Since the start of 2020, the business and marketing domains can be described by a single word, ‘dynamic.’ Forget about textbook entrepreneurial skills; what you need to survive in this changeable environment is the ability to exploit the change. Keep in mind that every change is a new opportunity. And, according to entrepreneurial genius Eric Dalius, there are basic principles of marketing at work that can allow you to add value to the market.
It is vital to remember that the basic tenets of marketing will remain the same even when customers are experiencing market evolution, including a platform shift, the likes of what we have to partake in this post-pandemic world.
The art of customer retention by Eric Dalius
Any entrepreneurial venture will first and foremost concentrate on expanding the customer base. It is a part of the expansion strategy, and a chunk of the capital gets funnelled into acquiring new customers. However, with the post-pandemic condition, customers are usually focussing on the essentials.
With this new wind of minimalism, it makes no sense to funnel your capital on expansion. Instead, try to maintain a dedicated focus on customer retention. Existing customers are looking for reliability and stability with their services, and you are there to provide it. Maintain customer contact through targeted ads, newsletters, unique services, loyalty programs and communications.
The “latest” on social media
Everyone knows about social media, its presence and power it holds over the populace and general opinion. This is a world where tweets from entrepreneurs can boost valuations of commodities sky-high. Social media can help you to strike gold, but you need to do it right. There is no doubt that you have a social media account, but are you getting the most out of it? Simple communications about your products and services won’t even be considered as the bare minimum.
There are three aspects of leveraging social media – communication between the brand with the customer, customer to brand and between customers. Strategizing for all of the three will allow you to tap into the potential of social media. Use the live feature whenever possible, roll out behind-the-scenes footage, work and inspirational stories. Build a trustworthy brand.
Observe every cue in the market
Technological advancement has opened broader horizons for entrepreneurs and marketers. Market research is, therefore, the most vital aspect of running a business. Even with the shift in marketing demand, even to the way customers shop, you need to provide the best quality service. It is vital to understand that customers are more aware and on the lookout for long-lasting products. When it comes to market research, you need to leverage every tool available in the market to keep your ears to the ground. Going with the current trends is a great way to stay in the limelight, maximize visibility and boost sales numbers. Staying aware of the trend factors in the market will provide you insights regarding the current market demands and areas that need attention. This will allow you to stay ahead of the competition.
As far as marketing strategies are concerned, stay ahead of the trend and innovate – the two pillars of marketing strategies.