Marketing Strategy

If your Company does not have a marketing strategy, we can work through the basics so that your execution is co-ordinated.

Here are the criteria we will look at:

MARKETING, SALES, PROMOTIONS & ADVERTISING 

  1. MARKETING

Marketing is not something you do, it is something you sit down and think about.  It is the overall strategy according to which you plan and execute your Sales, Promotions and Advertising.

  • A marketing strategy starts with a SWOT analysis.
  • Determine what your target market is.
  • Consider segmenting your target market.
  • The 4 P’s of marketing.
  • Difference between the buyer and the user.
  • Build a circle of strategic partners.
  • Create a loyal following.
  • Plan, execute, evaluate, re-plan, execute, evaluate……

SWOT = Strengths, Weaknesses, Opportunities and Threats 

Strengths:

  • what can you do, either better and/or cheaper than your competitors?
  • what makes your product and /or service unique.

What is it about your product and or service that gives you a Competitive Advantage over your opposition?  A vegetable farmer who farms 10km from his/her market will be able to deliver product to the market cheaper than one who farms 100km from the market.  This gives him/her a Competitive Advantage in terms of transport costs.

What is your Unique Selling Proposition [USP]?  What is it about your product and/or service that makes it unique – something that your competitors cannot provide/produce.  You may have a patented product which is your invention or you may have a unique set of skills by which you can provide a product and/or service that no one can.

Weaknesses

What are the weaknesses in your business?  It may be a lack of capital, expertise, qualified employees etc.  

Opportunities

What are the opportunities for growth in your business?  The recent discovery of evidence of human occupation dating back 170 000 years at the Pinnacle Point caves has created an exciting opportunity for homeowners to exploit the tourism potential in the area.

Threats

What are the threats to your business?  Where in the product and/or service cycle is your business?  Most products have a life cycle which begins with innovation and ends with the introduction of a better and/or cheaper product/service.  Desktop computers were largely replaced by laptops.  Now laptops are being replaced by mobile devices like iPads, mobile phones etc.

Keep an eye on your competitors and what they are up to.  Keep up to date with the news – look for threats and opportunities.  The world is changing fast and you need to constantly adapt.

Conclusion

Your marketing strategy needs to take all of these factors into consideration.  Take advantage of your strengths and opportunities.  Make provision for your weaknesses and the threats. 

TARGET MARKET & MARKET SEGMENTATION 

Who is your target market?  Your sales, advertising and promotions should be aimed at reaching your target market where they are at.  Which newspapers and magazines do they read?  What TV programmes do they watch?

It may be necessary to segment your market into age, race, gender, income groups etc.  Each segment may need its own campaign.

THE 4 P’s

PRODUCT, PRICE, POSITION & PROMOTION 

  1. PRODUCT

Describe your product/service in such a way that the reader/listener understands what value it will add to their lives.

  1. PRICE

Too expensive people think you’re ripping them off.  Too cheap people think your product/service is inferior – so it has to be just right.

Use specials to increase sales during slow times.  Give-aways – but with the aim of getting something in return – even if it is just building your mailing list.

  1. POSITION

Is your product a need like bread or a want like a fancy new car?

Needs should be advertised and promoted on value whereas wants are promoted by appealing to people’s desires for status etc.

A five-star hotel must create the impression of style and class through their advertising.

  1. PROMOTIONS 

Where, how and when do you promote your product/service?  The Mossel Bay Tourism Festival will be the perfect opportunity to promote your accommodation establishment and/or tourism attraction.

BUYERS & USERS

A man may buy perfume for his wife.  Your promotion needs to be aimed at the man and not the woman.  After all, he is the one who will pay.

Sometimes the user will make the final decision.  In this case, you need to target the user in your marketing strategy.

STRATEGIC PARTNERS

These are businesses and/or individuals who could contribute to your success without detracting from your income.

Recently I saw printed recipes using Knorr products which can be bought at Spar available for free in a Spar.

A real estate agent advertises on the website of a Guest House in the hope that guests may buy property from him/her.

Both of these are great collaborative marketing with a strategic partner.

PLAN, EXECUTE, EVALUATE CONTINUOUSLY 

PLAN 

Timeframe programme – people responsible for what.

EXECUTE

According to the plan

EVALUATE

Regular meetings – re-plan – execute – evaluate… 

  1. SALES

AIDA – the four steps to making a sale.

Attention – first grab their attention with something eye-catching.

Interest – create interest with relevant information.

Desire – make the buyer want your product/service – make sure they understand the value you will add to their lives/businesses.

Action – tell them exactly how to buy your product/service – create a buzz with limited time offers etc.

  1. PROMOTIONS 

Where, how and when do you promote your product/service?  The Mossel Bay Tourism Festival will be the perfect opportunity to promote your accommodation establishment and/or tourism attraction.  Promotions are not aimed at making sales, but rather expanding brand awareness and building relationships.

  1. ADVERTISING

All your advertising material must be an extension of your marketing strategy.  Pay close attention to establishing your brand.  Use the same logo, colours, fonts, images etc.

Share Button