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One of, if not the most important things to consider or plan for in business, whether before the launch of a new product or service or as a general ongoing undertaking is marketing...👍👏
At the end of the day, what we all want as entrepreneurs and small business owners, is to build and grow our businesses. That's it. And to do so, we must undertake and successfully execute various actions and steps. We must get a bunch of stuff right. The stars must align. Gosh, so many stars.
The most impactful of these steps involve the systems through which we get the word out about our products and services.
I am talking here, of course about "sales and marketing". Though broad and often complex, the basic underpinnings of any such plan to get out and tell the whole world, or maybe just your city or town, about your new, relevant and unique products and services, should at the very least include these basic principles.
Here are five things, according to the good folks over at American Express and Tina Wells, every strategy/ plan should encapsulate.
Target Audience
When I consult with a new client, I have them consider their target audience. What do they look like? Where do they shop? Hang out? Are they online? If so, what websites do they like? Build a profile of your ultimate consumer.
Even give him or her a name. Ask yourself, would Rose like this new ad? In my new book Chasing Youth Culture and Getting It Right, I delve into the four main tribes of the Millennial Generation and how marketers can reach them.
As much as you want your consumer to understand and value your product, you must also take the time to understand their needs and what they expect from you.
Pricing
Research is essential when devising your business plan, especially when considering the estimated value of your product. When determining the pricing structure, it’s important to be as competitive as possible without lowering the value of your product or service.
Value
Price and cost are only a part of your strategy. The brands with staying power realize their consumers want to feel good about their product or service. How much value does your product add to its consumer? Is it adding intrinsic (or just extrinsic) value?
Promotion
The main question you want to answer here is, How will people know about my product, and why would they want to try it? Consumers absorb massive amounts of advertisements a day.
Even if you have the most unique product/service, you still need to sift through the noise and get their attention. Ask yourself if you’ve considered an advertising and PR strategy. What incentives will you offer?
Communication
Consumers want and need dialogue about their product and the most effective communication creates this opportunity. How will you allow consumers to give you feedback on your products and services?
This article is an adaptation of a larger article by Tina Wells, on the American Express website. Please click here to see the full article.