The Virtuous Marketing Circle
Businesses see growth as a result of continuous marketing efforts, implementing the marketing strategies effectively. Whether you are marketing online or offline, the core of your marketing strategy should be built around the virtuous marketing circle. The circle actually refers to a process that’s strengthened further by the results achieved. It’s built around the concept of continuous improvement and the ultimate goal is to acquire customers, retain them, improve your offering and then repeat. As you keep on improving, you get better and better results.
Here is what you need to do as a marketer to drive results going through each phase of the virtuous circle.
Creating awareness about your offering is probably the first step towards acquisition. You have to promote your product through different channels like social media, emails, etc. to make your target audience aware of your offering. The key, however, is to build trust. When you’re able to gain someone’s trust, it is more likely for you to drive conversions.
It is often believed that acquiring new customers is more expensive than keeping your existing customers satisfied. When you are able to create loyalty, your customers won’t just become your repeat buyers but will also do a bit of word-of-mouth marketing for you too. They’ll tell others how satisfied they are from your services or products. A few options you have here is to continuously improve your offering, show appreciation to your customers, get their feedback, communicate consistently and try to serve them better.
Continue To Improve
Obviously, when you stop improving and innovating, your competitors are going to leave you behind. You have to keep pace with the market and must also build on customer feedback to identify exactly what they want and how you can incorporate that into your service offering. If you fail to innovate and improve, you may even risk losing your existing customers.
Every business should adopt the virtuous marketing circle as it can help drive better results. And, once you are done with these first three steps, it’s time to repeat.