If you’re a fan of Shark Tank, as I am, then you’ve likely seen the basics of Venture Capital strategy and tactics. Each week, you can watch the Sharks grill those looking for a deal. Are you strictly D2C (Direct-to-Consumer), strictly eCommerce, or via multiple platforms?
They’ll ask, “What’s your monthly burn?” or “How much was your seed funding?” “What are your Customer Acquisition Costs (CAC)?” and “How much cash do you have on hand?” and so on. You hear things like, “I want 10% equity and then another 5% in advisory shares.”
These are all great for getting a look under the financial hood of any company, but you’ll also hear questions about marketing strategy. “How are you marketing, and what’s your spend?” They invariably ask about digital and Facebook marketing.
They simply want to know if this entrepreneur is savvy enough when it comes to marketing and how much work they’ll need to do just to help achieve their goals. We all know there are certain marketing “dos and don’ts,” and while they may be modified, the basic truths remain.
The foundational rule—the one on which all else is built—is to understand your target demographics. No amount of clever creative or branding will work if you don’t know to whom you’re talking. Understanding your target demographics must always be the first step in creating a meaningful connection with potential customers. It’s not only defining age, gender, location, interests, and income level; it goes deeper into determining their needs and pain points.
It’s uber-important to remember that no one thinks of you until they need you! That’s why building a strong brand identity that helps you stand out in a crowded marketplace and gain that memorable space in the consumer’s mind is imperative.
The brand represents the personality of your product and sets the tone for all marketing efforts. I have mentioned this in previous articles, but the brand is “A promise, based on a relationship, wrapped inside an addictive customer experience.” When this is expressed through your creative logo, color schemes, messaging, and tone of all you do, you are on the right track for success.
When customers can easily identify and connect with your brand because it stands for something in their minds, they are more likely to choose your products or services over competitors when they need you. This is the beauty of radio—it is a tremendous and most effective brand builder!
Customers are also looking for value. Whether it’s in the form of quality, affordability, customer service, or innovation, your marketing should always emphasize clear and definable value. Keep in mind that value does not have to be price-driven!
Value-driven strategies position your brand as a solution to your audience’s problems, making it more appealing. Whatever messages you create must clearly communicate how your product or service improves the customer’s life or solves a specific problem or need.
These days, digital marketing is not optional – it has become a necessity to be delivered in tandem with radio and other audio platforms. Digital marketing is more transactional. Increasingly, consumers are turning to online platforms to inform their purchasing decisions when they need a product or service, and businesses must invest in effective digital marketing strategies.
This is why branding strategies and campaigns are so very important. We need to make that point to our own customers. Broadcast and audio platforms do a superlative job of branding and focusing on the brand – every day, every week, every month, throughout the year.
To reinforce that impact, when the consumer goes online and an SEO campaign has that same recalled brand on the top of the Google list, the consumer remembers, “I know them. I hear them all the time! That’s who I will call.” This is a proven strategy time and time again.
We all know that content is king in marketing. Content marketing builds authority and trust, positioning a brand as an expert in the field. It fosters strong relationships by offering solutions without immediately pushing for a sale. GREAT content drives engagement and increases brand awareness.
Over the years, we have learned that no marketing plan employs a “set it and forget it” tactic. To be effective, you must continuously measure and analyze the performance of your campaigns. KPIs help track ROIs and provide insight into what’s working and what’s not. This allows for informed decisions, adjustment strategies, and optimized campaigns for better results.
The business landscape and consumer behavior are constantly evolving. Technology, trends, and market demands change rapidly; every business must be flexible. If we have learned anything from our collective experience, it’s that adaptation is key to long-term success. Adjusting marketing strategies that align with changes keeps a business relevant and competitive.
By understanding the audience, offering value, leveraging digital tools, and continuously analyzing and optimizing efforts, a brand can build strong connections and stand out in an increasingly competitive market. Marketing is a dynamic field, but these core principles help achieve long-term success.
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Bob Lawrence writes weekly columns on radio leadership and business. He most recently served as market manager for MacDonald Broadcasting in Saginaw, Michigan. Throughout his career, Bob has held virtually every position in the business over his 40+ year career, from being on-air in Philadelphia, San Diego, and San Francisco to programming legendary stations including KHTR St. Louis, KITS Hot Hits and KIOI (K101) San Francisco to serving as the head of all programming for Saga Communications and working for the Radio Advertising Bureau. Before landing his current role, Bob helped lead Seven Mountains Media’s cluster in Parkersburg, WV/Marietta, OH. He can be reached by email at BGLawrence@me.com.
Bob also honed his research skills over ten years as Senior VP of Operations at Broadcast Architecture, eventually launching his own research company and serving as President/CEO of Pinnacle Media Worldwide for 15 years. Bob spent five years as VP of Programming for Saga Communications before joining New South Radio in Jackson, Mississippi as GM/Market Manager. Prior to joining Seven Mountains Media, Bob served as General Manager for the Radio Advertising Bureau, overseeing its “National Radio Talent System”.
