Module 3 – Marketing Strategy
It is now time to give your business a marketing edge. Most businesses are sold marketing materials that are general and are marketed to everyone. This approach is ineffective.
A more effective method is to put your customers into groups called target audiences and design niche communications that they understand. You will design a look and feel they are comfortable with and talk to them on topics of their interest.
Using a strategic approach to your marketing makes you stand out from the crowd. The process we use to develop it is:-
- Positioning & Differentiation
- Look & Feel
Demographics – To explain this in a simple way, imagine we were going deer hunting. What type of deer are we looking for? Let’s say a Red Deer. Where do they live? There is no point going to Wales if they live in Scotland. What do they eat, where in Scotland can you find this food, what are their habits, when are they active?
We ask similar questions in marketing for each demographic group. This will make finding the target easier later.
Psychographics – This is like becoming the deer whisperer. We can make the deer do what we want it to do by understanding it’s needs. This is a fascinating subject and again will help us communicate with our target audience in a way they understand, giving us an edge.
Positioning and Differentiation – Is about finding our competitive edge in the target group. Learn about value and how you use it to your advantage.
Look & Feel – Helps to attract the target group to us. They feel comfortable with the way we present ourselves.
You will stand out in the crowd. Your competitors will not be doing this. Only large successful businesses deploy these strategies and they do it by paying communication agencies millions of pounds to come up with the marketing strategies and campaigns. You will learn the tricks and skills of how they do it.
Marketing Strategy Lessons
1.3.1 Introduction to Marketing Strategy
As Sun Tzu the ancient Chinese General once said “If you do not know yourself or your enemy you are a fool and will most certainly die in battle. If you know yourself and not your enemy you may win or lose the battle, if you know yourself and your enemy then you will be victorious in battle. The lesson is to plan before you execute to stand the best chance to succeed.”
So, to succeed in business you need to have a business strategy and your strategic marketing plan is the first step in optimising your market share.
In this workbook we explain how demographics can be used to define your target audience.
For marketing to be effective you need to attract the customers you want rather than those you don’t want to do business with. Demographics enables you to analyse the best targets for your product or services offering, ensuring you that you will get the best return on your marketing budget.
Psychographics is the psychology of the customer. In the last workbook we looked at demographics of the customer, this workbook now looks at the mindset of the demographic group you wish to work with.
To ensure we do not waste time and money on the wrong marketing messages, it is important to communicate to the target demographic in ways they understand. To do this we need to understand how they think, what makes them tick, how do we switch them on, how can we attract them to us.
1.3.4 Positioning & Differentiation
You will learn how to position your products and services that will create more profit. You will also learn how to differentiate your business, products and services from your competitors.
You will make more profit from your existing products and services range by using marketing techniques. You will also attract more customers by being able to communicate what makes your products and services special.
1.3.5 Look & Feel
You will learn about colour and shape and how this can help you attract more customers.
You want to get an edge on your competitors; this will help you do it. Strategic marking is smart marketing, something your competitors may know about, but are they actually doing it?
1.3.6 Your Marketing Strategy
This workbook pulls together all the information from the other workbooks in Module 1.3 to guide you through creation of your strategic marketing plan.
An effective strategic marketing plan has many components and is difficult to create. This workbook will ensure you consider all elements of a good strategic marketing plan and put them together for optimum impact.
1.3.7 Branding & Identity
Giving out the right message to the right target audience at the right time will attract more of the right type of customer – and after all, this is what you really want from your business. Why do business with the wrong type of customer, it only leads to wasted effort! Attracting more “A” quality customers rather than “C” quality will allow you to have more for less, always a good strategy.
You are allowed to download the files and use them to help you grow your business. You are not allowed to use them to help others to grow their business making money from the process. If you are a business coach and would like to use the workbooks, I have a white version you can rebrand. We can negotiate the terms. The workbooks are copyright protected to Freedom Business Coaching Ltd. Just make contact.