Marketing-led businesses succeed where others don’t
Marketing strategy is often confused with advertising and promotion. In fact, these parts of the marketing plan are the last cog in the wheel. However, it is understood by scholars that organisations who take a marketing-led approach to business are THREE TIMES more likely succeed than finance or operationally oriented businesses.
So what does this mean for your business? You need to START with marketing. If you plan your entry to a market optimised around what customers are likely to do, and develop service propositions and products that will support that, then you are on the right track.
You will need to gather insight, to assess and re-assess your position in the market and determine how you can change and react to the needs of the market and your customers to take advantage of profitable opportunities and achieve growth.
Once you have assessed where you are, what your market is thinking and where you want to get to, an effective marketing plan will bring together all the elements of your product and service, from development of offers to packaging them for the people you want to attract. Once these pieces are in place, telling the world is easier and often cheaper than putting together a promotion and hoping your customers will engage with it.
‘’We’ve got a great product, so why are we not getting sales?’
Marketing strategy will identify whether the pricing may be too high or too low, the sales process may not be perfect, or the promotions may be talking to completely the wrong people. An advertising agency will simply treat the symptoms with increased promotions, where we look to understand the underlying cause of the issue and put the business on a correction course that will realise its true potential.
What is Marketing planning?
Marketing plans should always be driven by your business goals. Sometimes the goal has a broad scope, such as ‘I want to build my business to sell it profitably in 2 years’ or very specific ‘I want to sell 100 units of my new 3D Printer by Christmas’. Either way we will investigate your business and its products and potential pool of customers and develop an appropriate mix of products, service, pricing and promotions to ensure that as many people who could desire your product know about it and want to engage with you.
Next we help you to develop a marketing plan to achieve your goal with your available resources. This plan is actionable with specific tasks and activities that need to be completed in order to bring you closer to the goal over that timeframe.
Lastly there is implementation – and we can help with that too. We have a virtual team of specialists across all marketing disciplines that can be pulled together to create your super-team. Or the plan can be picked up and run by your in-house team. When it gets down to creating the communications platforms we can work with your advertising agencies or bring in suppliers from our pool of partners that will be best matched to your style of working and your budgets.
Set yourself up now for 2017 with a one-day Marketing Plan workshop!