Marketing
Strategy Article:
Is your marketing strategy working? Tell-tail signs to consider.
Many small businesses have a hard time attaining the
success that they strive for. Every market is tough, competition is always a
factor, and technology tends to make products obsolete very quickly. Your marketing strategy is more important
to your success than
ever. Making it work and knowing when to modify it is extremely important.
How is a small business owner to adjust and take the
right course?
Too many companies living on a the hope and a prayer
strategy that tomorrow will bring a significant turn around. "Things will
get better," is often heard in meetings. Today's hyper-competitive
environment won't allow this wait-and-see approach to happen.
Ever-changing client dynamics, hidden competition,
poorly executed marketing, and the lack of measurable objectives all
contribute to the failure of even the best thought out strategy.
An understanding how successfully your marketing
program is meeting its objectives is vital to making timely decisions and
the right corrections to your strategy.
So how do you know if your marketing strategy is working
properly? Most experienced
marketing people intuitively know whether their plans are working or not -
just look at the sales numbers.
For the newer entrepreneur, here is a list of areas to investigate:
Excessive and
Persistent Discounts
The
first sign your marketing strategy is not performing as designed is when
your sales force must constantly reduce prices to get orders or retain
accounts. This is different than strategically setting a competitive price
price in the market. We are talking about the need to drop a price to get
the sale. A painful and dangerous tactic, indeed.
This tactic is usually caused by the lack
of differentiation of your offer in the marketplace. Your marketing strategy
has not adequately addressed what sets your offer apart from the other
choices in the market. When you have not establish a unique value position,
you fail to give the prospect a good reason to purchase from you.
When there is no perceived difference in
the mind of the prospect they will fall back to a price comparison. This is
the slippery slope that gets many business stuck in the mud. If two offers
are the same guess which one the will choose? The lowest price of
course!
Work hard to always differentiate your
business and your offerings from the competition and make them see the value
before they see the price.
Low or Poor
Lead Generation
The reason for marketing is to create a steady flow
of qualified prospects that lead to sales opportunities. When your marketing
strategy fails to create these opportunities you are probably not
communicating your message to the market in the way that attracts them to
you.
Successful marketing requires action on the part of
the prospect. Action takes motivation and when you message fails to resonate
with them they do nothing. This is the worst possible outcome for your
business!
You must match your
marketing message to the need that they possess. Everyone has problems,
needs and desires. When you focus your marketing strategy on these specifics
in your prospects life you activate emotional triggers that get them to take
action. This is probably the most difficult part of marketing because
people's attention spans are short and they are inundated with marketing
messages everyday.
You must take the time to plan and test your message
to see if it communicates well with the target market and to get them moving
in your direction.
Prospect Confusion
The confused mind says no! Your don't have a
snowman's chance in the desert when the prospect is not clear about the
value and benefits you offer.
This is typically a result of poor or non-existent
branding on the part of the small
business owner. It's simple; they will not purchase from you until they
trust you. And trust is in complete control of the prospect's perception of
your company.
A qualified prospect will only take action when they
are comfortable that their decision will not cause them loss or pain. Every
time they purchase something they open themselves up to experiencing these
terrible feelings. The pain of a bad decision is only out done by the loss
of money due to a bad purchase. Your marketing strategy must address the
risk that the prospect exposes themselves to when they buy.
Your brand must make them feel comfortable by
removing the risk they they have. They must feel comfortable enough and have
enough facts of your benefits that they will purchase. Only then will you
help them avoid confusion and the buying paralysis the accompanies it.
These three areas are the best place to start when
evaluating your marketing strategy. When all else fails do the simplest and
most logical thing to gather information---just ask them! A direct, open
dialogue will reveal more than any other guess work that you could ever
dream of.
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Developing a Marketing
Strategy |
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1.
Strategic Thinking
Many
small businesses take on any type of customer just to make a sale
and lose sight of the prospects that have the greatest potential.
They approach everyone equally and hope for the best. What’s wrong
with this? It's a poor tactical approach, not a sustainable growth
marketing strategy.
(more)
2.
Established Marketing Goals
If you
believe you can succeed, you will eventually succeed. When you have
a marketing strategy and clear set of
marketing goals
there will be little to stop you.
(more)
3.
Differentiating Factors
Being unique
in the marketplace is an imperative small business marketing strategy.
Uniqueness can be a make-or-break virtue in today’s hyperactive
business world. How do you set your small business apart?
(more)
4.
A
Clear Target
Creating
a small business marketing strategy requires you to become and expert
at
target marketing. The two things
you are always short on are time and money. When you miss your target
market you are wasting both.
(more)
5.
A Strong
Message
Marketing is all about communication. When you communicate well,
you make sales; if you cause confusion, you fail. It's that simple.
Creating a strategy for your marketing message is critical to your success.
(more)
6.
A Brand Identity
You
may think that as a small business you are not big enough to need
a
branding strategy. Nothing can
be further from the truth! Every business needs an identity that
is part of a focused marketing strategy.
(more)
7.
A Positioning Plan
All
business battles, large and small, are won and lost in the minds
of your clients and prospects. They decide what is in their best
interest and if your product will benefit them. The best you can
do is to position yourself with your marketing strategy to be the
best choice, lowest risk they have in their buying process.
(more)
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Resources:
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