Saturday, 23 September 2017

Information and commentary for the small business banking industry

Effective marketing doesn’t have to cost the earth

30 Aug

Getting the marketing basics right means that it doesn’t have to cost the earth. One of the golden rules of marketing on a shoestring budget is for a business to get to know its customers. The more a business knows about the people buying from them, the better placed they are to predict their needs and track their buying behavior.

Once an analysis of their customers has been made, a business can align what they sell and how they approach their customers based on their new understanding. For example, sending out e-newsletters based on contacts they’ve gained through their website is a great way of offering relevant, useful content to their customers, such as special offers and topical news.  Not only that, but they’re staying front-of-mind with their customers and encouraging them to buy again.

Once customers have been won, it’s important to keep them coming back. The trick is to always be thinking of ways to improve the customer experience, and convincing them that they’re more important to the business than they are to their competitors.

Word-of-mouth is one of the most effective and cheapest forms of advertising. Businesses need to encourage their customers to talk about them to their friends and family, face to face and on social media, and get permission to use testimonials on their website.

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