The way markets behave, the emergence of new channels, how consumers buy and engage online, and their relationships with brands.
Businesses have to know about each of these changes and figure out how they will affect them (in a good or a bad way), and how you can use them to your advantage (the process).
Sounds overwhelming, right?
Here’s where Marketing Consulting firms come into the picture to help brands do the following and grow:
- Conduct Market, Consumer, and Competitor Research
They study and understand the market through offline, online, and social media research, surveys, trends, and patterns.
Through this, they find:
1) A gap in the market that you could potentially fill (product-market) fit.
2) Who will benefit from the same (customer segments), and
3) Who else is trying to satisfy the same segment (competitors – direct and indirect)?
Once they find out who your target audience is, they work to know more about them – their needs, behavior, buying patterns, and the content they consume.
Doing so helps you with the next step of building a brand.
- Build a Brand
Now, you know your consumers well and how you can differentiate yourselves from the rest in their minds and the market.
Marketing Consultants help you build a framework to define the following:
1) How your brand will present itself (brand guidelines),
2) How will you communicate with your customers through visuals and messages, and
3) How will you spread your purpose to reach your target audience?
They then formulate a brand marketing strategy to build and promote your brand.
- Choose the Right Marketing Mix
You now have a story for your brand that will resonate with your consumers.
The next thing a marketing consulting firm helps you do is to go where your audience is present by selecting a mix of owned, earned, and paid media.
1) Owned Media are your firm’s channels, such as social media pages, websites, and stores.
2) Earned Media are channels that talk about your firm and promote it, such as news articles, blog posts, and press releases.
3) Paid Media are promotional spots the company pays for, such as search ads on Google, paid social media ads, or an advertisement on TV.
- Build a Presence on the Chosen Channels
You now have the marketing mix to help reach your target audience.
Marketing Consulting helps you build channel strategies and execute each of them.
So that you can reach, resonate with, have conversations with your audience, and convert them.
They also guide you to offer a delightful experience to your customers by solving for them (customer service).
They do this to let your firm win the two most crucial metrics in today’s era: lifetime value and loyalty.
- Measure Performance and Guide
This step is the holy grail for all marketing consulting firms.
They collect data and use it to see how well the strategy worked overall, the top stars and the average moving elements, and where they can improve.
After this, they modify their plans to apply what they learned and set you up for growth.
In short, Marketing Consulting helps firms build a brand and reach the right people, at the right places and time, with the right messages.
Pandora’s Box is a Consultancy for Businesses that guide startups and emerging corporates in their branding and marketing endeavours.