WHY STRATEGIC MARKETING MATTERS
I talk to a LOT of MicroBusiness Owners. Without a doubt, the thing I hear most frequently that they want to improve is their ability to find new clients and customers. To fix that problem, many believe they need to improve their ability to sell or generate leads. While these skills are extremely important, there is usually a cause for those lean sales that can be found at a more basic level.
Strategic Marketing is all about getting the fundamentals of your business right. If you get Strategic Marketing right, you will be selling the right products, at the right price, to the right person, at the right time with the most impactful message. When you get those things right, generating leads and turning those leads into customers can be fairly easy. If you get those things wrong, generating leads and selling will be a constant struggle.
Every successful business eventually gets their Strategic Marketing right. Unfortunately, sometimes it takes a lot of time, money and stress to get there because they learn by seeing again and again what does not work. Sometimes business owners run out of time and money before they figure it out.
Your Strategic Marketing education doesn’t have to be as expensive and painful as that.
Here is a brief overview of Strategic Marketing. The SEQUENCE of these steps matters. The information gathered and the decisions made in each step are needed to complete the subsequent steps well.
In future articles, we’ll dive into each step in a lot more detail.
STRATEGIC MARKETING STEPS
- STEP 1: Explore Your Industry in Detail
- Industry publications, newsletters, blogs, forums, whitepapers, studies, data
- Create your own industry news clipping service
- STEP 2: Learn from Your Competition
- Your greatest source of industry education
- Look for best … and worst … practices by your competition
- STEP 3: Perform a Fearlessly Honest Self-Assessment
- What are my strengths and weaknesses compared to my competitors?
- STEP 4: Define Your Target Market
- Waaaaaay harder than most think
- Defining your target demographically
- Defining your target persona
- Build your target list
- STEP 5: Position Your Company
- To stand out in the crowd for your target market
- To emphasize your strengths and minimize your weaknesses
- Positioning statement
- STEP 6: Create Your Visual Identify
- To support your position and appeal to your target market
- STEP 7: Define Your Offerings
- Offer what your target market actually wants
- “Package” your products and services
- Create your product page
- STEP 8: Set Your Prices
- Cost-up, value-based, market-based, positioning-based
- Block and package pricing
- Create your pricing page
Doing this analysis with enough thoroughness doesn’t have to take hundreds of hours. You also don’t need to have a college degree in business. In the next articles, we’ll walk you through each step.