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Thoughts to help define your marketing strategy

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The marketing strategy you develop will determine the success or failure of your product/service.  Creating the best strategy requires some introspection about several issues.

Find your purpose

Why are you in the business you are in?  Why are you promoting a particular product or service?  If you think deeply about this subject you will find a core belief that goes beyond sales and profits.  In the current market the consumer is in charge and they want to know about the DNA of those with whom they do business.

Evaluate your product…and your competition

Be very honest here.  Take a hard look at your product with respect to the competitive set.  What market need(s) do you serve that others don’t?  How are you truly different in a way that is both unique and salient?  Is the market in a growth phase that will “lift all boats” or are you engaged in a battle to steal market share away from competitors?  Answers to these questions will clarify your strategic thinking.

Define your ideal customer

Be very specific here.  Go beyond the demographics and develop a persona for your ideal customer that establishes a clear identity.

Define your goals

You have thoroughly evaluated your product, the market and your competition.  Now state what you want to accomplish.  Sales volume?  Market share?  Enhanced profit margin?  You need to know where you want to go before creating a winning strategy.

How much can you spend?

Your budget should be based on stated goals.  Very aggressive goals require very aggressive spending.  Be realistic about the financial support that can be provided.  Make sure the budget and goals are in sync.

Select the right marketing counsel

Fresh thinking from professionals outside the inner circle of your business can bring a point of view that you may otherwise miss.  At R&A Marketing we strive to tell our clients what they need to know…not what they want to hear.  If that’s the kind of advice you seek give us a call to discuss your next marketing strategy effort.

 

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