diversify portfolio to increase market share
How can I diversify my portfolio to increase market share in the UK and abroad?
This is a common question we get asked and a theme we hear a lot at SWW Marketing. Traditionally, marketing departments and agencies will make broad suggestions: like sending a mass email out with a third party - which might see an average open rate of 15-25% and a click through rate of around 2.5%, meaning around 98% falls on deaf ears; advertising in a trade publication – which is nearly impossible to track; or maybe even some Google Ads - this has to be done correctly to see an actual benefit.
None of these are incorrect methods and will potentially lead to one or two enquiries but mostly they result in being unopened, unread and unclicked.
When approaching a new market, you need to be targeting your potential customers as much as possible (with an average ROI of 224% when you use data-driven marketing – it’s a clear winner!) – after all the new market might not have even heard of you, let alone think of buying from you. Marketing needs to be your first point of contact before you swoop in with a cold call to stand a chance of getting your potential customers into your sales pipeline.
These points often lead to more questions like who do we target and how? Well, the key is research, and looking at market / customer data. If you haven’t got any data, it’s not a problem, so long as you know the market / industry you want to be targeting; then we can do the leg work. There is plenty of data out there. It’s a question of looking and researching using the right skills and software.
Once your market data has been analysed and areas have been identified – i.e. there might be a push in public sector spending so therefore supplying specified products is key - we can then target those areas down to employees, geographical locations and even interests through online advertising.
Firstly, we will test the advertising on a small segment – running different adverts to see which work most effectively, otherwise known as A/B testing. We then roll them out across a number of different platforms continually testing and analysing the results to ensure we are maximising your budget.
At SWW Marketing, our focus is on working alongside you to help identify your markets, the most effective and appropriate ways to target them and then to implement a strong strategy to gain you actual leads through targeted ads, pinpointed to your potential customers. In this way we can maximise your budget and ensure a successful outcome. No time or money is wasted.
In a recent project, we were working with a market-leading windows company who wanted to start supplying products that would benefit decorators. We looked at the evidence and areas where decorating was booming and then targeted the relevant decorators through online advertising.
As a result of our data driven and research-based approach, the windows company was able to diversify their market quickly, accurately and within their budget. Sales grew by 25% each month through social media, targeted ads and messaging – all based on evidence and research of their market data, all of which was carried out by SWW Marketing.
It can be daunting when looking at potential markets – where to start, where to look and how to target them… If you’re simply looking for advice, or alternatively want someone to take control of your marketing for you to ensure maximum return, we’ll be delighted to help. Call us on 01223 66 5050 or send us an email on firstname.lastname@example.org.
How the SWW process works:
We meet to discuss your new product or service or general marketing needs to help us gain a better understanding of your requirements and market. At this stage, we will be pleased to advise you about how to move forward on your own. Alternatively, we can move on to steps two – five together.
We go away and research those areas using our data analysis tools and research methods, including looking at other potential markets, key themes and trends. We then recommend the best marketing route for you based on the evidence we’ve found.
We report our findings back to you in a simple and digestible way. Once you are happy with the route, we implement our skills and knowledge of design, marketing and messaging.
We test on a small and targeted area with a number of different variations of designs and messaging to see which perform the best.
We roll out the most successful adverts and messaging to the agreed markets and then monitor these throughout the campaign to ensure your budget is being used as effectively as possible.
At SWW Marketing we are passionate about the industries we serve and care about the results our services give which is why we are always happy to have a chat to ensure you get the most out of them. Speak to one of our friendly experts today by calling 01223 66 5050 or email us on email@example.com