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Effective marketing includes attraction, conversion, and conservation. Name recognition is important for attraction, while conversion aims to get customers to act quickly. Retention is often overlooked but can lead to referrals and loyalty rewards. Social media and online newsletters are popular marketing tactics.
Effective marketing tactics include three basic components to make a business successful: attraction; conversion; and conservation. Goals typically include attracting new customers, converting competitor customers, and retaining current customers. A mix of all three typically gives companies an edge over other companies offering similar products or services. Marketing tactics start with an idea, or marketing strategy, that leads to action in all three areas.
One of the most important factors in the attraction marketing tactic is name recognition, commonly called branding, so that potential customers become familiar with a service or product. Business executives estimate that it takes about 10 contacts with a customer before he actually buys anything. The first step is to identify the audience a company hopes to attract and use marketing tactics to reach that group.
Attraction is typically the most expensive and time consuming marketing segment. Some companies use guerrilla marketing tactics as an unconventional way to invest more effort and energy than money. Guerrilla marketing offers broad exposure to many potential customers through strategies such as bumper stickers, an open house, or T-shirts displaying a logo and advertising slogan.
Social media offers another popular way to create an advertising blitz that could be seen by a large audience. Websites can target people who already have an interest in a product being offered for sale. They can also attract competitors’ customers and keep current customers informed of sales or promotions. Online newsletters are inexpensive marketing tactics that could cover a business’s attraction, conversion, and retention goals.
Conversion marketing tactics aim to get potential customers to act quickly to call or buy a product. These strategies commonly offer a product or service for a limited time at a bargain price and try to convince a person that they need the product. When using the Internet for conversion efforts, promotions could be linked to another website to tailor marketing efforts to people who usually buy the product.
Retention marketing tactics are usually the least expensive, but are sometimes overlooked in favor of attraction and conversion techniques. Keeping current or past customers can lead to referrals and new customers. Market research specialists recommend staying in touch with clients through newsletters or email lists. One tactic that could be successful is to offer customers a discount or gift for every referral. Another idea that rewards loyalty is to sponsor an event for current customers and ask each one to bring guests.
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