Three Marketing Lessons
A 2019 report examined the differences between top companies and the fastest growing companies. While the top companies efforts are geared towards reaching the largest audience possible, the fastest growing companies focus on a small demographic they can target intimately. Below are three lessons and ways for you to implement them in your own strategy.
Niche Campaigns vs. Casting a Wide Net
The top companies benefit from an Every Door Direct Mail Campaign (EDDM) where a direct mail piece is delivered to everyone in a given area or zip code. This limits the specificity but reaches those who may not be in a target demographic. The fastest growing companies benefit from direct mail campaign with a targeted list. Using a targeted list saves money from a smaller quantity of mail pieces but goes to people in the target demographic who are more likely to purchase your product.
Focusing on Loyalty vs. Acquiring New Customers
Top companies want to find new customers. Out-of-home advertising works well to capture new business. The fastest growing companies want to focus on existing customers on those who have visited their site before but may not be customers. Think abandoned carts. These retailers send text messages or emails to push shoppers to finish their purchases.
Less is More vs. More is More
52% of top companies take advantage of cross media campaigns, flooding the market with their branding and promotions. Cross media allows for the customer to find your product in the medium they prefer, whether that’s a mail piece, email or text message. The fastest growing companies prefer to use the promotional medium their target audience values most.
Both have their strengths and weaknesses and every company should decide which fits best into their business model. But who’s to say the model of the fastest growing companies couldn’t over take the top companies and put an up-and-comer in a top seat?
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