Starting a business can feel like a triumph in itself, but once your venture is up and running there are a host of other issues you then have to consider.
One that undoubtedly will be high on your list is marketing, as it often holds the key to ensuring you can both attract and retain your customer base. Of course, the concept can vary wildly depending on the sector you are involved in, with businesses having a host of options available to them these days.
Range of tools
There are several different ways for firms with an online presence to promote products and services, with social media undoubtedly emerging as an ideal tool in recent years. Platforms like Instagram, Facebook, and X (formerly known as Twitter) have allowed brands to engage with customers directly and also get key messages and information to them quickly.
Another major trend that has become significant in the online space is membership schemes, with Amazon’s Prime service, for example, giving its subscribers the chance to benefit from various perks for a regular fee. Trial periods for products like Netflix subscriptions are also common, while many businesses offer a range of deals to entice customers to engage with their services.
However, while online businesses are not short of marketing tools to make use of, it is important to have a strategy and clear reasons regarding the steps you plan to take. So, how do you go about creating one and determining what your priorities should be?
Food for thought
Well, if you’re an entrepreneur assessing your options for marketing, recent research by CommerceNext and Oracle may well provide some food for thought.
The poll of 100 senior business leaders in digital retail found that their core investment priority for ecommerce marketing in 2018 was acquisition marketing, with many also looking at retention, promotions and brand marketing. Reflecting on last year, the respondents admitted to being most satisfied with their acquisition efforts, although many added that their work on personalisation was found to fall well below expectations.
With that in mind, it is perhaps unsurprising that the latter appears to be a key issue going forward. The research found that many retailers had boosted investment in customer data platforms and personalisation technology this year, while other issues which had seen an increase in investment included the use of chatbots for customer service and alternative payments technology.
Fascinating reading
The CommerceNext and Oracle report makes for fascinating reading and undoubtedly provides some clues as to the key aspects of marketing in the minds of digital strategies at present.
Regardless of the size of your organisation, the importance of marketing can never be overstated. Having the right strategy on the issue could have a major impact on your operations and may ultimately make the key difference as you look to make your venture a success.
