What is the key to successful marketing? Creating Value For Customers!
Effective marketing strategies need to customer focused rather than product focused. Too often companies forget this simple marketing technique because they become so focused on marketing a product or service better than competitors. When making marketing decisions, companies need to think in terms of customer's needs rather than beating the competition. Following the steps below will help you transform your current marketing strategy resulting in customer acquisition and retention which will drive your companies profitability.
1. Select a target market and determine how to position your product or service to customers in that market (Keep an eye out for a post on target markets and product positioning!)
2. Identify category segments within that target market to begin understanding how to accurately meet each segments needs
3. Look at who your competitors are in that market - Outline needs you have identified and determine ways your product or service can meet those needs above and beyond competitors
4. Determine company limitations and competence available to meet those needs - Only selecting needs and value you can accurately meet
5. Devise a marketing plan to achieve desired positioning
Other great resources on Effective Marketing Strategies: