In the current economy where we are all victims of globalisation and lower barriers to business entry brought about via online technologies, effective marketing strategies are paramount to business survival. Why? you may ask…We need to identify our business, that’s why! By Marketing our products and services they become visible. The more visible they are, the more readily available they will be to the customer. Here are a few tips, you will need to research the market: What’s out there? What do your customers need? What do they want? Is there anyone else selling the same product or service as you? If so what makes you different?
Let’s look closer at some Marketing Strategies
Market Research is a conscious decision to look at our competition. Is there any space within the market to provide a new product/service? Is there a need or desire from customers that isn’t being met? Can this be provided realistically? What are the barriers to entry? There is always a need, a desire an opening this is human nature. If your business is entering the market with many direct competitors you must differentiate, either your product, its price, quality or the service. This is critical in the identification phase and will help lay the cornerstone of your marketing strategy. You are now creating and understanding your identity. The more information you have and the more you understand about the market, the fewer surprises there will be. I fact the more knowledge about the market the greater the market position your business will be able to secure. This is the preparation phase; this is a critical marketing strategy for a sustainable business practice.
Customer Intimacy is a term I coined to understand the relationships we form with our customers. It is important to know the people that we are basing our livelihood on. Questions I have asked and you may have others, are; Who are they? What do they need? What do they want? Can I assist in providing their needs, wants and desires? What do they require of me? What will it take to ensure repeat business? What is the customer demographic? OK I’m sure your get the picture, now you are thinking perhaps this is a good time to ask some of your own questions. It is so important to remember that without customers there would be no business and if you stop providing your goods and services, there will be another business out there waiting to pick up the business. So remember the customer is gold and it is so important to build a relationship of trust and mutual respect, and to really know your customer. This can be done by simply asking questions, providing benefits and rewarding loyal supporters. Now that’s intimate!
Brand Identity may be positive or negative depending on the customers experience with your product. If you have spent a fortune on graphic design and advertising and not given the consumer a positive experience this can actually damage the brand and therefore the business. So if you’re out there for all the world to see, and you really want to be visible, get it right and do right by your customers. A brand may as I’m sure you know is a symbol or word identifying your product or service. However it can be so much more than this, a brand can carry a promise, for example Woolworths has a green W and underneath it also carries there brand promise, they are the fresh food people and whenever I see the symbol I not only associate the brand promise, but also the little jingle introduced via television promotion.
Once you have answered all of these questions you need to find ways on communicating it to your future customers! After all they are waiting to spend their hard earned cash on your product/service. We can bundle all of this information into your individual sales proposition. What is you promise to the customer and how do you intend to keep it? This information can be sent through to existing customers, placed on your website, advertised via media or written into your marketing materials. Now you have identified yourself!
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