Don’t Let Shiny Objects Distract You From The “Why” of the Marketing Equation
They say everything is easier when you have a plan. Marketing is no exception. So you’ve done the legwork and crunched the numbers. You now have a rough idea of what you can spend on marketing. Congratulations! You’ve established a marketing budget. Now what?
Now you need to come up with a plan. Before you get into planning tactics there are a few things to consider. Tactical plans are the “how” of the marketing equation. The other half is the “why”. Here are some foundational elements will help you to establish the “why” of your marketing efforts:
Market Research
This shouldn’t be a scary term, even for small companies. Market research can come in many forms. From formal market research studies to reports form your sales team. Truth be told, most market intelligence falls somewhere in the middle. The bottom line is you need to find out where the greatest opportunities are.
Target Market
Who are you selling to? Who has the most potential to buy your product or service? They seem like basic questions, but sometimes these targets change, evolve or begin to expand to other groups. You want to know your target market down to at least 2-3 levels of segmentation. Check your target. Confirm your accuracy.
Positioning
What is the perception of your brand in the market space? What are you best known for? Are you a value provider or a higher end solution? The target market perceives your brand based on positioning. If your current positioning isn’t where you want it, don’t fret. It can be changed or reinforced by developing marketing and branding efforts that how you wish to be perceived.
Competitive Landscape
Keep a close eye on your competitors. How are your products and services different? Are you positioning your brand to reflect these differentiators? You should be. Are your competitors targeting a different group? You might want to find out why. All of this information will help set your brand apart from competitors.
