Top Tips for Marketing Strategy
Everyone is one so busy with executing plans that we hardly stop to focus on the strategy and the fundamentals of marketing. Here are my top 10 marketing tips to help you develop a successful marketing strategy
- Marketing Tip # 1 – Who is my target customer? Try and be as specific as possible -gender, age, location, etc. Have a maximum of 3 target customers.
- Marketing Tip # 2 – Conduct a SWOT analysis on your current business. SWOT stands for Strengths (S), Weaknesses (W), Opportunities (O) and Threats (T). This will help you identify where you should focus in the future.
- Marketing Tip # 3 – Know Your Competition- Some of the questions to answer: Who are your competitors? Who do they target? What do they stand for? Why do people buy their product or service? What are their strengths and weakness?
- Marketing Tip # 4 – Try and understand the size of the market you are in – you can use Australian Bureau of Statistics (ABS) data or any other source. This will help you understand the full potential of your business and what could be a realistic market share to have.
- Marketing Tip # 5 – Always ask this question: Do I have a right to win against competitors? Or am I like everyone else offering the same product or service? You can offer the same product or service but must have a competitive advantage (better price, better customer experience, better product, etc.).
- Marketing Tip # 6 – Understand your target market as best as you can. At a minimum, understand what their needs are, where do you fit in their life, and what are the barriers to using your service or product.
- Marketing Tip # 7 – Make sure you talk to your customers often enough and get their feedback. Ask them what they like and what they don’t like and how to reach them best when they are most receptive.
- Marketing Tip # 8 – Ask yourself – What has worked and what hasn’t worked from my previous marketing plans. Ideally you would have some data to back this up , but even if you don’t , your gut feel will be good. Document these learnings so you can refer to them in the future.
- Marketing Tip # 9- Be clear on what does my brand stand for? When I talk to my consumers, what do they playback? If you are not clear try and articulate what your benefit is in a short statement.
- Marketing Tip # 10- When you are deciding what you stand for, make sure you are clear on what are your points of difference vs. competition. Otherwise , you will be like everyone else in the market and people will not remember what you stand for.