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Claiming that your product is ‘for everyone’ may sound like the best way to reach your sales targets, but it’s not the most effective route for your marketing strategy. It’s simple, nothing is for everyone, and claiming that your product is, actually works against you with your true target market.
From the second that a consumer starts researching pre-purchase, they will have many options to sort through. How will you differentiate your marketing from the competitors? A key way to unlock the full potential of your marketing is to understand the path your consumers take to get to the buying situation.
Before deciding on a strategy for your business it is important to do some research on your industry. Why is the industry structured the way it is? What competitive forces within the industry are influencing this structure? How can I profitability position myself in this industry? Porter’s 5 Forces is a simple, yet powerful model that can help you answer these questions.
When you consult the 4 Ps in terms of your marketing, this will help you to formulate a plan to reach your customers. Framing your marketing around this concept will help you to understand what your competition is up to and what your customers are wanting from you.
The key to your brand’s success is making sales, and in order to make these sales we need to consider the following: are your customers thinking of your brand, and are they able to access your brand when thinking of it in a buying situation? This is referred to as mental and physical availability and forms the basis on which brands compete.
If you have ever heard the term ‘digital age’ you may have wondered how that relates to you, the small business owner. You may not be interested in producing an app for your business, or implementing a fully automated customer management system run by bots…. So what does the digital age mean for you?