To win more new clients, make them more profitable – and keep them longer – we know we need to effectively market our business, products and services. But most people think marketing is just about communications.
From our experience to get the best results there are five key areas you must include in your Marketing Strategy. Use these five approaches of top marketers to see your return on marketing investment go through the roof:
1. Target Market Strategy – Who should you market your products and services to?
The simplest way to do this is to rank your customers for the last two years by sales or profits. Similar businesses or clients to the top 20% or 30% will then be your ideal target customers.
2. Product Strategy – What products and services should you offer your target customers?
Start by asking your current ideal customers why they buy from you, i.e. what outcomes you provide for them (their needs) and why they prefer you over other suppliers (your difference). Then review what products or services you have that currently meet your target market’s needs and what additional products or services you could offer to better meet their requirements.
3. Brand Strategy – How does your communication connect with your target market?
Your brand needs to tell a story to your target market: on how your products and services serve their needs, solve a problem, or enhance their experiences. Start by developing a value proposition that outlines the difference that your products make in meeting their needs. Then look at the various ways you can use (communication strategy) to reach them. Your brand can then be developed.
4. Distribution Strategy – How will sell your products or services?
You need to work out whether you want to find and sell to customers directly, or work with other businesses who can refer/resell your products and services. Then, if you choose to work with distribution partners, you need to be clear on what they need to effectively introduce or resell your products and services.
5. Communication Strategy – How will you reach your target market?
This is about the most effective use of your time and money: to get the best results, more new customers, more profitable clients or better client retention. Your strategy should start with:
a) your content or message – then
b) which channels you will use to reach your targets – Personal Selling, Networking, Direct Marketing, Outbound Calls, Digital Marketing, Social Media Marketing, Seminars, Trade Shows and PR – and finally
c) how often you will communicate.
Once you have planned these five key components you are well on your way to making sure your marketing efforts connect you with the right target audience, offering them the right products in the most effective way and making sure your marketing makes you money.