While there are common threads, it takes more thought and planning to execute marketing strategies for corporations than sole proprietorships. Below I sift through the haze and provide you with tried and tested techniques to apply to your corporation.
The rise of corporate power
In recent years, the economy has seen a significant rise in corporate power. With more small and medium businesses filing for bankruptcy, corporations continue to dominate their presence and influence in the market.
Since the early 1980s, the IMF indicates that there has been an increase in market power among publicly listed firms, particularly in the pharmaceutical and technology industries. This trend results from the decline in business dynamism and economic activity among a small group of firms.
5 effective marketing strategies to try in 2021
A successful marketing campaign entails strategic planning and comprehensive market research. Identifying your goals and aligning them with your campaign should be the first step on your list.
Meanwhile, taking the time to understand your target market will help you craft an engaging marketing plan that’s able to tick off your objectives. Here are five corporate marketing strategies you can look to implement.
1. Build your brand through co-branding partnerships
Co-branding refers to a partnership between two brands to promote a product, service, or cause. This technique helps increase value both ways by starting a conversation and building awareness in tandem with the partner brands.
At the same time, partnering with the right brand could also enhance your brand and enable you to tap into an audience you might’ve otherwise not been able to. As such, ideal partnerships exist between two companies with different sets of audiences.
While there are plenty of ways to approach co-branding partnerships, one effective way is through cause marketing. This type of strategy is a joint effort between for-profit and nonprofit organizations where both companies can benefit. Typically, the corporation benefits from good PR, while the non-profit can advance their cause from charitable contributions.
Another method is through affinity marketing which consists of two companies targeting customers with the same interests. Customers tend to value an endorsement from a brand they trust.
What to consider when partnering with a brand:
- Values. When choosing a brand, you both must reflect the same mission and vision. Values protect your company’s image while maintaining brand authenticity.
- Pick a leading brand. To build your reputation, you’ll want to partner with a brand already performing well in its segment. An industry leader will bring more value and trust to your brand, especially with a proven track record.
- Identify your goals. One of the critical factors in developing a successful co-branding strategy is identifying separate and combined objectives. Thus, establishing a clear direction for your campaign, including the target audience and ROI.
What are some of the advantages?
- Reach new markets. One of the reasons why co-branding works is that it allows you to tap a new audience. You can launch a product or service and extend your reach to your partner’s customer base. Therefore, gaining new leads, potential customers, and increasing your sales.
- Elevates your brand. By partnering with well-respected brands, you are enhancing the appeal of your product or service. It establishes the credibility of both companies by complementing each other’s brands.
- Reduces marketing spend. With co-branding, the expense is divided between the two companies.
2. Personalize your inbound marketing
Personalization is critical in this age where consumers frequently receive marketing messages. While it may seem tedious to personalize your communication across different channels, automation tools can help make the process more easeful.
There are plenty of ways to personalize your inbound marketing techniques using automated solutions and tools. These tools can help you attract more leads through targeted content and ads, gathering and analyzing multiple data sets, and by providing your audience with a more seamless experience, among others.
How to personalize customer experiences with inbound marketing:
- Retargeting. Retargeting allows you to target consumers who’ve previously expressed interest in your products. For example, you can target those who’ve abandoned their carts on your eCommerce site with ads to show deals or offers.
- Personalize your website. Customize your website content based on the information about the user. For example, you can customize the content they see based on their past interactions on your site. So if, say, they visited your advocacy page, you can show them a banner image about your most recent philanthropic events.
What are some of the advantages?
- Higher conversions. Customers who are getting information based on their interests have a higher chance of converting. For example, personalized and verified emails have higher click-through rates leading to increased conversion rates.
- Lead nurture. Personalizing your content helps foster relationships resulting in higher conversions by providing valuable information about your product or service related to their interests.
- User experience. Providing personalized content on your website enhances the customer experience by providing a unique and convenient browsing experience every time a customer visits your website.
3. Apply conversational marketing
Conversational marketing allows you to connect with customers directly and provide information in real-time. Among the various communication tools to help you set up real-time conversations, one of the most efficient tools is an AI-based chatbot.
This automated solution gives you an advantage by delivering a personalized approach, engaging customers, and addressing their concerns the fastest way. Here’s how to make conversational marketing work for you:
- Choose the right platform. Ideally, your chat feature should be able to provide real-time solutions. One of the most popular tools is Drift. This tool offers custom playbooks where the bot asks the user a question based on their answer. With this tool, you can also create message delays to appear like a natural person.
- Measure your success. Once you start engaging your customers and collecting the data, you need to improve your service and tailor-fit your responses to best suit your audience.
- Maximize it to qualify faster leads. Based on a study by Harvard Business Review, companies who respond to customer inquiries within five minutes have a higher chance of qualifying a lead. Chatbots can also function as a scheduling tool to help you reserve meetings with qualified leads.
What are some of the advantages?
- Offer convenience. With today’s fast-paced lifestyle, consumers prefer companies that can provide them with immediate information at any time of the day. One of the benefits of setting up automated messaging apps is you can answer queries 24/7.
- Build customer relationships. Conversational marketing creates a direct connection between the brand and the customer.
- Generate customer feedback. Using built-in tools to collect customer feedback can lead to a better customer experience. The information you gather can be valuable in helping you improve your product, service, or process.
4. Develop more intensive market research
Corporations should conduct marketing research regularly to maintain a competitive edge and keep up with the current trends in their segment. It helps you identify business opportunities, lower business risks, and outperform competitors.
Using the insights gleaned from market research to your advantage will increase your profit and help you build an effective strategy that can take your business to the next level. Here are some simple steps on how to conduct market research:
- Define your objectives. Narrow down the correct information you need to help you devise the right marketing strategy for your business. It will also help you identify the most efficient techniques to do your research.
- Conduct market research. Some of the most popular methods include surveys, questionnaires, interviews, customer feedback, and focus group discussions.
- Analyze the data. The information you have can help you evaluate your business and marketing plan. It can help you identify the areas that need improvement and eliminate the ones that aren’t working.
5. Focus on content marketing
An effective content marketing strategy focuses on providing valuable and relevant content to keep your audience engaged. Offering helpful information to customers delivers more value than directly selling your goods and services.
Regardless of the type of marketing technique you are using, your content should always remain consistent throughout your campaign. For example, if your goal is to boost brand awareness, you need to devise a content strategy to implement an SEO campaign. Thus, increasing your brand visibility online and attracting new potential customers.
Here are some ways to implement the right content marketing strategy:
- Use a content management system (CMS). This tool allows you to create and manage your content more efficiently. A CMS tool such as HubSpot can perform all these and, at the same time, measure the results.
- Promote your content consistently. Creating a content calendar can help you organize your schedule so that you won’t miss out on any posts. For example, if you’re planning to publish an article on your blog at least three or four times a week, make sure you already have your topics mapped out in advance. The key is to be consistent with your posts to keep your audience highly engaged.
- Know your audience. Google Analytics is a popular tool to measure what type of content your audience wants. This way, you can use relevant and exciting topics your audience would want to see.
What are some of the advantages?
- Boost site traffic. One of the best ways to drive traffic to your website and increase your organic reach is by providing high-quality content. Image search provides an opportunity to acquire more visitors to improve your visibility.
- Connect with your audience. Not all customers consume content the same way. Make sure to customize your campaigns for your audience while staying consistent with your identity and message. Some of the most popular formats include blogs, videos, webinars, podcasts, and emails. For eCommerce channels, you may refer to fulfillment strategies to guide you through different eCommerce platforms.
- Create relationships. When customers like, comment, and share your content, you are potentially establishing a more personal relationship with them. It can improve customer loyalty as they tend to relate more to your brand.
Successful brand marketing examples
To achieve a successful marketing campaign, you can take a cue from some of the most popular global brands and evaluate how they did it. Each company listed below has adapted its unique marketing strategy to appeal to its specific markets. Their success is the culmination of years of strategic planning, time management, and marketing efforts.
Starbucks uses a wide range of marketing channels to promote its brand. From social media to various digital marketing channels, the brand's message remains consistent across all mediums. With this aggressive growth hacking strategy, the coffee retail giant has expanded its market, offering a wide selection of specialty products.
The coffee brand strengthens its global branding and market positioning through social media and a robust digital presence. One of the best marketing techniques of the brand is its personalized reward system. Starbucks is also recognized as one of the pioneers in its industry to use a customer relationship management (CRM) system.
Coca-Cola has amassed several successful campaigns since its inception. However, one strategy that stands out is the “Share A Coke” campaign. For this project, Coca-Cola replaced the brand name on the bottle with the names of its consumers.
The brand took on a personalized approach along with a strong brand message: kindness. Thus, creating an emotional response from consumers. Materials Research Society reported that 1.25 million teenagers drank Coke as a result of the campaign. At the same time, the sales revenue of participating outlets grew by 11% in the U.S.
Since 2008, Airbnb has expanded worldwide with more than 1.5 million listings. In 2015, the company started a social media campaign with the hashtag #OneLessStranger. Airbnb’s vision is to bring the world together through a simple act of kindness.
For this campaign, the brand encouraged people to extend their hospitality to strangers and asked them to take photos or videos and share them on social media along with the hashtag. As a result, the campaign actively attracted and retained 150 million users.
With a wide range of marketing platforms and techniques available, not all will work for you. Evaluate each method to determine which one can rake in the best results. When done correctly, an effective marketing strategy can help you achieve your marketing objectives most efficiently.
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