5 All Time BEST Marketing Strategy Tips
Most of us read a book or two by some supposed marketing guru. We spend time on the internet looking through the sites that claim to know the answers to ALL our marketing questions or better still they have the right equation to help us grow our business to monumental proportions!!
How do I know this?? Well it’s the path I took for Years – looking for answers
Know what I found out??
Come on, you can guess??
I found out that there are no “simple” answers, no “one person’s way to success”
The problem with most of these marketing gurus, or online “get rich quick” marketing messiahs is they don’t really understand the inter-relationship of ALL the components of a good marketing strategy.
So I thought I would share what I’ve learned in 15 years of studying marketing ON how to you’re your marketing more effective and most importantly, how YOUR marketing can help you make more money!
#1 Understand ALL the components involved in a good marketing strategy - and remember, marketing is the sum of ALL your advertising, Public Relations and Promotion.
Key components of a good marketing strategy:
- A description of your key target buyer, your true end user
- A listing of the market segments your company will compete in
- A statement of the unique positioning of your company and its products versus the competition
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Your company’s USP or Unique Selling Proposition i.e. the reasons why your business is unique and/or compelling to buyers
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What is your price strategy versus competition
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Detail on your marketing spending strategy with advertising and promotion
#2 A good marketing strategy begins with a review of the strengths and weakness of your company – it’s hard but the list you develop becomes the foundation for your company’s message.
#3 A Good marketing strategy supports your customer – so KNOW WHO YOUR CUSTOMER IS (demographics) and WHY THEY WANT TO BUY YOUR PRODUCT OR SERVICE (psychographics). Most businesses will get 80% of their sales from 20% of their customers. Know exactly who those 20% are and aim your marketing to that segment.
#4 Understand your competition and position your company in relation to them – remember to successfully market a product or service, you must first know who your competition is and what your “significant point of difference is”
Recognize that you can not develop a “marketing plan” until you have a sound, measurable “marketing strategy”. And remember – a marketing strategy - is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage.
