A strong Marketing Foundation
leads to greater business success.
Many businesses advertise on TV, do direct-mail pieces, and even network without a plan, hoping that will bring in customers. If they don’t have an effective, well-thought-out marketing strategy for doing this, they are playing the one-in-a-million game of chance that seldom works out. In order to be effective, advertising needs to be seen by specific customers who are interested in buying what you have to sell. Someone said it’s like buying carpets and furniture for a house you are building before you see the architectural plan. Not too smart!
The plan makes all the difference.
No matter who you are—a one-person shop or a Fortune 500 company—you want to be successful and to do so, you must develop a marketing strategy that breaks down your plan into goals and ways of accomplishing them.
We can help you do that, and it won’t cost you a fortune. We at Pinpoint Marketing are experts at creating marketing strategies that serve as solid foundations for attracting customers/clients, getting them to buy, and getting them to return to buy again.
What is a strong Marketing Foundation?
A strong marketing foundation is built on defining certain aspects of your business, understanding the implications of those definitions, and creating the right plan for achieving the success you envision.
We begin by answering the following questions:
- Put simply, what business are you in? Use a few words, something like, “McDonald’s is fast food.” “Ford is cars and trucks.” What few words would your friends and customers use to describe your business.
- Many businesses can’t resist over-complicating their description, so you may gain a better perspective by asking your friends and customers to help you. If they don’t have an answer, you may be in trouble and need further defining by narrowing your definition.
- Follow this rule: If people can’t remember what your business does a few months after having contact with you, you are not sufficiently defined. When customers/clients clearly define you, they are more likely to think of you as an effective, successful business, perhaps a leader in your field, and someone they want to go to spend their money.
- If you offer several products or services, define which ones you are most recognized for—which ones most clearly define your business.
- Since you don’t likely have the time or money to market to everyone out there, logic says to define your ideal customer and market to that person. So who is that person? How old are they? Are they more likely to be teenagers, retired men, women with children under ten? What income bracket are they in? Where do they live? Are there any cultural circumstances involved?
- Before you can’t execute every marketing tactic effectively, you need to focus like a laser on this one category of customers. Even though people outside this definition buy, your most likely potential customer will be within this category. This is
where you will increase your sales.
- Knowing who your ideal customers are allows you to better leverage your financial resources, your energy, and your time.
We at Pinpoint Marketing can help you define your target customer and develop a plan for laser-like marketing to this customer.
Who is my competition?
Most businesses know who the obvious competition is. McDonald’s competes with Burger King. Walmart competes with Target. You need to define who the obvious competitors are, but also you need to go on to note the less-than-obvious competitors for the customer’s money. For instance, every customer/client has to decide where to spend their money—whether to go to the dentist or on vacation. Your product must compete successfully to get the potential client to spend their money on your product/service, rather than on the alternative.
What unique benefit does my business offer?
What is your competitive advantage over your competition? How are you clearly different from your competitors?
Unfortunately, most business owners haven’t clearly defined who their real competition is and therefore aren’t able to focus their messages to create clear differentiation between themselves and their competition. This is where the competitive edge is. When customers are looking for a solution to a problem, and they know why you are better than your competition—why you offer a unique advantage—they will choose you. This unique benefit should focus on one or two main things your product/service actually delivers, something your target customer really wants. Avoid a long list of things your product features.
Clearly defining your unique advantage over your competitor will lead to greater sales/profits. It may be that you need to find a niche that is not being well served. This could lead to a focused marketing strategy.
We at Pinpoint Marketing can help you define and create the strategic marketing plan that will help you get focused and give your business the leap ahead you are seeking. We haven’t described all the processes we use to develop a strategic marketing plan, but we have focused on key points of interest.
We look forward to hearing from you.