The goals of marketing are to generally make things happen and direct the ships of business to sail toward lands of beautiful, lush, green success.
The keys for marketing to work efficiently for a business are:
- understanding the market
- understanding where your business is in that market
- defining where your business should be
- leveraging the marketing assets you already have and building the marketing assets that you still need.
- building an ecosystem around marketing assets
Understand the Market
“The market” is your geographic service/selling area. This can be local, regional, national or global. “The market” is also your target customers/prospects/clients; your competition (defined as competing businesses and any other options to your product or service); opportunities that already exist or that could be created and any upcoming threats that you may have to address.
Understand Where Your Business is in the Market
This is your current market share, your role in the market, your current customers and your capacities. The mission and general ethics of your business are in play here because they apply to possible opportunities or limitations that should be addressed.
Defining Where Your Business Should Be in the Market
Where your business currently is may not be where it should be. This is where goals are intricately defined. The steps towards those goals are developed, as well as the metrics to measure them. Sales and marketing funnels are established. This is where options for appropriate marketing tactics will appear. At this stage, those marketing tactics still need to be vetted further.
Leveraging the Marketing Assets You Already Have
Marketing is all about accessing a particular market and appropriate communications with that market. Marketing assets typically involve some type of access to a market. Leveraging marketing assets can help achieve more immediate goals. Here are some examples of marketing assets:
A robust sales force Relationships with media, journalists, bloggers or other content creators
Existing customers and raving fans
Product distribution
Vendor relationships
Strategic partnerships or alliances
Lists of email subscribers that have chosen to hear from you or your business
Following on social media platforms
Preferred provider status
Networking relationships
Retailer relationships
Building the Marketing Assets that You Need
Marketing efforts break down when the cart gets put before the horse. As the tactical steps get more defined, it will become necessary to build certain marketing assets to complete the process in the sales and marketing funnels. The process is a communication process. It is imperative to deliver on marketing promises and the expectations of the customer/client experience.
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