Fix your broken Marketing Strategy
If things aren’t working with your current marketing strategy, then you probably have a few leaks you need to fix. Think about where you are today, and where you want to be in the future. Does your current plan address your goals, or are you spreading yourself thin by investing money in various initiatives without a clear focus? If this sounds remotely similar to your circumstances, then you’ll surely benefit from the information shared below.
Sometimes it helps to return to the basics and focus on that. For starters let’s break marketing down into the “4 Ps” of an organization’s marketing mix:
Hypothetically, let’s imagine that you’ve never heard of the 4Ps before and you want to start as you’re now hyper-focused on marketing and making your business thrive. Here are some steps you will want to take as to get the most value out of the marketing mix concept:
Step 1: Identify your target
Use your segment as a starting point, and then dig deeper to uncover details such as
- Who are the users?
- Who are the buyers?
- Who influences the purchasing decision?
- Is your target geographically bound?
Step 2: Profiling
Develop detailed profiles about your target users and each segment. The more detail you have at this point can help you leaps and bounds later on.
Step 3: The selection process
Evaluate each segment and the targets within that segment to see which would be most attractive to your organization. Look at figures such as your total addressable market size, and your customer lifetime value. You should also consider components such as the cost to serve those particular types of customers (your highest paying customers won’t always be the ones you’re going to make the most profit off of if they’re very costly to serve – be strategic in your selection process)
Step 4: Using the mix
Finalize your target segment and the target customers you’re going after. Then, look at the 4 Ps of your marketing mix, and evaluate how you can best meet the needs of your target using the marketing mix (i.e. Is the price too high or low, how do we best reach our customers, are our product features appropriate for our users).
Step 5: Positioning of your campaign
Identify the profile of your target that you would like to market to in your initial campaign. Think about any possible positioning concepts that could be leveraged as to resonate best with your target. Once you’ve got an idea, start exploring potential distribution methods that would work best for your goal (when working with vendors, always ask for statistics that help justify who will see your communications).
Step 6: Marketing communications
Work on marketing communications. What is the message you’re trying to convey and how are you doing so (this tie into the entirety of your brand and how your organization comes across to your current and prospective customers – a lot of work needs to be put in here to ensure that it’s picture perfect for your target customer).