Having a successful marketing program depends on asking the right questions and doing the research to come up with the right answers. This may not be domo and CEO news, but it is key to creating a winning ad campaign.
The primary question is “Who are my competitors?” The reason this question is important is because knowing your competitors allows you identify what might make your product sell better or tell you why your competitor is able to sell more product.
If it is something you can add to your product to increase sales and you can afford to do so, you should implement the change. If it is a matter of a more convenient location, you may not be able to afford the expense. Whatever the case may be, examine your competitors closely to see what they are doing to bring them to the top of your product’s ecosystem.
Once you have identified your competitors and analyzed what makes them profitable, you should ask yourself, “What makes me different?” This could be a major selling point.
Maybe you are the little guy who treats customers personally instead of with an automated system. Small differences like this could make a big difference to your customers. If you’re up against companies bigger than you, it’s smart to add that personal touch whenever possible and to add that to your marketing materials.
If you are a large company, capitalize on that fact by letting your customers know that you can buy in bulk and pass the savings down to them. Knowing what makes you different allows you to find an angle to market your company to differentiate yourself from your competitors
The third question is “Who is my audience?” You must know who you are reaching in order to understand how to position your marketing pieces. A brochure showing tattooed twenty somethings will turn off your consumers if they consist of an older crowd.
This is where market research can really come in handy. You need to know who is buying your product. Once you identify your audience you can create pieces that will reach each segment, and you can avoid turning off the wrong consumer with the wrong marketing piece.
Once you have identified them, you need to ask, “How do I reach my audience?” If your audience is comprised of people 65 and older, investing a large amount of money in a social media campaign would not be a good idea. A direct mail piece or TV campaign would probably generate more revenue for you.
On the other hand, if your product appeals to people 60 and under, you should definitely pursue a social media campaign and ramp up your mobile marketing. Mobile marketing is the fastest growing segment of advertising today and will continue to expand for several years.
The last question is “How can I measure the effectiveness of how I reach my audience?” This is an important question, because no matter how precisely targeted and effective a marketing endeavor is, if you can’t measure who is responding to it on what media channels, you are throwing money out the window.
Today’s companies are demanding more precise tools to quantify the money they invest in advertising. Since so much of today’s marketing is deployed on the Worldwide Web, essential consumer information can be captured using tools such as surveys, questionnaires and registration questions.
When a consumer responds favorably to an Internet campaign, companies can often identify who, when, where and facts about the consumer’s demographics. This information can lead to personalized outreach from the company, another growing marketing area.
When a company asks itself these five questions and backs its answers up with solid marketing research and deployment, they can rapidly place themselves at the top of the marketing echelon. Most companies asks themselves these questions either consciously or unconsciously. Asking them again and ensuring that you have followed up on the answers as thoroughly as possible will help you sharpen up your marketing enterprise.
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Category: Startup Advice