How well your advertisements and promotions, draws customers will ultimately be determined by how effective and efficient your marketing strategy is. In today’s world, for consumers to buy a product or a service; it means the product or service must have registered in their subconscious or maybe there is bang that comes up when they think in the direction of such product or service. Marketing has taken a new phase and is constructively progressing and changing with respect to technology and time. So, it is of utmost important for organisations to look for ways to carry out marketing using efficient and effective strategies.
Every organisation’s goal is to have their own brand, product or service to be the preferred one as opposed to whatever their competitors have to offer. This is why it is imperative that organizations understand the use of efficient marketing strategies. There is a difference between efficient and effective marketing. A marketing strategy can be effective and yet not efficient, but it is best to integrate both of them. This is arguable because both efficient and effective marketing strategies are aimed at producing results.
Efficient marketing works without wasting time or energy, well organized and is targeted based on its demographics. While effective marketing strategies is applied to secure the life of a product or service being marketed. It also captures the attention of the target market, giving information to make the decision making process easy and minimizing the risk of taking the next step in sales process.
Now, the question is what makes marketing strategy efficient? A marketing strategy is said to be efficient when it aligns with present reality; focused target, meets the expectation of the consumers; wins their mind share, is cost effective and easily measured in terms of return on investment (ROI).
The evolution of the digital media meets the demand of efficient marketing strategy. The digital media rebuts the traditional media in most ways. Although traditional media will still be in existence and in use, it has its own challenges. Some of the challenges are: it is expensive, the targeting is fragmented and it is difficult to measure the return on investment (ROI).
To formulate an efficient marketing strategy, both the digital media and the traditional media have to be synergised based on geographical boundaries and the level of technology in a particular location. A simple efficient marketing strategy for SMEs includes the following:
1.Synergise both traditional media and digital media to achieve your organisation’s aim based on its research findings.
2.Get involved in social media marketing using social media platforms and send a consistent targeted text message that speaks in clear terms what the product or service is about.
3.Get involved in digital advert to win the mind share of your customer, so as to register your brand in their subconscious mind.
Have a database of your prospects and clients who shows interest in your products or services.
4.Run a social media campaign to engage your prospects and customers; make them feel as if they are part of the process, with that you get their insight on what they really want and what they think the product or service should look like.
5.Have a customized e-mail template that you send to remind your clients about your products or services and also fetch in new prospects to become new clients.
Efficient marketing strategy is the key that unlocks the future of winning the mind share of the final consumers and this comes with planning and inventing new methods of reaching their subconscious by relating to their everyday life.
By: Benneth NJOKU