Owning your market: Tackling competition and taking turnover to the next level

With the economic downturn affecting almost every sector all around the world, it has become ever more important to have a strong standing in your given industry. Standing out from the crowd of your competitors will mean you are the first port of call for customers of your brand, rather than playing catch up. Brands such as Amazon and Facebook have continued to be major forces throughout the world despite the economic climate that we have been faced with since 2008. Their control of digital markets and promotion of the brand have been key drivers of this and if you can get a hold of your digital market then you could be well on your way to being an industry leader in no time.

Tackle your digital market

With the recent proliferation of social media sites and smartphones, billions of people all around the world are constantly online wherever they are. Be it searching for the best bargains that shops have to offer, to updating their statuses and engaging with friends online. This played into the hands of the likes of Facebook and Amazon. While Facebook has been a market leader in this revolution of sorts in the last few years, Amazon has taken advantage of the fact that it offers such a wide range of products – typically at a reduced rate.

This means that Amazon’s target market is virtually everyone and it understands this with its marketing efforts. This is something that you should be looking to mirror, in so much that you need to know exactly what your target market is. With that knowledge you will be able to tailor any promotional items or content to the business lists that want to hear your message.

Market research is hugely important

The previous point leads perfectly into the importance of market research for a company and this can be done in many different forms. For instance an email marketing programme to customers on a business list will provide a great deal of data in different forms. You can gain valuable information from open, click, bounce and unsubscribe data. A bounce rate will tell you that you have the incorrect contact data, open and click rates will shed light on what kinds of content people favour, how they like it presented and when they like receiving it. Unsubscribe will tell you either that the wrong people are being targeted, or it will flag up things that are wrong with the messages you are trying to send.

Armed with this information you should be able to know exactly what your target audience is, which will give you a greater chance of becoming a market leader in your sector.

How do you keep this target market in tow?

Now you’ve got all the tools to work out what your target audience is, the big question that remains is how to keep them onside when there are so many competitors around? There is no hard and fast way of doing this but there are some simple principles to stick to.

For instance, one way to keep them interested is by providing them with interesting content and deals that they want to receive. Another way of reinforcing your brand is by providing some of your products free of charge such as promotional flash drives like these to catch their attention.

Author: Guest

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