“It’s a buyer’s market!” We seem to be hearing that everywhere these days, whether it’s for a consumer or business-to-business (B2B) purchase of a product or service, this economy has taught our customers a new way to shop. And, with the plethora of new technologies that provide sources of information to assess and compare a brand’s attributes and reputation. prior to purchasing, how we now market to our customers, both new and existing, presents a number of challenges.

As a B2B or consumer marketer in this new marketing environment, how marketing communications and marketing plans and tactics should be developed and employed is a dilemma for everyone. But it is possible to overcome these challenges – here are four critical keys to success.

Know your target audience

Knowing your target audience is an important priority. Like the management of many midsize companies, you probably think you know what your customers and prospects want and believe about your brand. But, really?

Before spending your limited money on marketing, isn’t it a better idea to use market research to determine, beyond price, what matters most to your target audience? And how do they rate your product and its attributes compared to your competition?

Also, don’t forget to do some research with your own employees and channel partners to find out how their Opinions match your customer’s wants and needs. Employees and channel partners can be your best brand advocates, but they need to be in sync with the priorities of your customers and prospects.

Investing marketing communications dollars to discover and then promote what your customers really want is key to improving your marketing ROI. The old adage, “Look before you jump,” has never been more true.

Value both new and traditional media

Traditional media such as print and television advertising, events, direct mail, and public relations remain very important marketing tools. But just as important are blogs, Twitter, Facebook, LinkedIn, webinars, online videos and a host of new media alternatives. They all have value, and learning to use them in concert is vital. But you must take the time to understand your relative. effectivenessnot only their efficiency.

The question to be addressed is which media mix of these marketing communications tactics to employ to keep existing customers, let alone get leads for new customers. Understanding the strengths and weaknesses of these tactics with your target audience presents some interesting challenges, and you need to be able to separate the myths from the facts. For example, did you know that:

• 47 percent of Americans ages 50 to 64 now actively use social media, up from 22 percent in April 2009 (Pew Research);
• In fact, the number of magazine readers has increased in the last five years, even in the segment of 18 to 34 years (MPS);
• While U.S. advertising spending fell 9 percent in 2009 to $117 billion, cable television advertising increased 17 percent and Spanish-language television advertising increased 32 percent (Media reports);
• Nearly two-thirds of consumers “value their direct mail,” but only 36 percent of sellers believe this, clearly a disconnect (USPS):
• Retailers posting messages online have found that shorter posts (less than 80 characters) receive 66% more engagement than longer posts. And specific “dollars off” messages receive a higher redemption than more general “percent off,” “deal,” or “bargain” phrases (Buddy Media).

Clearly, understanding the benefits of traditional new media is very important, especially for a medium-sized business with limited resources. Both are powerful, and finding the right mix for your business is another key to your success.

Participate in Content Marketing

Recently, there has been an explosion of content marketing to meet the demand for information from curious shoppers. Whether in the B2B or consumer marketing communities, customers and prospects have begun looking to blogs, videos, articles, white papers, and case studies for ongoing, up-to-date sources of information.

The depth of information now available to customers and the speed at which it is available to them, when they want it, you can increase brand awareness, enhance reputation, develop qualified leads, and achieve profitable sales engagement. It can’t be ignored. But there are problems. In a recent HiveFire B2B Marketing Trends Survey Report, among nearly 400 marketers:

• Nearly 70 percent of content “curators” say a lack of time hampers their efforts;
• Two-thirds say the lack of quality, original content is a big drawback;
• 37 percent say a lack of experience to get the job done is a major issue, while a similar number have difficulty measuring ROI.

But recognizing the importance of content marketing and addressing these issues could be another key to your success.

don’t do it alone

Truly understanding your audience, learning about new and traditional media opportunities, and developing an impactful content marketing program are all important keys to improving your marketing ROI and marketing communications. but there is more

A lot of intelligent thought has probably already gone into creating your trading strategy, plans, and tactics. But, like most midsize businesses, you may not have enough staff or funds to make the changes necessary to take advantage of these marketing tools in today’s environment. The solution: don’t do it alone.

Consider partnering with established, high-end consultants to help you and your team develop, refine, and implement your programs. Above all, look for consulting groups that are “media neutral” and don’t sell a particular marketing discipline. And make sure they have extensive experience across industries and brands, as well as a willingness to “tell it like it is,” so candor flourishes. And happily, finding the right consulting partner to work with you could become the fourth key to your marketing success.