Archives October 2017

The Four Components of a Successful Marketing Strategy

Marketing strategy is at the heart of every successful business.

If the marketing strategy of a business is sound and good, it becomes easier to gather the sales, maintain the customers and grow the company. The reverse is also true.

There are many businesses that run without a marketing strategy. Some businesses also confuse marketing strategy with marketing tactics. That’s one of the reasons they are failing and not doing well in their industries.

So what is a marketing strategy?

A marketing strategy is simply the strategy for marketing a specific product or service to a specific group of customer. A successful marketing strategy outlines the business objectives, target market, positioning and the brand message!

Marketing tactics on the other hand deals with the framework used in the accomplishing the marketing strategy. It entails the advertising, promotion, pricing, distribution, public relations and others employed to fulfill the marketing strategy.

Whether you are employing traditional or digital marketing tactics to achieve your business objectives, the marketing strategy becomes a core.

Assume you run a retail store in your community. You were the only retail store in the community and your store became very successful. Then one day, something happened! Two competitors emerged on the scene. What will you do?

You need a successful marketing strategy.

Your marketing strategy then must clarify your business objectives; identify your target customers and potential customers. It must also define how you will position your product to meet the needs of your target customers and exceed their expectation. It will also employ how you will different yourself from the competition.

These four components make up a successful marketing strategy:

  1. Business Objectives
  2. Target Market
  3. Positioning
  4. Brand Message

Your Business Objectives

Your business objectives form the core of your marketing strategy.

The business objectives clarify the reason why you are in business and what you want to achieve in your field. Your business objectives are actually what determine your target market, positioning and the brand message you use.

Image: Frepik by Ijeab-Set Your Business Objectives

So the first thing you have to do is to write down your business objectives.

  1. How do you want the business to be perceived in your target market and industry?
  2. How much share of the market do you want to capture?
  3. How much revenue do you want to make?
  4. How much profit do you want to make?

So you have to write this down and set goals. Make your business objectives clear and vivid.

Your Target Market

If you know how you want to be perceived in the marketplace, then you must now identify the group of customers who will best fit that perception. You have to clearly define your target market segment and what makes them fit your business.

You have to be very clear on who your target market is and how you can find them. Marketing becomes easy when you can identify and recognize your ideal customers in 3 minutes or less.

Identify your target market.

You also need to understand that you’re not just in business to make money. You’re in business to solve problems, satisfy the needs of people and meet their expectation. So the core here is to identify the right market segment that you can best solve their problems, satisfy their needs and meet their expectation.

Most business owners have no clue who their target market is.

They just wake and sell to everybody. No way! You have to know who your customer is, why your customer will buy from you, where to find that specific customer and how you will convince him/her to buy from you.

Your Positioning

Positioning is very important in meeting the needs of your target market and beating the competition. Positioning enables you to offer unique products and services and differentiate that product or service from others in the marketplace.

The main thing your customers consume from your business is your products and services.

Image: DKC-Position to attract your target market.

Hence, your positioning deals with offering a specific set of benefit to a specific group of customer. Your positioning must define what unique feature of your products and services will make customers to like your business over others.

So you have to ask yourself:

  1. What unique benefits do we give to our customers through our products and services?
  2. What special thing do we put in our products and services to differentiate it from the competition?
  3. Which product or service category do we specialize in and be the best at?

In Jim Collins book, Good to Great, he mentioned the Hedgehog Concept. This concept is actually a marketing strategy—for all intents and purposes. In your positioning, you must identify where and what you want to be the best at in serving your customers.

Mark Cuban, the renowned entrepreneur and owner of Dallas Mavericks emphasized, “You must be differentiated and unique. You must understand your core competence and be the best in the world at it.”

Your Brand Message

Your brand is your reputation.

Your brand is what your business stands for. Your brand is what your business is known for. You build your brand daily as you execute your marketing strategy. Your marketing strategy determines the kind of brand you build.

But in your marketing strategy, you must clearly define how you will communicate your positioning to your target market. This is where brand message comes in!

Your brand message involves the message you put out there to make your target market identify with you. You must identify the keywords, phrases and clauses to use to make people in your target market clearly identify with your brand.

Content is king! Make no mistake about that!

  • Content attracts
  • Content connects
  • Content associates
  • Content assembles
  • Content associates
  • Content relates
  • Content magnetizes

You can have the right market and the right positioning for the market but if your brand message is not clear, strong and convincing enough you will not attract your target group of customers and achieve your business objectives.

Clarify your brand message.

So you have to craft your brand message in six to ten words. Then all your advertisement copies, promotions, sales letters, proposals, social media posts, blog posts, brochures and many others must convey and carry that message to the target market segments.

Let’s look at some brand messages of notable companies.

  • Apple—Think Different
  • Nike—Just Do It
  • Adidas—Impossible Is Nothing
  • Wal-Mart—Save Money. Live Better.
  • MTN—Everywhere You Go
  • Vodafone—Power To You
  • Facebook—Bringing The World Closer Together
  • LinkedIn—Connecting the world’s professionals
  • Amazon—Work Hard. Have Fun. Make History.
  • Microsoft—Empowering Us All
  • Instagram—Connecting the Word Through Photos
  • Uber—Evolving the Way the World Moves
  • HP—Make It Matter
  • Think Expand—Maximizing Digital Technology for Business Development

These are not actually corporate slogans—even though it may be used as slogans. But they are actually a reflection of the spirit and soul of the company. They communicate the positioning of the company to the target market.

Again it is not about the words—but the meaning behind the words. “Think Different” may not mean nothing to you. But that is the brand message that has made Apple the most valuable brand in the world today.

As we put this all together, know that your marketing strategy is made up of four components: business objectives, positioning and brand message. Once you have put all this together, your marketing strategy is fixed. You must them develop your marketing tactics to execute the marketing strategy.

Do you have some questions and comments on your mind? Share them below.

Anyway, if you need assistance to develop a marketing plan, create a website, create web contents,  social media marketing, blogging marketing and email marketing for your business don’t forget our address.

We create high value, converting and compelling marketing copies for all your digital marketing campaigns. You can also check our catalogue of content writing services below.

Our Catalogue of Content Development Services

Talk To Us

Email: info@expandgh.com

Tel: +233 2228133

Mobile: +233 548334499

WhatsApp: +233 548334499

Subscribe for business development and digital marketing insights, tips and strategies to grow your business.                                 

 


Top 3 Marketing Questions You Should Be Asking

When you get it right in marketing, you’ll get it right in getting good customers and growing your business. Marketing is the foundation of business success. When you succeed in marketing, you succeed in getting the right customers and making money!

The problem with many small-and-medium sized businesses is that they don’t think about marketing. So they don’t ask marketing questions that generate piercing and thought provoking insights into the dynamics of their target market.

The bottom line is that if you market your business well, you’ll get the right customers.

In Jim Collins book, Good to Great, he mentioned that the foundation for many business insights and success is “leading with questions—not answers.” That means asking the right questions to get the right answers to deal with business challenges.

You see, is not just asking marketing questions, but asking the right marketing questions which provide the right answers to the challenges confronting the business.

If you are looking to grow and expand your business, here are the top 5 marketing questions you must ask yourself right now and as long as you want your business to be successful in your industry.

  1. Am I targeting, attracting and focusing on the right customers?

You can’t serve everybody.

You can’t be everything to all people. So you have to ask yourself whether you’re targeting, attracting and focusing on the right customers. Define your target customers and focus on attracting them.

Are you really targeting and attracting the right customers.

You have to focus all your energy on attracting and converting a specific segment of your market and provide those products and services that best fit their needs.

 Ideally marketing is all about identifying a specific group of people, knowing their needs and then creating a product or service that satisfies their need at a price they are willing to pay for which also generates decent profit for the business.

Don Sexton, author of Marketing 101 noted, “Many small businesses don’t think about marketing. They don’t target their efforts to specific customers or position their services on specific benefits. They simply open their doors and hope for the best.”

Notice the keywords: specific customers with specific benefits. That’s all that marketing is about—targeting specific markets with specific benefits and using specific messages and mediums to communicate to them.

  1. What do my customers want from my products and services?

Once you know your target market, the next marketing question you must ask yourself is, “What do my customers want from my products and services?”

Image: Freepik-What does your customer what from your products and services.

The problem with many businesses is that they focus on selling commodities instead of focusing on selling solutions to solve their customer’s problems. They just sell instead of being emotionally and deeply passionate about filling and satisfying the deep seated emotional values of their customers.

Customers can be like women.

The more you care for them, the more they submit to you and love you. To care for them—you must focus on satisfying their deep seated emotional needs. Once you get to their heart, they’ll also get to your heart! Your business will literally become a love affair between you and your customers!

So find out exactly what your customers want from your products and services. Then design your products and services to provide what they want and even exceed their expectations! When you focus on exceeding their expectations any time, pretty soon you’ll become special in the sight of your customers.

  1. What unique and special benefits do I offer my customers that they can’t get anywhere?

This is a fundamental marketing question all businesses must ask before investing in product development and sales promotion: What unique and special benefits do I offer my customers that they can’t get anywhere?

Image: Freepik-What unique and special benefits does your product/service offers that your customers cannot get anywhere

There’s a lot of competition and noise in every industry. So you must design and redesign your business—products and services— to be known for something special that your customers can’t get anywhere.

The questions you need to ask yourself are:

  • What makes my business special to my customers, employees, partners and the general public?
  • What does your business stand for?
  • What is my business known for?
  • What is the core value of your business?

If you target the right customers and then provide them unique benefits that they cannot get anywhere, then you’ll become special to your customers. You’ll be known for something special in your industry.

Your products and services are the extension of your business.

 You build your brand by providing the best products and services that your customers can’t get elsewhere. As Donald Trump, founder of Trump Organization said, “Your brand is your reputation—and comes from the strength of your products over time.”

Here at Think Expand, our focus is to help businesses, organizations and institutions maximize digital technology for business development.

We do this by trying our best to do these three things very well:

  • Designing websites with business blogging functionality for digital marketing purposes.
  • Creating high value contents that generate and promote profitable business actions.
  • Using digital marketing tools to promote contents to a much broader audience for business promotion and client conversions.

 Do you have some questions and comments on your mind? Share them below.

Anyway, if you need assistance to develop a marketing plan, create a website, create web contents,  social media marketing, blogging marketing and email marketing for your business don’t forget our address.

You can also check our catalogue of content writing services below.

Our Catalogue of Content Development Services

Talk To Us

Email: info@expandgh.com

Tel: +233 2228133

Mobile: +233 548334499

WhatsApp: +233 548334499

Subscribe for business development and digital marketing insights, tips and strategies to grow your business.                                 

 


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