The term “market transformation” first appeared in the literature in the early 1990s. Market transformation is viewed as a catalyst for change, a means of intervening in imperfect markets to effect long-term changes to improve market performance with respect to energy efficiency.
While there is not a single, precise definition of market transformation in the industry or professional practice, the overall goal of market transformation is to increase the share of energy-efficient products and services through fundamental, enduring changes in targeted markets or audiences.
Marketing transformation is vital for businesses and plays an important role in familiarizing marketing teams with the modern digital environment. The modern technologies of today change people’s behaviors and data-processing technologies improve the understanding of these needs and behaviors to select the best marketing solutions that better reach targeted customers.
What is Marketing Transformation?
Marketing is reinventing itself. Small and medium businesses that embrace these opportunities are gaining a competitive advantage, delivering more relevant messages, faster, with greater impact and at a lower cost. Marketing transformation is critical to grow your small and medium business and taking it to the next level.
What Are The Benefits of Marketing Transformation For Small & Medium Businesses?
Marketing transformation can help to boost sales; with effective marketing, you can easily promote your product and services and this, in turn, increases your chances of having an increase in sales. Customers would want to try your product and services and if they like it, they are more likely to purchase it. More so, if they are happy about your product and services, they will also be influencers for your products. They will spread the word and in turn, boost sales and increase business revenue.
Marketing transformation creates revenue options for you, in other words, over time as your marketing transformation strategies generate more customers and revenue opportunities for your business. This gives your business options to penetrate new markets without the risk of losing over-demanding customers or being forced to work with clients who have outgrown and are not paying well.
Improved customer loyalty
Marketing transformation can help in building a relationship between businesses and customers. Any form or type of business needs to maintain a relationship of understanding and trust with its customers. This process happens when marketers use market research to understand and find out more about their target audience, their demographics, consumer behaviour and their psychographics.
Audience segmentation helps businesses meet the detailed needs of the customers, and in turn, gain their trust, more so, it is a priority for the business to deliver what is promised at the right time. Loyal customers would then buy more of your products – trust and understanding, eventually making the business successful.
Improved customer satisfaction
When you have a clear understanding of who you are and what your business represents, you exude both confidence and professionalism. When you are certain about how your business will benefit your target customers, you are then able to focus your time, energy, and money on building the relationship.
Consumer satisfaction is important that many businesses allocate a large portion of their resources to pursue this objective. One of the ways to achieve consumer satisfaction is through effective marketing transformation strategies which are developed around the identification of consumers’ expectations using dimensions like product, price, place, promotion and the distinctive competence of your business.
Customer satisfaction has great significance for the future of any business and it is seen as a basis for securing a market position and achieving other relevant objectives. Therefore, achieving high levels of service is one method to keep customers satisfied and loyal for a lifetime. With an effective marketing transformation strategy, every activity and action leads toward helping your customers to solve their problems.
How To Implement a Successful Marketing Transformation For Your Small & Medium Businesses
Address the reasons for transformation
There are many reasons for a constant need for change in marketing strategies. Some of the changes are implemented as a result of ineffective strategies, such as an advertisement that does not generate the desired results or improperly identifying a target audience for your business.
Whichever the reason is, once you have identified the reasons for your business marketing transformation, it will highlight the path you are taking to achieve your specific business objectives and goals.
Understand the data and how it affects your business
It is important to always analyse your current efforts, strengths and shortcomings. Only when you understand how effective your current business marketing efforts are will you be able to properly plan your marketing transformation strategies that will help you achieve your goals and objective. Ask the following questions during the business analysis:
- What is working and what is not?
- Where are there optimization opportunities? (improved conversion opportunities, improved search ranking opportunities, unanswered questions/content gaps, high traffic with form submissions, etc.)
- What trends exist in the data that help you identify areas for improvement?
Focus on content marketing
When thinking about marketing transformation, businesses must also focus on content marketing. Content provides value to your prospects and helps educate them about their problems and the solutions that are available to them. The most valuable content will help nurture leads through the buyer’s journey. The key is to focus on the right content keywords and media costs.
To do this successfully:
- Understand exactly what your marketing persona is searching for online about their pain points and your product offerings.
- Understand the user intent behind those search queries and their value to them.
- Research how topics relate to one another and the 3 stages of the buyer’s journey.
- Understand which search queries share the same or similar user intent.
- Understand what content currently ranks and what it would take to make them more valuable and relevant to users than those ranked content pieces.
Build a team for success
A high-performance team is essential to the way most businesses organise and carry out their work, resulting in superior growth performance, and in turn into a significant competitive advantage.
Marketing transformation efforts are not limited to team members within the marketing department alone. Instead, successful marketing transformation involves cooperation from all departments such as finance, IT and more. With this in mind, marketing transformation strategies need to identify the team members in and out of the marketing department that are crucial to successful transformation.
Transform your market approach
Once you have understood your market, customers and the available resources, it is now time to choose the right marketing transformation approach that will advertise your business and promote it effectively through the various channels available.
Direct mail, SEO, online advertising, social media, or seminars and webinars are just some of the many effective ways to reach your target audience. Study all the marketing tools that are present and the ones used by your competitors, then adapt the best ones for your business!
Once you have a clear marketing transformation strategy, you can then implement it to attract the right customers for your business. Place your business as an ideal solution and differentiate yourself from competitors to achieve growth within the market.
Align your channels for success
Cross-channel marketing is a strategy that places your brand at the forefront of the conversation across multiple consumer platforms. Additionally, adopting a cross-channel approach gives you more avenues to capture consumer interest and to prioritise more on your marketing transformation strategies.
Similarly, consider how you can align your organic, paid, and social media marketing efforts. For example, if a user discovers your website through organic search, but does not convert, you could use targeted ads across social media to remarket your brand.
The creation of a solid marketing transformation strategy is the backbone of any successful business. It is also the first step to take towards ensuring that your business is promoted effectively. The marketing activities that you engage in should always align with the goals and objectives of your company. A marketing strategy is crucial to the success of your business and marketing efforts.
The success of your marketing transformation requires effort and understanding. In order to meet the demands of consumers, marketing capabilities and technology, one must also evolve. Successfully updating existing marketing technology, measurements and strategies requires an informed marketing transformation strategy that can guide efforts toward better campaign capabilities. By understanding the crucial areas of focus, brands can then optimize their transformation and set the stage for better ROI and an increased in impact.
Hashtaqs uplifts business through brand transformation and marketing advisory and implementation online and offline, internationalisation through business matching and community development.
Contact us for a consultation at +65 8868 1418 or email us at [email protected]. For more info, visit www.hashtaqs.com.