Marketing Strategy - an introduction
CREATING A MARKETING STRATEGY FOR YOUR BUSINESS
Have a Plan
"First build your strategy - then go into battle" Sun Tzu 500 BC
D-Day landings - “Two years of meticulous planning, espionage and the analysis of millions of 3D aerial photographs helped the allied forces gain a foothold in Northern France. German forces were caught by surprise helped by this sophisticated plan.”
• Putting your ideas and thoughts on paper can be very powerful
• A plan asks - Where are we now (audit)? Where do we want to be? How will we get there?
• A plan helps you focus efforts in right place, right message, target audience, when to say no
• Activities should be SMART Specific, Measurable, Achievable, (Aspirational),Realistic, Time-bound
Definition of Marketing
Marketing - not just promotion and advertising
Chartered Institute of Marketing (CIM) definition: management process responsible for identifying, anticipating and satisfying customer needs profitably
Know your business - what makes it special
Audit -, what is your USP; use SWOT
SWOT Analysis (use template) (Strengths, Weaknesses, Opportunities, Threats)
1. Ensure it is relative to your competitors i.e. what differentiates you - be remarkable - see "Purple Cow" by Seth Godin
2. Try not to do it all yourself - ask your customers, partners, suppliers, staff , owner of non- competitive business etc what your strengths and weaknesses are.
3.. If you have some very different segments or product/service areas do a SWOT for each (avoid averages which can hide issues).
4. Think about using an Avatar to create 2 or 3 customers which helps you focus on their needs
5. If you have several business functions think about doing a SWOT on several rather than the whole company
6. Try to reduce the number of SWOT items to 3 in each section using the tools from the Action Plan - use your strengths to capitalise on the Opportunities.
Know your market
• What affects demand - seasonal changes, fashions e.g. organic food , rise of Aldi/Lidl
• PESTLE - Political, Economic, Social, Technical and Environmental
Know your customers
• What are their needs? emotional, rational, influences
• Use research - informal or formal
• Who buys vs who uses - eg beer - bought by women drunk by men
• Put yourself in the customers shoes
• How well do you know them, why do they buy from you, what do they like
Segmentation
• Focus - don't try to be all things to all people
• Paint an avatar of your typical customer or customers - understand their needs, pain problems, where they buy, what they read etc
Brand Position
• For small businesses - your reputation, what you stand for; What benefits and needs (rational and emotional) do you give your customers?
• Comment from floor on veg boxes - not just vegetables, community group, local source, special gifts - eg flowers at Easter.
• Multiple brands - split your focus and communications budget
Have a simple explanation of what you do
Have your elevator pitch (and business cards)
Retention and order value
Make sure you look after your current customers, think about selling more to them
Distribution
How will your customers get your products?
Media
What do your customers use, Facebook, local paper, consistent message, review previous activity
Buzz words
Engagement and content, not selling. Listen/comment/engage/share
Communication activities try things and measure results
Try, check, repeat; track leads - understand the numbers
Where next?
• Marketing plans - on line or short courses
• Coaching or peer group support ( Government co-funded www.growthaccelerator.com)
• Consultancy
Have a Plan
"First build your strategy - then go into battle" Sun Tzu 500 BC
D-Day landings - “Two years of meticulous planning, espionage and the analysis of millions of 3D aerial photographs helped the allied forces gain a foothold in Northern France. German forces were caught by surprise helped by this sophisticated plan.”
• Putting your ideas and thoughts on paper can be very powerful
• A plan asks - Where are we now (audit)? Where do we want to be? How will we get there?
• A plan helps you focus efforts in right place, right message, target audience, when to say no
• Activities should be SMART Specific, Measurable, Achievable, (Aspirational),Realistic, Time-bound
Definition of Marketing
Marketing - not just promotion and advertising
Chartered Institute of Marketing (CIM) definition: management process responsible for identifying, anticipating and satisfying customer needs profitably
Know your business - what makes it special
Audit -, what is your USP; use SWOT
SWOT Analysis (use template) (Strengths, Weaknesses, Opportunities, Threats)
1. Ensure it is relative to your competitors i.e. what differentiates you - be remarkable - see "Purple Cow" by Seth Godin
2. Try not to do it all yourself - ask your customers, partners, suppliers, staff , owner of non- competitive business etc what your strengths and weaknesses are.
3.. If you have some very different segments or product/service areas do a SWOT for each (avoid averages which can hide issues).
4. Think about using an Avatar to create 2 or 3 customers which helps you focus on their needs
5. If you have several business functions think about doing a SWOT on several rather than the whole company
6. Try to reduce the number of SWOT items to 3 in each section using the tools from the Action Plan - use your strengths to capitalise on the Opportunities.
Know your market
• What affects demand - seasonal changes, fashions e.g. organic food , rise of Aldi/Lidl
• PESTLE - Political, Economic, Social, Technical and Environmental
Know your customers
• What are their needs? emotional, rational, influences
• Use research - informal or formal
• Who buys vs who uses - eg beer - bought by women drunk by men
• Put yourself in the customers shoes
• How well do you know them, why do they buy from you, what do they like
Segmentation
• Focus - don't try to be all things to all people
• Paint an avatar of your typical customer or customers - understand their needs, pain problems, where they buy, what they read etc
Brand Position
• For small businesses - your reputation, what you stand for; What benefits and needs (rational and emotional) do you give your customers?
• Comment from floor on veg boxes - not just vegetables, community group, local source, special gifts - eg flowers at Easter.
• Multiple brands - split your focus and communications budget
Have a simple explanation of what you do
Have your elevator pitch (and business cards)
Retention and order value
Make sure you look after your current customers, think about selling more to them
Distribution
How will your customers get your products?
Media
What do your customers use, Facebook, local paper, consistent message, review previous activity
Buzz words
Engagement and content, not selling. Listen/comment/engage/share
Communication activities try things and measure results
Try, check, repeat; track leads - understand the numbers
Where next?
• Marketing plans - on line or short courses
• Coaching or peer group support ( Government co-funded www.growthaccelerator.com)
• Consultancy
