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Is It Time To Revisit Your Marketing Strategy?
Small & Mid Sized Business owners, have you revisited your marketing strategy lately? Your Marketing ROI? Some of you have spent this past year just trying to get by-maintaining the web site, sending out occasional press releases, attending various networking events. Yes, you've endured our slow-to-grow economy, but how far have you deviated from your marketing strategy in order 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 over this past year? Like so many companies, you probably haven't spent much time evaluating your competition over the past year, but instead relied on what could be outdated assumptions. Before you can identify the right marketing strategy, you must take another look at your competitors. Are their any new players on the block? Has anyone disappeared? It's time to create a new competitor list, identifying the strengths and weaknesses of each one. How are they positioning themselves? Can you determine what makes them unique? Once you have these answers compiled, outline your strategy against each competitor. Write down your competitive rant (why a prospect should choose your company over the competitor). Circulate these findings to your team for their input and buy-off. At the end of this exercise you should understand the following: Where is my competition currently marketing? What are they doing well? Who are they targeting? How are they positioned? How do I position against them...or with them? 2. Is my target market still the same? During difficult economic times, many companies abandon their target market strategy completely. Watching the pipeline dry up prompts even the most steadfast to relinquish their strategic approach and start trying to sell to everyone, everywhere. Not only does this weaken the marketing programs you do implement, it makes you lose your focus and forget whom you should truly be targeting for long-term success. Before you determine what your marketing plan is, re-examine your target market. Supplement your existing customer data with a little market research. Check online at trade associations and market research firms for free information that provides insights into industry trends. Once you have re-established your market, create a detailed profile for each of the following: who purchases 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 could source a prospect list from it to support your marketing programs. At the end of this exercise you should understand the following: Who is my customer? Who are their 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 is time to restate what you bring to the table, that is truly unique, and how that uniqueness benefits your customer. Correct any confusion you may have created over who you are, what it is you do, who you do it for, and why people should buy from you. Create 25, 50, and 100-word statements that describe these elements in a succinct fashion. Once you have this determined for your company, create clear, concise descriptions for each of your products and services. Using this positioning consistently throughout the year will correct any misconceptions about what you offer and explain why your customers should buy from you. At the end of this exercise you should understand the following: Does my positioning statement clearly (Remember clear is always better than cute) communicate what makes my company different from the competition? Does it state how my offering can solve the pain they are experiencing? Once you have reassessed your competition, reevaluated your target market, and recreated your positioning language, you will have the strategic foundation you need to determine the marketing programs you need to implement in your marketing plan. This information will help you choose relevant and appropriate marketing vehicles, and then establish solid priorities. Think, Strategize, Act and COMMUNICATE. Laura Aldridge is CEO of Aldridge Corporation, a minority, woman-owned strategic marketing communication & public relations firm. Big deal. That title sounds powerful, but don't be fooled. She readily admits you might catch her in the line of a local Los Angeles area store, playing with her husband and kids at the lake, coaching her daughter's cheerleading squad, watching youth football practices, or art show. And on occasion she finds time to write articles on various topics, writing training material for technology based applications, speak at a conference or two, designing just about anything for almost anybody, making calls and trying to get her client's all the press and exposure they can handle, and serve on the board of directors for some great organizations. She's worked for a couple of great companies that saw the value of her ideas and style; she has won an award or two. But don't let the "powerful" title trick you; she's just "Laura" to most people. Aldridge Corporation
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