As in sports, focus is the name of the game!
Experience has taught us all that to successfully make that “long and straight” drive with the driver, or to “hit a line-drive” with the bat, or to catch that important “Hail Mary” football pass, we must focus our attention on the ball. The same is true in developing an effective and cost-efficient marketing strategy. We must focus careful attention on the critical marketing factors in play — the market, the competitors, our customers or prospects, available resources, our goals & market plan, and our implementation discipline.
The Market: The market space in which we plan to offer and deliver our product or service must be carefully reviewed in order to identify the need, availability, service level, pricing and growth prospects. As an example, a “weakness” in the availability of our product or service could be considered a positive, while a “weakness” in the other listed areas would be considered a negative. Alternatively, a “strong” need, pricing or growth prospects could be considered a plus in introducing our product or service to such a marketplace. By focusing careful attention to this element, we can learn of ways to tweak our product mix or service in order to make it an even more compelling offer in this market.
The Competition: Obviously, the absence of any meaningful competition might seem to be a good thing, but not necessarily so. Think about all of the small specialty retail stores that like to position themselves within a shopping mall with major anchor stores strategically placed within the facility. Together, they are strengthened by offering their customers a great one-stop shopping experience. Another example would be today’s modern auto malls that include large showrooms for many different auto dealers – again, a great marketing strategy to draw prospective customers to their doors.
In all instances, however, the successful marketer will focus attention on their competitors’ strengths, weaknesses, uniqueness of product or service and overall marketing approach for attracting new customers and serving their existing ones. It is through this exercise that they will identify ways in which they can effectively differentiate their own product or service.
I once had a client tell me his service was so unique that he didn’t believe that there were any competitors in his market space. Upon a closer look, he discovered that there were over two dozen who served the same type of customer he wished to serve. This knowledge helped him to differentiate his business offering and more effectively market his service.
Our Customers or Prospects: Just like the competitive analysis, we need to focus on what our customers’ need, want and the product or service level for which they’re willing to pay. Too many times, the novice owner can become too passionate about their product line or service that they fail to determine the customers’ true needs and willingness to purchase. A quick check of the bargain bins in retail stores will tell us what merchandise was initially ordered in too large of quantity, too late and/or the wrong style, color or size. Service business owners may miss revenue opportunities by failing to offer the level of service that their customers expect or are looking for.
By having a clear understanding of what our customers or prospects are looking for, what’s going on in the economy and how our competitors are addressing those needs, we will be better equipped to ensure that we do what is necessary to earn our share of the business.
Available Resources: Three critical factors that all businesses must focus on, regardless of size, are a seasoned knowledge base, time and financial capabilities. Accordingly, we must think about these same three key factors as we set our business goals and create our strategic market plan. If we are just starting out, we may need to back off the more complex product line or service offerings. Too often, the less experienced or undisciplined owner will assume the responsibility for taking on more business than they or their team can manage and end up with unhappy customers due to delays in product or service delivery and poor quality workmanship. Such a set-back can take years and “wasted” marketing time and dollars to overcome.
Goals & Marketing Plan: Goals need to be realistic and consistent with the owner’s abilities, financial resources, local market condition and established competitors. Like in each of the above described business factors, focused attention needs to exercised in the setting of goals. Using the system of S.M.A.R.T. Goals – Specific, Measurable, Achievable, Relevant and Timely – is recommended in order to ensure the desired goal achievement.
Once the goals have been set, a more effective and cost-efficient plan can then be developed. By using the knowledge that has been generated from careful consideration of the above reflected factors, the small business owner will now know specifically where they need to market, how they need to market and what available resources – time, money and manpower – they’ll need to effectively meet their marketing objectives.
Implementation: This factor – implementation — is often the difference between success and failure of what, otherwise, was a well thought out and carefully crafted plan. If the small business owner has focused on ensuring that their goals are, in deed, measurable then all they need to do is diligently and regularly monitor their progress – daily, weekly, monthly – and take corrective action where necessary.
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