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The 8-Characteristics of a Marketing Strategy Process

Marketing Strategy Process

How do some Brands make it rain every day of the week whilst many others are barely hanging on by a whisker?

It’s been a long week of work and you finally have a chance to sit down and catch up on some of your favorite TV shows.

But the first thing you see when you turn on the TV is one of those darn Cat food commercials. Sure. It’s cute and funny enough for even Dog lovers to consider making a trade.

But what’s more interesting is how this commercial has the power to make you feel like you had been feeding your Cat nothing but Grass and Tulips all this time.

This “other brand” has so much more nutrition. And the Cats who eat this stuff talks five different languages, helps out around the house, plays the Cello in their spare time and can even open a can of Peaches with their bare claws.

But what you don’t realize is that these Cats have been generously compensated for their “acting skills”. In addition to all the dough that’s been wired into their offshore accounts, they’re also given helicopters and a lifetime supply of Catnip. And as an added precaution, the Producers also make sure that the Cats don’t have anything other than celery sticks 24 hours prior to shooting the commercial. That way, they would be motivated to eat anything that even remotely resembles food very passionately afterward. Needless to say, the commercial is a success. And it results in a whole lot more Brand converts.

So, was it the commercial that did the trick? Was it the presentation? Was it how they differentiated themselves from the pack? Or did it have something to do with the Cat’s celebrity status?

Whilst all of those factors do come into play, what really made the difference is the Marketing Plan that put the wheels into motion.

 

So, here’s what a Marketing Strategy Process looks like:

1. Identify your prospect’s needs (the emotional aspects of their needs in particular) –People base their buying decisions primarily on emotions. Then they make up a logical explanation to justify their decision afterward.

2.Identify what your leading competitors are doing – It’s so much easier to improve on what’s already working than to reinvent the wheel

3.Identify your competitive advantage – In order for your product or service to have a chance in the Marketplace, it would need to have some kind of a “competitive advantage” (regardless of how minuscule it may seem).

4. Identify current market trends – Market trends can fizzle out as quickly as most New Year’s Resolutions. So trends would need to be assessed in real-time and monitored constantly.

5. Identify the Marketplaces to venture into starting with the least competitive ones (that also have a reasonable demand) and then expand into to bigger, badder and hairier ones after you’ve gained some momentum

6. Come up with a diversified Marketing Strategy that informs your prospects of your products or services – Start with a low budget marketing platform that’s proven to work for the kind of products and services that you offer before expanding into others.

7. Device “split test campaigns” across the board and track the results for each platform in real-time – If your target audience is Vampires, you’ll have better results with a daytime campaign as opposed to a nighttime one as Vampires tend to be a little more outdoorsy after sundown.

8. Discard the losers. Pump up the winners. And tweak the semi-winners struggling to get off the ground.

With regards to tracking, don’t focus on the number of eyeballs your campaigns generate, but rather on the actual response received (in terms of inquiries, conversions, and sales). And whether you’re selling toothpicks for Kittens or flying saucers for visitors from the far and beyond, the game plan is pretty much the same.

Marketing is the lifeblood of your Business. Being in the right place with the right product at the right time with the right price won’t do you much good if they don’t know you’re there in the first place. And if they don’t know what you’re selling is of any value to them.

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