With every business targeting the top spot in the market, the need to expand its market presence has become more important than ever. From using the digital space to make customer experience better to exploring a variety of tactics, the entire digital space has revolutionized the way businesses interact with their audiences.
No matter the type of business one is into, marketing strategies are the lifeblood of any successful business. The work of marketing strategy is not just to identify and capture new opportunities for the business but also to create a strong brand presence in today’s competitive market. Also in recent times, we have observed a growing trend of environmental consciousness among consumers. Some recent research suggests that over the past five years, there has been a 71 per cent rise in online searches for sustainable practices and goods globally. Therefore, we firmly believe that consumer preferences are essential for driving growth and staying competitive in today’s dynamic market landscape.”
In this pursuit, CEID Consultants & Engineering Pvt Ltd DGM – marketing Abhinav Govil said, “I’ve worked with both large corporations and startups, and noticed a significant difference in their management mindsets. Corporations tend to focus on marketing, while startups concentrate on sales—though both often refer to their efforts as marketing. In my view, sales is about closing deals in the short term, whereas marketing aims to generate leads over the long term. Corporations typically adopt a one-to-many approach, aiming to create demand and measure ROI. In contrast, startups often use a one-on-one approach, focusing on generating revenue and measuring conversion rates. Corporations strategize with a customer-focused approach, while startups prioritise a product-focused strategy.”
“Both approaches are necessary at different stages, but it’s crucial for companies to recognize that sales follow marketing. Regardless of whether it’s B2B or B2C, marketing must first create awareness, followed by consideration, and finally conversion. Relying solely on sales for conversion can be time-consuming and labor-intensive. Sales and marketing are distinct functions within a business, they are interdependent. Effective marketing generates leads and creates a favorable environment for sales, while successful sales efforts convert those leads into customers and provide feedback to refine marketing strategies. Together, they drive business growth and customer satisfaction. “ added Govil.
How can businesses increase market share through marketing strategies?
When a particular industry grows, the market share of businesses in that industry must grow as well. As it helps companies stay competitive and profitable. It involves capturing a larger portion of the existing market. Therefore, here are areas where businesses can focus to increase market share:
Know your customers:
Always understand and place customer needs at the centre of every marketing strategy, especially the existing ones. Building and reinforcing connections with existing customers can help a company broaden its space. This involves personalized marketing, excellent customer service, and building long-term relationships. By using customer data, businesses can create their marketing messages to individual preferences, resulting in more effective campaigns and higher customer satisfaction. Tactics like targeted email campaigns, loyalty programs, personalized content, customer feedback loops, and tailored social media interactions are essential.
Customer retention:
To take business growth to new heights, keeping existing customers is more cost-effective than focusing on acquiring new customers. Therefore, regularly working on customer feedback can help businesses work on their products and services. Additionally, working on delivering services on time and staying in touch with existing customers through direct interaction, surveys and social media platforms can help build a sense of community and keep the brand top-of-mind.
Innovation and differentiation:
Regularly introducing new services or constantly revising the existing ones can offer unique value propositions. Communicating what makes a product or service unique and valuable to the customer is crucial for differentiation. This could be superior quality, exclusive features, or exceptional service. Lastly, keeping up with the trends and consumer preferences allows businesses to innovate proactively.
Use of technology in modern marketing strategy
Technology has entirely changed the face of marketing strategies that businesses use in today’s hyper-competitive business scenario. Some of the latest data suggests that around 35 per cent of the company today use advanced technology like AI in their businesses and over 50 per cent of businesses worldwide plan to include the use of technology to grow and expand the overall company.
Tools that can help businesses grow at a faster rate:
● Marketing automation: Automation streamlines marketing processes, allowing businesses to efficiently manage campaigns across multiple channels. Email marketing, social media scheduling, and lead nurturing are examples of automated marketing activities.
● Data-driven decision making: Utilising data analytics enables businesses to make informed decisions based on customer insights. This includes analysing customer demographics, preferences, and purchasing behavior.
In short, effective strategies are the backbone of business growth and they not only help in expanding the business but also help in increasing the market share and making sure that the business’ financial health is intact. By using various marketing tactics and technology businesses can stay ahead of the competition and achieve sustainable growth.
The article has been authored by CEID Consultants & Engineering Pvt Ltd DGM – marketing Abhinav Govil.
