| Marketing Tips That Work |
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This is the first 30 of 101 marketing tips covering most aspects of marketing and has been designed to provide you with some basic guidelines on what marketing is all about and how to use the tools.MARKETING STRATEGY1. Do a marketing plan! 2. Define your goals 3. Make your strategic goals measurable 4. Develop and assess strategies and goals on an annual basis and track performance regularly MARKET RESEARCH5. There are two broad types of market research you could use:
6. Use an external specialist for your market research 7. Many large-scale research projects involve a combination of focus group testing, face-to-face interviews, telephone interviews, and sometimes the use of customer-completed surveys. This produces a mix of qualitative (opinion) and quantitative (quantity) results. Both are important. PROCESSES8. Effective internal processes ensure smooth delivery and subsequent servicing to the customer. If you can't deliver your products on time, in the configuration or amount specified by your customer, in full and at the agreed price, then your customers won't be back for more in the future. 9. DO put yourself in the customer's position. Processes can make the customer experience positive or negative. 10. Before you launch a new product, run through the end-to-end process from enquiry to sales visit to purchasing to follow through, and make sure you have everything covered off. PRODUCT SERVICE11. DO understand exactly what you are selling, and which segments of the market want it. Is it profitable? 12. Are you selling enough products, or too many and do you have the right mix? 13. Don't become emotionally attached to your products or services. When it's time to change, replace, enhance, develop new products, do it! 14. If you distribute someone else's brand, or you are building your own, remember that when you market a brand you are also marketing values. 15. Every business needs a cash cow, whether it's a product or service. PRICE16. All aspects of the product need to be priced (for example, is there a price for optional extras, installation, consulting services, help desk advice, training etc.) 17. Can you price to market and still make a bottom-up cost recovery with acceptable margins? 18. Some typical pricing strategies include:
19. Determining a sound pricing strategy requires a thorough understanding of the competitive environment and robust forecasting of likely customer demand. 20. Someone can always undercut you, so engage in price discounting with extreme caution. PROMOTION (GENERAL)21. There are many different ways to reach your target market and promote your product or service. Consideration must be given to your budget, your sales objectives and knowing who and where your target market is and what their purchasing drivers are. 22. Advertising generally falls into these categories:
23. Calculate the cost of your advertising against the expected returns. 24. Think about why you are advertising and what you aim to achieve, before you go ahead and do it. CONFERENCES & EXHIBITIONS25. Never participate in a trade show without clear objectives in mind. 26. Remember to collect leads. SPONSORSHIP27. Sponsorship is usually considered to be associated with major events, and equally large marketing budgets. This is not necessarily true. Companies wishing to have direct access to their target market could sponsor smaller and more specific events. 28. Sponsorship must be like any other marketing activity - it needs to be backed up and supported by other marketing activities in order to have maximum effect. 29. Align your company's values with those of the event you wish to sponsor. 30. Choose your sponsorship targets like you would your target customers - they should be closely aligned. So, there you go, the first 30. Next issue we will cover off on another 30, including direct marketing and loyalty programmes. Tony Martin, Director |
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