why marketing is important. Often, people need to advocate for a marketing budget and present reasons why prioritizing marketing efforts provides a solid return on investment. If this sounds like the case in your situation, remember that creating materials for a specific audience will help increase awareness and sales. Marketing can also connect the business with customers through positive experiences and foster loyalty. Without marketing, you may reach the wrong people and waste valuable resources, including time and money.
One of the best parts of the upcoming new year is that it is full of potential. Anything can happen, especially within your business. Keep the three marketing fundamentals of understanding your target audience, the marketing funnel, and the importance of marketing top of mind to set yourself up for success in 2023.