Small and medium business owners, have you reviewed your marketing strategy lately? Your marketing ROI? Some of you have spent the past year just trying to get by: maintaining the website, sending out occasional press releases, attending various networking events. Yes, it has endured our slow-growing economy, but how far has it deviated from its marketing strategy to survive? And to correct your approach, what new marketing programs should you add, and what should you do first?
Simplify what seems like an overwhelming task by asking the following questions:
1. Has my competitive landscape changed in the past year? Like many companies, you probably haven’t spent much time evaluating your competition over the past year, instead relying on what might be outdated assumptions. Before you can identify the right marketing strategy, you need to look at your competitors again. Are there new players on the block? Has someone disappeared? It’s time to create a new list of competitors, identifying the strengths and weaknesses of each. How are they positioning themselves? Can you determine what makes them unique? Once you have compiled these answers, describe your strategy against each competitor. Write your competitive rant (why a potential customer should choose your company over the competition). Circulate these findings to your team for input and approval.
At the end of this exercise, you should understand the following: Where does my competition currently market? What are they doing right? Who are they targeting? How are they positioned? How do I deal with them… or with them?
2. Is my target market still the same? During tough economic times, many companies abandon their target market strategy altogether. Watching the pipe run dry causes even the staunchest to give up their strategic focus and start trying to sell to everyone, everywhere. Not only does this weaken the marketing programs you put in place, but it also makes you lose focus and forget who you really need to target for long-term success.
Before determining what your marketing plan is, re-examine your target market. Supplement your existing customer data with little market research. Check online with trade associations and market research companies for free information that provides insight into industry trends. Once you’ve reset your marketplace, create a detailed profile for each of the following: who buys your product or service, who influences the purchase of your product or service, and who uses your product or service. Your profile should have enough detail around it that you can get a list of prospects to support your marketing programs.
At the end of this exercise you should understand the following: Who is my customer? Who are your influencers? Which of my products/services are they likely to buy? Where do they go to get their information?
3. Is my company and product/service positioning still relevant? You may have unknowingly diluted your company’s positioning over time. When leads are hard to come by, companies understandably (but unfortunately) try to be everything to everyone in order to win the business. It’s time to reaffirm what you bring to the table, what is truly unique, and how that uniqueness benefits your customer.
Correct any confusion you may have created about who you are, what you do, who you do it for, and why people should buy from you. Create 25-, 50-, and 100-word statements that succinctly describe these items. Once you’ve determined this for your business, create clear and concise descriptions for each of your products and services. Consistent use of this positioning throughout the year will correct any misconceptions about what you offer and explain why your customers should buy from you.
By the end of this exercise, you should understand the following: Does my positioning statement clearly communicate (remember, clear is always better than pretty) what makes my company different from the competition? Does it state how my offer can resolve the pain they are experiencing?
Once you’ve reassessed your competition, reassessed your target market, and recreated your positioning language, you’ll have the strategic foundation you need to determine which marketing programs to implement in your marketing plan. This information will help you choose relevant and appropriate marketing vehicles, and then set solid priorities.
Think, strategize, act and COMMUNICATE.
