There are four principles to an Effective Marketing strategy. Each of these principles must be thought through carefully and then continually revisited as our business grows and changes. Any changes in any one of these areas may have an enormous impact on the profitability of our business in today’s economy.
We must first decide in exactly which area of our product or service market we are going to specialize in. We will never be all things to all customers. Too many businesses and business leaders make the mistake of trying to offer too many products or services to too many types of customers. They offer too many prices and in too many ways. This is not the way to wealth. Keep in mind it is easier to go vertical, than horizontal.
Differentiation is perhaps the second most important strategic marketing principle of all. All business success requires a differentiation of some kind. All business success requires that we are both different from and better than our competitors in some very clear and distinct way.
Who is your competition? Why does your ideal customer buy from you? Why does your ideal customer buy from your competitor? What value does your ideal customer see in buying from your competitor that they do not see in buying from you? What could you do to offset this perception?
The only hope we have in acquiring new customers is to focus most of our time and attention on determining exactly who our customers is, where are they in terms of demographics, and what do we need to do to get them to buy from us rather than from someone else.
The third principle we need to learn is how to segment our market. If we offer more than one product or service, we will need to divide our potential customers into separate market segments.
We will then need to identify the characteristics and qualities of our prospective customers in each of these segments in order to advertise and sell to them effectively.
Once we have applied the principles of specialization, differentiation, and segmentation to our products and services, and to our customers and markets, we now need to apply the principle of concentration. This means we need to concentrate on our limited resources. Low laying fruit if you will!
List three reasons why a prospect should buy from you rather than from one of your competitors. We have to focus our time, energy, and money on those prospective customers that we have identified who are the most likely to buy from us the soonest.
“Remember, Success is always Within Reach”
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