Promoting your business online has become more crucial than ever in today’s competitive business landscape. Online marketing isn’t only necessary for E-commerce businesses anymore. Restaurants, brick-and-mortar stores, and even pharmaceutical companies are all turning their attention to digital marketing. So, if you’ve just established a business, you should absolutely make digital marketing part of your organization’s primary objectives.
If you’re looking for some essential tips to help you promote your business online, this article is just what you need. Let’s go through it!
Conduct a SWOT Analysis
You can’t simply expect to randomly start marketing your business online and get more leads and customers. That’s not how effective marketing works. Instead, you’ll need to have a proper strategy in place to ensure your marketing efforts are successful.
Before you begin promoting your business online, consider conducting a SWOT analysis. A SWOT analysis looks at internal and external factors affecting your business. It’s an abbreviation for Strengths, Weaknesses, Opportunities, and Threats (SWOT).
Strengths and weaknesses are considered a business’s internal factors. Meanwhile, opportunities and threats are external factors that can affect a company.
While conducting a SWOT analysis, think about your company’s strengths and competitive advantages. Then, try to focus on your weaknesses and find areas of improvement. Once you’ve assessed these internal factors, it’s time to look outside the scope of your company to find opportunities and trends you could take advantage of and threats to avoid.
SWOT analysis is commonplace in the marketing world, and it’s a particularly effective tool for digital medical marketing. If your pharmaceutical company is looking to boost its online presence, consider partnering with Growth Pharm.
Define Marketing Goals and Objectives in Business
Whether you’re marketing for your restaurant, pharmaceutical company, or E-commerce store, you need to have an end goal in mind. Otherwise, what’s the point of your marketing activities? You might have set aside a sizable marketing budget to develop your business’s online profile, but what do you hope to achieve?
For instance, a pharmaceutical company might want to use online marketing and advertising to sell more pills or develop a stronger brand awareness so that customers would prefer that company’s products over competitors.
It’s important to establish your marketing goals and objectives before starting out with your marketing activities. Defining goals allows you to use specific Key Performance Indicators (KPIs) to determine if your marketing activities were successful or not.
Furthermore, ensure you set SMART goals. SMART is an abbreviation for specific, measurable, achievable, realistic, and time-bound goals.
Let’s assume you’re responsible for your pharmaceutical company’s marketing plans. You set a goal to increase sales of a specific pill. This goal is immeasurable and not time-bound. Sales could possibly increase by one percent over three years. Would that be a suitable return on investment for your marketing activities? Most companies would consider such a result unacceptable.
Instead, setting a goal to increase a pill’s sales by five percent over six months is more appropriate. You can easily develop KPIs to track whether your marketing efforts will help the company achieve this goal.
Assess Competitors’ Marketing Performance
Another thing to consider when trying to establish your company’s online presence is to see what your competitors are doing. Studying their marketing strategies and campaigns can help you identify potential shortcuts. In addition, it also reduces your risk.
More importantly, competitor analysis allows you to determine how your company would fare against the competition. It’ll help you learn more about their Unique Selling Points (USPs). It’ll also give you valuable insights into what marketing channels they’re using and how their marketing funnels are structured.
Find Your Target Audience
Your marketing efforts won’t be successful if you don’t know who your target audience is. For instance, Nike’s Air Jordan sneakers line wouldn’t be successful if they were solely targeting retirees and the elderly.
Finding the right target audience is essential if you wish to be successful with your marketing efforts. Unfortunately, finding the ideal consumer for your products or services isn’t easy. Consider asking yourself the following questions when trying to define your target audience:
- Is your ideal consumer male or female?
- What’s their age demographic?
- Do they live in an urban or rural area?
- How much do they earn?
- What is their education level?
- What activities and hobbies do they like?
Doing so will help you find your target audience.
Set a Marketing Budget
Setting a marketing budget is important before conducting your marketing activities because you’ll want to ensure you get the most value from your budget. That’s why companies closely look at their customer acquisition costs.
If you’re spending $30 to acquire a customer but only selling your product or service for $20, you’re operating at a loss and burning money as you gain more customers. While some start-ups in the tech industry do use this strategy, such practices are uncommon in most other industries.
Therefore, consider creating a strict marketing budget and adhering to it. Once you’ve created a marketing budget, you’ll also want to divide it further into different channels. For instance, you might allocate 20 percent of your marketing budget to SEO activities, 40 percent to social media marketing, and the rest to paid advertising.
According to research, the average marketing budget of a healthcare company was $7.6 million in 2022. However, your pharmaceutical company’s budget might vary based on several factors, including revenue.
Leverage Social Media
Research shows that nearly five billion people use social media platforms like Facebook, Instagram, TikTok, etc. As a result, these platforms already have a sizable user base. All you need to do is learn how to target a small percentage of these people to sell more products and services.
Consider leveraging the power of social media by creating and posting content regularly. In addition, consider using social media marketing and advertising to your advantage.
Anyone familiar with the digital marketing landscape knows that SEO is one of the most effective ways to bolster your company’s online presence and generate more leads. SEO is an abbreviation for Search Engine Optimization.
Let’s assume you’re looking for an over-the-counter pill to alleviate headaches. Your first instinct might be to type that in a search engine like Google or Bing. Then, the search engine gives you links to the most relevant search results.
However, these search results don’t appear on Google or Bing’s first page by accident; that requires considerable effort. SEO aims to help your website rank higher in search engine result pages (SERPs). Utilize it to grow your company’s online presence.
Growing your business’s online presence isn’t easy, especially in today’s world, where the digital marketing landscape has become fiercely competitive. However, utilizing the tips listed in this article can help you build a robust online presence for your business and generate more leads and sales.