In a world of hypercompetitive markets replete with an ever-increasing number of products and services, it’s a buyer-driven marketing strategy that can pack a punch and drive consumers’ purchasing decisions.
Regardless of the size and type of your business, to ensure a successful venture, you must make customer satisfaction and customer retention the backbones of your marketing strategy.
What constitutes a successful business venture? What is the need for an effective consumer-driven marketing plan? Let’s understand the necessity of a buyer-driven marketing strategy in helping you maximize your business potential.
Here’s what you will learn in this blog post:
What is buyer-driven marketing?
A buyer-driven marketing strategy is a marketing strategy that focuses on understanding customers’ expectations rather than blindly promoting your product. It refers to an approach where the customer’s needs and objectives are targeted by designing personalized tactics, plans, and strategies.
By crafting custom-fit solutions and promotions, you can optimize your return on investment in terms of marketing efforts while strengthening customer relationships. It’s the best way to demonstrate to your customers that you have their best interest at heart and are striving to create better solutions for them instead of merely focusing on making money.
Importance of buyer-driven marketing
In the modern business landscape, it’s the customers who hold all the power. With the rapid technological advancement in the digital world, it has become easier than ever to purchase any product of your choice online.
In this scenario, if you don’t go the extra mile to engage with your customers, they are bound to abandon your business and focus elsewhere.
When customers actively engage with your business, it can help elevate your brand identity and increase the customers’ buying probabilities. A comprehensive understanding of your customers can arm you with valuable insights to help target the right consumers.
But rigorous data collection is just one part of an effective marketing strategy. To achieve optimum results and ensure efficiency, you must professionally analyze and interpret the data to positively influence your sales, brand image, and user experience.
Owing to the limited attention span of the collective masses, it has also become more important than ever to create content and strategies that can pique their interest within seconds. Below we’ll explore all the ways in which you can engage with your customers by first recognizing your target audience.
Tips to build a successful buyer-driven marketing strategy
Identify your target buyer and market
Relentless focus on your customer’s needs is the recurring theme in a successful consumer-driven marketing strategy.
Developing a buyer persona is the first step towards crafting an effective buyer-driven marketing strategy. It can help you adopt a personalized strategy in your marketing efforts, subsequently increasing your sales and revenue goals.
When you have enough data about your customers’ needs and expectations, it can help you segment your target market and direct your marketing efforts accordingly. Merely gathering data from various sources and developing a marketing tactic, however, is not enough to motivate your customers to buy your products and services.
Whether it’s a pay-per-click ad or an email marketing campaign, when your efforts fail to strike a chord with your audience, it’s all futile. And when the market is riddled with several such incidents, it’s better to learn from their mistakes.
Here’s how buyer personas can help you develop a buyer-driven marketing strategy.
- Align your value propositions with the desired customer needs.
- Increase returns by offering customers exactly what they are searching for.
- Gain a better understanding of your buyers’ needs and problems.
- Align your teams around a customer-centric vision and double your lead conversions.
- Develop a detailed customer image to help you craft better marketing messages.
The best way to create an effective buyer persona is by using the existing market research and identifying common demographic features like gender, age, profession, and income. The more information you have about your customers, the easier it is to create an appealing marketing plan.
Target customer needs
Once you get a general idea of your target market, the next step is to conduct extensive research to target their specific needs.
Though online research is the best way to gain this information, you can also rely on your existing customer base to gather information about their expectations and fully understand their needs and objectives.
Thorough online market research includes studying your competitors and your own social and web analytics along with conducting customer surveys to paint an accurate picture of the needs and demographics of different markets.
When gathering information from your customer base, here are the vital questions you should ask.
- How did they find you?
- What specific need were they looking for?
- Why did they choose you?
- What were the challenges they faced as they searched for your product?
- Where and how were they searching for your product/solution?
How do you choose which customers to ask these questions to? Simply narrow it down to your regular customers or pick the ones who are most willing to offer feedback.
Once you have the necessary information, you can use it to create blog posts, testimonial videos, whitepapers, and other marketing material aimed at every step of the buying journey. These contents should then be distributed in all the places where your customers said they went looking for information.
Segment your target market
Segmenting your target market gives you a broader view of your audience’s needs and allows you to enhance your goals. Audience segmentation is crucial for the success of marketing strategies in the digital world as customers’ buying decisions occur rapidly.
The challenge then is to identify the different ways in which your audience thinks, behaves, and interacts with your product during the buying stage. It will let you be in a better position to influence their buying decision favorably.
Targeting the right audience with appropriate personalized messages can improve customer experience and effectively drive your marketing strategy.
Develop customer loyalty
One of the best ways to ensure repeat sales and grow your referral business is by building customer loyalty. To this end, a customer-driven marketing strategy is fundamental.
You can implement a reward program where you allow customers to accumulate reward points every time they purchase your product or service. They can then use these accumulated points to acquire discounted or free products and services. This is a strategy that can be employed by all businesses, regardless of their size.
Use customer feedback
Customer communication forms the backbone of an effective buyer-driven marketing strategy. Customer feedback is the best way to improve your business and marketing strategy.
Feedbacks can help you understand and meet your customer’s needs. It can also offer you a different perspective of your business approach, help you address hidden loopholes, and aid in making the necessary changes and improvements.
While a positive customer experience can improve your brand reputation, a negative experience can offer invaluable feedback. This will not just help you build better products and services but also help strengthen your customers’ loyalty and trust by making them feel valued.
For instance, your customers might express their need for a better customer policy, a tidier store, or a unique product. You can execute these demands and requests in your marketing strategy to demonstrate your customer-centric approach and win your customers’ hearts.
Create a multi-channel engagement strategy
Customers expect a seamless buying experience that is not just limited to physical stores but is also available on their phones and tablets. To engage better with your customers, you must expand and deliver across various platforms. By creating touchpoints at different levels of their buying journey, you can better influence their buying decision.
An omnichannel buyer engagement plan can result in a successful buyer-driven marketing strategy and help in subsequently retaining and increasing your customer base.
By empowering customers to contact your business through their preferred channels, you can personalize their experience and increase their satisfaction. You can do this by creating real-time engagement and assistance plans through 24x7 live chats, video chats, or chatbots where the customers’ queries and FAQs are addressed. Not only will this increase customer satisfaction but also increase the lifetime value of your customers.
Generate word of mouth marketing
There’s no better way to expand your business and gain new customers than through word-of-mouth marketing. And the best way to do this is by offering top-notch service to your customers.
When you make customer satisfaction the main motto of your business, you’re bound to win loyal customers who are then more likely to recommend your business to their acquaintances. It creates five times more sales than paid promotion as people tend to purchase from a brand that’s recommended to them by their friends and family.
Make sure you encourage and request your existing customers to recommend your business to their friends and family and to leave positive reviews and ratings on online public forums.
You could also set up a reward program wherein you reward customers who send in new customers your way by giving them free merchandise, cash rewards, and additional discounts. Or, you could hold a challenge for a limited period to see which customers send you the most recommendations.
Importance of buyer-driven online marketing
The need for online marketing has never been more urgent than today. There is one major reason for this — all your customers are online.
Online marketing is no longer a novelty idea but a necessity for the success of your business. Here are some powerful reasons why you must invest in an effective buyer-driven online marketing strategy.
Build brand identity
To build a loyal customer base, you must first establish your unique brand identity. Online marketing can not only help you reach millions of potential leads and customers, but you can also use the internet to project your expertise and promote your products. Whether it’s through blogging, webinars, social media, or educational videos, you can demonstrate your expertise in various ways and steadily build a unique brand name for your business.
Whether it’s an old friend, colleague, or influencer, online marketing can help you forge new relationships and meet potential clients. With the help of online tools and network groups, it’s now easier than ever to reach your target audience by using tailor-made messages and personalized marketing.
The traditional form of marketing relied on one-way communication. You released an advertisement and waited for it to reach your target audience.
Online marketing, however, provides your customers with a way to communicate with your brand. Whether it’s to resolve queries or to provide more information about your brand, you can use this opportunity to connect better with your audience.
Different aspects of your product can often strike a chord with different sets of customers. Online marketing allows you to provide customized offerings to a specific demographic group and reach the right audience using personalized marketing tactics. This robust and diversified presence can help you become more visible to your customers.
While traditional marketing poses various constraints related to time, geography, and schedule, online marketing can help you overcome them. You can reach invisible prospects and clients regardless of their locations. Moreover, through online marketing, you can give your audience an opportunity to explore and inspect your product at their convenience through social media posts or on your website.
Time and again, several reports and extensive data have shown that online marketing expenses are considerably lower than traditional marketing expenses. It’s not hard to understand why. In online marketing, there are no travel costs, printing costs, or distribution costs to deal with.
Owing to the 24/7 visibility, the internet is the best place to achieve fast business growth. It’s easier to generate leads online, which, in turn, makes it easier to increase sales and profits.
Best buyer-driven online marketing techniques
Here’s a list of some popular buyer-driven online marketing strategies that you can use to elevate your brand performance while building a loyal customer base.
Most customers today judge a brand by its online presence. This includes your website. A website doesn’t only help you build a strong brand identity, but you also use it as a one-stop place to increase product awareness and attract your potential customers. You can also use your website to post testimonials and positive reviews from your existing customers as proof of your reliability and efficiency. Make sure to incorporate the right SEO tactics to reach a larger audience.
This is a technique you can initially use only on your existing customer since you’ll need to build an email list to set up an email marketing strategy. But while you do this, make sure to touch on all areas of your customer expectations by personalizing the message. Not only can this help you gain repeat customers, but it can also encourage word-of-mouth marketing.
Social media marketing
Another way to connect and reach out to your customers is by taking to social media. A solid online presence can strengthen your brand identity like no other. Being active on social media sites like Instagram, Facebook, and Twitter can help you generate the right kind of buzz and activity for your brand. It is also a fantastic way to learn more about your target customer.
Keeping a tab on your competitors’ activities can help you rise above your competition. Periodically analyze and check their social media and website performance to gain inspiration by their approach and learn from their errors.
Short, crisp, and impactful, online videos are a great way to grab your potential customer’s attention. Quick commercials can create a lasting brand image and impact their buying decision. You could employ this in the form of ads or insert them on your websites and social media sites.
In a nutshell
Buyer-driven marketing refers to customer-centric marketing strategies that can positively impact your business’ sales and revenue.
There’s no pre-existing blueprint or a one-size-fits-all strategy for expanding your business. However, a solid buyer-driven marketing strategy can help you gain valuable data about your customer needs, thus helping you maximize your business potential by targeting niche customers.
You can do this by recognizing and targeting customers who promise higher lifetime value, sorting customers by demographic regions, studying their expense patterns, installing a solid feedback system, and addressing their queries.
Of all other methods, an effective customer feedback system is the best way to fine-tune your marketing objectives. Using those insights, you can re-align your goals to satisfy customer needs, meet their expectations, and solve problems.
At the end of the day, make sure you give your customer exactly what they need as customer satisfaction is the only force required to expand your business.
If you’re looking for an established marketing firm to develop a buyer-driven marketing strategy for your business, we at Tenscope can help you realize all your goals and visions. Just drop us a mail and one of our executives will be in touch with you in no time.