Today I begin a five post series defining the five elements of marketing.
Most of my clients need more customers, or more importantly, more of the right kind of customers. The first step is to develop an effective marketing strategy. A marketing strategy is the overall game plan for reaching people and turning them into customers for the product or service the business provides. It defines the groups of potential customers. It defines the characteristics of those customers. The successful execution of a marketing strategy seeks to create the sustainable competitive advantage identified in the business strategy. A marketing strategy is a critical prerequisite to the development of a successful marketing plan.
To do this properly, there must be sufficient information derived from a review of customer needs, competitors, opportunities, consideration of all of the internal and external environmental factors, identification of constraints (resource and other) and the evaluation of other factors including technological, economic, legal or political.
Marketing strategies can be based on a large range of differentiating factors but they all boil down to what is unique about your offering (product quality, service, location, etc.).
As a Marketing Consultant, I cannot overstate the importance of having a sound marketing strategy. Next week I will discuss the second element of Marketing – the Unique Selling Proposition.
Bryan B Mason
Apollo Consulting Group