A good foundation is necessary to build a successful marketing strategy. Here are some great marketing concepts, marketing elements and marketing plan components. Use these vital building blocks to build a marketing strategy that will really pay off for your business!
Key Marketing Concepts
- Committed to a well developed Marketing Plan
- Your Company is Customer-Centric and involved with your customers. Understand your target customer base.
- Consistent Customer Follow Up
- Consent based marketing leads to gross revenue.
- Sell economic value & Benefits, not sizzle. Sell Substance.
- Follow on Marketing or Subsequent to the Sale Marketing is highly economical, yet, exponentially grows earnings.
- Have accurate Measurement and Tracking systems for all your Marketing Campaigns, Actions and Strategies.
significant Marketing Plan Components
— Positioning: What specific niche needs will be filled by your product and service offering?
- Strengths & Weaknesses
- Target Markets Defined
- Target Market Needs
- Market Trends
Tips: Home-based small businesses are exploding. Could this be a good Target for your products and services? 50 percent of small business start ups are from women. Could this target benefit from your offering or a variation of your offering?
— Define your Market Position
- Does your position provide customer driven benefits?
- How specifically does the customer benefit?
- Does your position define a competitive edge?
- How Unique is your market position?
— A Simple Ten Step Marketing Strategy Process
- Step One: Define your Business Identity
- Step Two: Determine the exact Purpose of the Marketing Plan
- Step Three: Establish Customer Benefits and your Competitive Edge
- Step Four: Determine the Target Markets
- Step Five: Exact Marketing Tools that will be used
- Step Six: Narrow your Market Niche
- Step Seven: Develop your Marketing Positioning
- Step Eight: Establish your Marketing Budget
- Step Nine: Apply the Marketing Strategy Budget to your Strategic Planning Process. Does it produce a cost effective and profit laden Sales Forecast?
- Step Ten: Re-work as necessary & Take ACTION!
Tips: Your Marketing Strategy Process should build into the plan certain flexibility and ability to adapt – include contingency based planning.
— Important Objectives of the Marketing Plan
- Flexible Plan to change and adapt with the changing market.
- Competitive vantage
- Strengthen your Company’s Positive Identity
- Keep, resell and up sell your current customers
Creative marketing translates into business profits throught specific tools, strategies and planning, all of which are out of the box and very highly targeted.
— A Creative Marketing Strategy has Three Parts
- A Purpose
- The Benefits Offered
- The Brand
— Implementing the Creative Marketing Strategy
- Offering must be interesting
- Translate the interesting features to concrete benefits
- Benefits must be Believable
- Get and Hold Attention
- incite Action
- Very clear Communication
- Measure, Track & Adjust against the strategy
— Creativity Comes from Knowledge of:
- Products & Services
- Target Market Audience
- Marketing Area
- Marketing Trends
- Economic Trends
- World & News Events
— Creative Marketing Starts at the End Point
- Understand what the customer thinks, wants and needs at the purchase closing event.
- Work backwards from the purchase decision back through your Marketing Strategy to its genesis.
— Creative Marketing is Forward Thinking
- Help the customer clearly see and feel the end results, benefits and value received after the purchase.
About the Author
Frank Goley is a Business Consultant for ABC Business Consulting and has been helping companies to succeed for many years. He is an expert in developing business plans, marketing plans, funding plans, strategic plans, turnaround plans and project specific business plans. Frank is also a business coach and business turnaround consultant. Frank is author of the business plan book, The Comprehensive Business Plan Workbook – A Step by Step Guide to Effective Business Planning, and he has over 40 published articles on business success strategies. He also writes the Business Success Strategies blog.