Five Key Essentials of Marketing
Five key essentials of marketing and advertising that I’d like you to take away and use:
- Know why your business exists
- You are in business to make money, but you can only make money if the product or service you provide has perceived value and therefore results in an exchange of that product or service for money.
- Why does the customer need/want what you sell and why do they need/want it from you?
- Make sure every employee in your firm understands the benefit they bring to your customers.
- Know what your brand means to current and prospective customers
- Your brand is not your name or logo; it is your reputation, the experience.
- Identify your value proposition for each of your target market groups.
- Ensure it is being delivered at each of the key customer touches.
- Know your competition
- Identify your strengths and weakness vs. theirs; objectively.
- Differentiate yourself from your competition in all communications (product, price, service or quality).
- Know your customers
- Identify segments of customers that need/want what you are selling and speak to them based upon the rational and emotional benefits to them.
- Identify how and where your customers want to communicate and meet them there.
- Know how your marketing is working for you
- Ensure your marketing and business development plans exist and are tied to your brand and your business objectives.
- Review marketing results.
- Adjust plans based upon results and market conditions.
