Marketing Strategy: The Seven Critical Must-Know
Elements
An effective
marketing strategy is the difference
between wining and just playing the game
Do you have a marketing
strategy in place?
On
a scale of one to ten, having an effective marketing strategy for your
small business rates about a fifteen!
No matter what kind of business you have -- whether you sell a product
or a service -- you must have a marketing strategy. The old saying is
so true: "if you fail to plan, then you're really planning to fail."
Creating a marketing strategy can mean the difference between you
working 60 to 80 hours a week all year long -- and then breaking even,
or worse, losing money. Without a strategy you a like a ship on the
ocean without a rudder. You may have a destination in mind but the
forces of the marketplace will determine where you drift.
On the other hand, entrepreneurs who have a marketing strategy find
success by diligently researching, planning and executing a plan
that generates consistent profits. These business
owners work fewer hours and make piles of money. They thrive because
they are clear about their ultimate destination and they have a plan to
get there.
As
a small business, it's easy to lose the focus because there are so many
directions you can choose to go.
Michael
Gerber, author of
The E-Myth said, “When you try to be all things to
all people, you end up being nothing.” The lack of clarity
and strategic planning have been the demise of thousands of well
intentioned, and well funded, businesses.
Many small businesses
take on any type of client or customer that comes along just to make a
sale that pays the bills. They never focus on the best prospects
because they never took the time to research who they are. They
approach every prospect equally and hope for the best.
What’s wrong with this? It's a poor tactical approach that
wastes a great deal of time and money and is not a sustainable growth
marketing strategy.
What is a business
marketing strategy? Simply put, strategy is the
“how” of your marketing approach; whereas tactics
are the “what” that will achieve your goals. A
simple analogy would be that strategy is the workhorse that pulls the
cart filled with tactics as you journey toward your ultimate business
goal.
So, how do you create a strategic marketing plan for you business?
Start by defining your five key marketing strategy fundamentals...
The
Five Key
Marketing
Strategy
Fundamentals
Before you start creating a marketing strategy you must understand that
a strategy is a continuous process of testing and adjustment and not a
single event or a majestic document. A strategy must be an dynamic and
flexible set of ideas that guide your marketing decisions. It's the
game plan that you take into battle that is flexible enough to adapt to
the ever changing market.
However,
although these strategic principles are evolving they are built upon
several key fundamentals that fit your business philosophy and match
the needs of your market. These key fundamentals are:
-
Who is your best qualified
prospects and clients
-
What unique value you
offer to the market
-
The tone and style of your
marketing message
-
The desired perception of
your product and service offering
-
The reasons why
should they trust you and buy from you rather than any other choice in
the marketplace
These
five concepts must be at the core of your marketing strategy
development. They are the guiding lights that you should never take you
eye off of when developing any of your marketing tactics.
Never Lose Sight of Your Strategy
Too
often when a small business purchases advertising from newspapers,
yellow pages, or direct mail companies they lose sight of these
concepts. Typically, the salesperson will offer free design services
with the purchase of the ad space to close the deal. This seems like a
no-brainer but has severe consequences to their marketing strategy.
The
designer of these ads has no clue about the marketing strategy of the
business. They end up designing an ad that looks the same as all the
other competitors on the page. They know how to design an ad that fits
the space, but they don't have a clue on how to sell and market a
product or service.
When
there is no marketing strategy in place the effectiveness of your
advertising severely erodes the return on your marketing investment.
Flip
through the yellow pages book in your office to see the worst examples
of this practice. It's pretty scary when you really notice it.
When
you have a marketing strategy in place and apply these five key
fundamentals to all of your advertising and promotional tactics you
create consistency. Consistency and repetition are the drivers of
marketing success. By establishing your five key fundamentals, you will
always have the basis to create powerful and effective marketing that
creates sales.
The
Seven Critical Must-Know Marketing Strategy Elements
Once you have established your
key fundamentals you have the foundation for your marketing strategy.
There seven elements that your strategy must contain to succeed.
When you place the focus on
these elements when developing your marketing strategy you will already
put yourself far ahead of the majority of your competition. Most small
businesses fail to address these elements and pay the price. The
marketing ends up being inconsistent and confusing to the prospect.
Remember, strategy is the
"how" of your marketing. These elements are the muscle that gives your
marketing the strength to compete against the most established
competitors. Integrate them into your strategic planning and you will
be the winner!
Let's take a look at each them:
| The Seven Marketing
Strategy Elements |
|
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)
|
Coach
Ron's Recommended Resources:
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