All organisations require marketing strategy. This applies whether they are commercial, not for profit or social enterprise; and whether they are a one-man band or a multinational. Kotler summed up best the marketing task for organisations:
“ to determine the needs, wants and interests of target markets and to achieve the desired results more effectively and efficiently than competitors, in a way that preserves or enhances the consumer’s or society’s well-being”.
Aimed Business believes that it’s simple. If a business knows what its customers truly need and can deliver it more effectively then that business has a competitive advantage. This will enable it to increase sales and profit. If it does so ethically, it will preserve that market and the customers in it and have a long term market, in which to compete.
Simple marketing tools
In 1960 MacCarthy proposed the 4Ps of the marketing mix of:
Product. What are the needs and wants of the potential client and how does your product meet those needs in its entirety including packaging . Working through products with clients, we often find that their product is often not what can be physically held but much more.
Price. How do you set a price for the product? Is it a premium product which commands additional payment or a me-too, which needs to undercut its competitors? Strategic consideration of price including non-monetary values often enables businesses to be more profitable.
Place. What are the channels to distribute the product? Direct to client, through a distributor, through retail, in a store or stall. Place now includes many that MacCarthy could never have foreseen. This just makes the choice more difficult to get right.
Promotion. Often thought to be the be-all and end-all of marketing with the all-encompassing advertising, leaflets, sales promotion and publicity. But again in the digital world includes comment, testimonials and answering questions rather than the advertising shouting of old.
We often add a fifth to our marketing strategies of People or Persona. Who are the people currently buying from you or you would like to buy from you? What are their needs and wants? Do they have the money and time to purchase your products? Can we create generalised persona with whom to communicate effectively.
Creating marketing strategy
Marketing strategy takes a number of different forms. Typically strategic services include:
- Desk and internal research to determine whether there is a market and how to approach it. This type of market research can be added to through using additional qualitative and quantitative market research techniques as appropriate.
- New product development from initial conception through to launch. It can start with creating a product from scratch to meet the specific needs of the market and then organising an effective launch and early stage support. Or we often get called in when a product is ‘ready’ to be launched but may require a focused rethink to ensure success.
- Brand Strategy to evolve the existing brand or to create effective branding for organisations or for products. Brands are not logos, but a strong identity which creates an emotional response among the target audiences.
- Marketing Communications or marcoms which encompasses all the different ways to communicate to different audiences at different points in the customer funnel to achieve positive results.
Marketing Strategy Costs
The depth and level of marketing strategic plans are tailored to the needs of the client business to ensure that they are fit for purpose and usable. Plans can include an overall review with the output being insightful discussion and a general presentation. Or it can be a detailed report with schedules and plans for moving the brands and products forward executed either by the client or with consultant assistance. As necessary Aimed Business can draw in specialist branding and copy experts and designers and photographers.
Marketing strategy is all about enhancing the communication process and relationship between business and client. If you want more information on how Aimed Business might help you make your marketing more effective please contact me by email or phone 07808 645353.