Most companies shy away from setting a business strategy, growth strategy, or a concrete marketing strategy, and prefer to skip right to the process of client prospecting.
Clearly defined marketing strategies play an instrumental role in the success of your business. Even if you are offering the best solution in the world, what good is it if you’re suggesting something to clients that have no interest or budget for it?
How can you demonstrate your product’s value if your solution doesn’t seem different from existing solutions? And perhaps worst of all, what if your solution is a major success, but you’ve discovered that your business model isn’t viable? While your client benefits from your solution, your company just accumulates losses.
In order to avoid these nightmare scenarios, ask yourself: who, what, where, why, and how?
First, you must analyze whether you are addressing the most profitable target market segmentation for your business. Does your business strategy target the ideal clients for your solution? Ask yourself if the prospective clients that you’re focusing on are the ones that would benefit most from your offering, and if they will be able to afford it.
Ensure that you simplify your marketing message to your potential buyers by creating your positioning marketing strategy. Companies should make it crystal clear, shaping their solutions as easy to grasp. As one of our clients once said: “I want my mother to understand what I’m offering in my business.”
Now that you have a firm grasp on the who and what, you need to know how you stack up against the competition. With proper competitive analysis, you can understand what advantages your organization can bring to the market and where you can improve. What really differentiates your solution from the competitors?
Making sure that the target market needs are met with your offering is very important. This is the key that unlocks the door. Only if you identify the right market requirements for your solution and then implement it according to the functional design specification, will you be able to create a demand for your solution.
Now that we have validated that there’s a demand for your solution, you must ensure your business model and pricing makes sense both for your clients and for your own company. After you’ve established the business strategy, you have paved your way to preparing a strategic marketing action plan that can provide a roadmap for lead generation marketing campaign execution!
“Revising our eBusiness strategy and improving the user experience, these are just some of the significant support that Direct Objective has helped us with."David Cohen, Founding Partner, Campbell Cohen Law Firm and CanadaVisa.com