Personalization is the golden word. The more you can customize an experience around a particular customer segment, the more they will appreciate and resonate with your company, the more loyal they will be, and the more people they will tell about your amazing business. A marketing strategy includes everything from understanding your target market and your competitive position in that market, to how you intend to reach your target consumers, and how you differentiate yourself from the competition.
Our team’s approach to marketing strategy focuses on these three main areas:
Market and Competitive Analysis: An analysis of the firm's internal and external environments to evaluate who your customers are, where they are, what they want, and how to tell them about your product. Certain methodologies, such as the “marketing mix” can serve as tactical marketing tools to produce the desired response from your target market. Focusing on product, price, place, and promotion is a recipe for marketing success. Competitive analysis can identify what your competitors are doing and optimize your strategy based on those learnings. AV Consulting has specialized services to help assess your local Market and Competitive landscape.
Target Customer: Observe trends of common characteristics and interests of your current customers and identify why they buy from you? Which ones bring in the most business? It is very likely that other people like them could also benefit from your product/service. Brainstorm and think through who has a need for your product or service and who is most likely to buy it. This could include demographic (e.g. age, location, gender, income, education level, etc. ) and psychographics (e.g. personality, attitudes, values, interests, lifestyles, etc.) factors.
Unique Selling Point: Clearly define your value proposition to your consumers. What is the key differentiator for your product or service that is unique to your business, brand, service, and/or product?
Targeted Action Plan: The selection of action plans (both paid and unpaid) to reach the targeted customer base will drive your marketing strategy. After a market and/or competitive analysis, prioritize and choose marketing enhancements that highlight your unique business offering in a unique, transparent, and convenient way through popular communication channels (e.g. social media). These could all mean different things for your business based on your industry and expertise. For example, if you were responsible for the luxury apparel and fashionable accessories seller “Louis Vuitton’s” marketing strategy, your areas of focus would include reputation, high-end service, brand experience, and popular exposure since their target consumer appreciates high quality, brand-name, and recognized apparel.
Contact AV Consulting today for your small businesses’ marketing strategy.