4 Ways Entrepreneurs can Improve their Marketing Strategies

The goal of every entrepreneur is to have their brand be the go-to in their industry. Having an effective marketing strategy is one way to do this, and in this article, we look at four ways to achieve this.

In recent times, the term entrepreneurship has come to mean different things; a lifestyle, even a movement. It’s become more about owning a piece of online real estate by running an online business that caters to the needs of people all over the world.

By definition, an entrepreneur is someone who creates or sets up a business or businesses, bears most of the risks, and enjoys most of the reward. One thing runs through all businesses, however; sustenance depends on getting customers and highly qualified leads and these heavily rely on marketing.

Here at Galactic Fed, we understand all too well the need to have robust and proven marketing strategies as we’re a remote-first digital marketing agency. We like to think of ourselves as entrepreneurs in every sense of the word. It is ingrained in our company culture. We call this culture the Galactic Fed Way, and you may be wondering how having a culture can be a marketing strategy, well read on;

Building a Company Culture

Being a business owner is all about empowerment. It’s about celebrating everyone on your team. This is why we think of ourselves as entrepreneurs through and through. From the content writers, to the landing page designers, everyone takes ownership and when you take owner of something, you want to see it work and grow at all cost.

Employees don’t see themselves as people who put in the work solely for a paycheck at the end of every month, they see themselves as stakeholders with an input in the business. This keeps employees happy and engaged with the company. A corporate culture that attracts top talent can lead to a 33% increase in revenue.

The goal of every marketing strategy is by extension an increase to the bottom line. Regardless of what form this goal takes, it may be lead generation, reduction of advertising costs, brand awareness, or app installs, the end goal will be to generate revenue and add to the bottom line.

When you have employees aligned to the company culture, when their goals and values match that of your organization, you get a people committed to excellence in carrying out their duties.

When this happens, they will tell more people about the business, and focus on building a company culture and hiring those aligned to your values. After all, the secret to a happy and long-lasting marriage is two compatible persons in love with each other. To learn more about building a company culture that works, look at how we built a fully remote company with an excellent corporate culture.

Business Storytelling

“People don’t buy what you do, they buy why you do it.” If you think the only set of people who need to align with your values or mission as a business, you need to think again. Now more than ever, people want to feel connected. It is why we follow our favorite brands on social media in order to engage with them. It is why we wait in line for the next iPhone, or pre-order the next PlayStation? It is why we follow the unveiling of our favorite consumer products online.

One way to have people connected to your brand is through the art of storytelling. When we tell engaging stories, we are able to communicate what, how, and why we feel the way we do. 

• What are you offering? Everyone knows what they do. 
• How will this help your target audience? 
• Why are you doing what you’re doing?

Simon Sinek calls this the Golden Circle.

Business storytelling is simply creating alignment between your business and your prospects and customers by consistently communicating your mission, values, and goals across your preferred media. This can be through social media, emails, and your blog amongst other mediums.

This marketing strategy is so effective that some of the top brands in the world have played on time and time again. Elon Musk’s Tesla has harnessed the power of business storytelling to tremendous effect and you should too.

Prospects are more willing to part with their money when they’re connected to your brand on an emotional level and this is the benefit of business storytelling.

Paid Promotion

“Advertising doesn’t cost. It pays.” One of the tremendous benefits of digital advertising is its granularity and attention to detail. This is why it should be a foremost marketing strategy. If you’re not advertising digitally, you’re putting a lot of money on the line.

While having a company culture and telling your business’s stories are sure-fire ways to market your business as a whole, they can be uncontrolled and not directly measurable, paid media promotions are the direct opposite. It takes things a step further by helping you push your products to your specific target audience at every stage of their buyer’s journey.

There are many different ways and platforms to get started depending on the goal you’re trying to achieve for your business, and while it may seem daunting with the technicalities you may face, Galactic Fed has a Paid Media series that demystifies the intricacies. We are pros at designing the perfect Google and Facebook Ads campaign for whatever business goal you want to achieve.

We helped Maple Guild, one of the largest organic Maple Syrup producers in the United States increase their purchases by over 200% and revenue by over 300%.

We also helped Purpose.Jobs, a marketplace that connects businesses in the Midwest area with high-level talent achieve a 124%+ increase in qualified leads.

Word of Mouth

The end goal of converting a prospect to a customer should always be brand ambassadorship. It is not enough for a customer to buy your products or services, they should tell others about you. Look at these figures;

• 74% of customers consider word of mouth to be a major influence in their buying decisions
• 88% of people trust online reviews as much as recommendations from friends and families when making a purchasing decision
• 91% of B2B buyers say they are influenced by word-of-mouth marketing.

This is one of the most organic and high-paying marketing strategies.

Your first point of contact is your employees who know more about your company than anyone else. They will be more than willing to spread the good news about your company. This extends also to your customers. When you engage these parties on an emotional level, the benefits are tremendous.

To learn more about word of mouth marketing, see this article.

There you have it. A key component to business growth is marketing. To increase your revenue, you need to get your products and services in the eyes of the right people. To attract the right talent to grow your business, you need to do the same.