Marketing Lessons I Learned From Fortune 500 Companies
These tips and tricks can help make your product or service more visible.
Based on the data collected from Revuze's eCommerce insights dashboard, offering discounts to new customers and high-value customers — whether it’s a one-time discount for new customers or personalized discounts to high-value, loyal customers — will make for a happy customer, one who will also recommend your brand to family and friends. That said, your brand can learn from Fortune 500 companies that take their marketing strategy to a level beyond discounts.
1. Ask yourself why customers buy your products
By understanding the motives behind your customers’ purchases, you can market the aspects of your products most important to your customers. Fortune 500 companies understand why their customers want their products, and they continually match their products to meet their customers’ desires.
For example, one of the most important features consumers want in headphones and earphones is audio quality. While they also value practical elements like battery life and connectivity, neither of those elements rank as high as audio quality in consumer reviews. By marketing your highly rated features, you’re matching the value your customers place on that aspect of your product.
To ensure your headphones and earphones stand out among competitors, you must understand your customers’ motivation in looking for your brand’s type of product. In the long term, tweak your current products or even create new products to match the desires of your customers. You’ll not only attract customers but also secure positive reviews from those customers.
2. Respond quickly to changes in consumers’ behavior
Just as Fortune 500 companies quickly switched to ecommerce solutions and curbside pickup in response to the global pandemic, it's important for your business to change with the times, too. Returning to the example of headphones and earphones, brands making such products should quickly respond to Covid-related increased data usage: During quarantine, data usage has increased 47 percent with more gigabyte and terabyte subscribers.
With work from home, telemedicine, online entertainment, and online conference services, the increased data usage could easily be coupled with an increased demand for headphones and earphones. If you're marketing headphones and earphones as part of the new normal under pandemic circumstances. Your headphones or earphones are in demand. Ensure your customers can find your brand.
3. Ecommerce makes gift-giving quick and easy
Part of the quick response to the pandemic involves the transition to and expansion of ecommerce for big brands. Beyond reactions to the Covid-19 pandemic, ecommerce trends are here to stay. Making your products available online gives your brand flexibility while increasing its reach to customers.
Enabling your customers to shop for your products online, ecommerce will increase your brand’s sales volume. Removing geographical location and rental costs restrictions by moving your sales online liberates your brand from brick-and-mortar limitations.
4. Embrace digital marketing
Between Facebook’s 2.41 billion monthly active users, YouTube’s 2 billion users worldwide, and LinkedIn’s more than 600 million users in more than 200 countries and territories across the world, your brand can’t afford not to engage in digital marketing.
While a Fortune 500 company employs an in-house team in addition to outside consultants to manage their digital marketing, there is no barrier to entry for any brand to engage with their customers in the social media world.
5. Leverage online data to your advantage
Between social media and ecommerce, Fortune 500 brands can find online opinion data regarding all aspects of their products and adjust their marketing strategy accordingly. If you're selling headphone or earphone products, you might also leverage data by researching reviews regarding audio quality, battery life span, connectivity, bass levels, comfort and noise cancelation. By tapping into the underlying data behind every review, your brand could market the positively rated qualities of your products, and it's worth the effort to build a strategy around the best-rated aspects of your offerings.
Entrepreneur Leadership Network Contributor