Art of Marketing
Chapter 11. 4 principles of marketing strategy
The ability to sell is the number one skill in business.
If you cannot sell,
don’t bother thinking about becoming a business owner. — Robert Kiyosaki
Every business strategy is a marketing strategy.
Your ability to attract potential customers determines your success in business.
You are responsible for making important strategic decisions
for your business,
especially in the four areas below.
It is the product,
or technique on which you focus all of your efforts.
It becomes the “driving force” of your marketing,
You can specialize in a particular product
and focus on providing something of a unique value-added
in the product category so that it is better,
cheaper and superior to competitor’s product or service.
In that context,
you can focus service-oriented on specialization.
You can offer a specific service to a segment of the market
and focus on making your service the best,
and most attractive of all similar service providers
to come similar customers.
You can have a customer-oriented focus like Walmart has done.
Walmart focuses on “mid-range” customers.
Sam Walton’s original idea was to provide quality products
at affordable prices to the majority of customers in the US,
and the next market segments Walmart entered.
You can target a specific market like the one you specialize in.
It could be a local,
or even international market.
But once you’ve chosen a specific market segment,
you must focus on specializing in that area
and offering something of greater value
than every competitor in the same niche.
You can specialize in technology,
even on a particular ability of your company
that other competitors do not have.
Many companies specialize in a particular distribution channel,
Avon or Herbalife.
“In order to get to the next level of whatever you’re doing,
you must think and act in a wildly different way
than you previously have been.
You cannot get to the next phase of a project,
without a grander mind-set,
and extra horsepower.” ― Grant Cardone
This is the heart of every marketing strategy
and the reason for the success or failure of any business.
The difference lies in its ability to separate itself from competitors
that are competing to sell similar products or services
to similar customer segments.
Here’s an exercise for you:
Imagine that all of your competitors suddenly disappeared
from the market and you were left alone as the sole supplier.
What’s the difference
between your sales and profits?
I predict that you will become one of the most successful
and profitable businesses in the industry,
if not the whole world.
The question is how do you differentiate your products
and services to become the “only choice”
for customers in today’s market?
Many marketing experts today say
that any future marketing strategy will depend on your ability
to specifically segment your market.
The billions of dollars spent on market research each year are largely aimed
at identifying the types of potential customers
that compete with other companies seeking similar customers.
The question is:
“Who are those customers,
who most appreciate your area of expertise
and uniqueness or superiority,
who want the features and benefits you can offer?
How would you describe your ideal or perfect customer?
Who is your target market;
Are those the few customers who can and will frequently buy from you
because of the unique added value you provide or can provide
by refreshing your product or service in some way? there?
Let’s start with their demographic information.
Ideal customer age?
Profession or expertise?
Where to live and work?
Marital status and family composition?
The second step in the process of identifying the ideal customer
is perhaps more important.
It is information about “psychology”.
It’s what’s going on in your ideal customer’s mind
that has the greatest influence on your decision to buy,
or someone else’s,
or no one else’s.
What exactly are the main goals and passions of the ideal prospect?
What are their desires,
and motivations for purchasing decisions?
What are their hopes,
dreams and future aspirations that your product or service
can help them realize?
Can your product or service dispel any fears, doubts,
or barriers that lead to a customer’s purchase decision?
what problems could your product or service
solve in the ideal customer’s life?
What customer needs can they satisfy?
What goals can be helped?
Or can it ease any pain?
You must remain focused on your journey to greatness. – Les Brown
This is the fourth pillar of the marketing strategy,
emerging from the clarity of specialization,
and customer segmentation.
You know you’re what you’re offering
and what you’re not offering.
You know why people should buy from you over others.
You identify the ideal customer
for the product or service you offer.
Now, your fourth step is to focus only on customers who can
and will buy from you within a certain period of time.
What are the most viable ways of advertising and connecting
with your ideal customer?
What are the most effective means of communication
that allow you to connect with a large number of potential customers
at the lowest possible cost?
what are the most impressive offers you can come up
with to trigger an immediate purchase?
“If you work for your goal,
that goal will pay off for you.
If you work hard for your plan, it will pay off.
Whatever good thing we build will eventually help make us.”– Jim Rohn
Your marketing plan
When you combine the seven elements of the marketing mix
with the four elements of a marketing strategy,
you get a great marketing strategy.
A great marketing strategy has a few advantages.
First, it attracts a certain volume of potential customers
to your website or sales location.
A great marketing strategy
will always focus on your unique selling proposition,
continually presenting customers with what you offer
as “unique added value”,
making you a good choice unique and unique to customers
when making your purchasing decisions.
Marketing is extremely complex
but also quite simple in a highly competitive market.
Accurately identify your ideal prospect and their needs.
And then, find a way to give them what they want better,
cheaper than your competition.
“You must expect great things of yourself before you can do them.” –Michael Jordan