The world of internet marketing can be confusing at first; and trying to sift through websites, blogs, Facebook, Twitter, YouTube and Yelp are the tip of the iceberg. But before you even think about developing your website, much less anything else, you need to give some serious thought to a few principals of marketing strategy.
Key Principles of Marketing Strategy:
Think about it: Who determines your prices or who determines how fast you grow or who determines your profit level? If you guessed ‘yourself’, you’re in for a surprise—it’s your competition! Any military leader will tell you: No strategy can be made independent of the enemy. This same truth must be applied to your strategy based on what your competition is doing and how they are doing it.
The success of your business rests on three main principles–
Specialization has to do with WHAT you choose to specialize in and focus on. This can be 1) a product 2) a service 3) a particular type of customer you wish to serve or 4) a particular market area. For example, an exclusive jewelry store on Rodeo Drive in Beverly Hills has an elite client in mind—people with copious amounts of money who value quality, beauty and unparalleled excellence and won’t settle for anything less. Every jewelry product will be offered for this type of clientele and new products will be constantly added to the inventory to satiate the desires of the rich and famous. This same specialization principle holds equally true for customers who visit McDonald’s, Walmart or PetCo. Know your targeted audience and cater to that audience in every way possible! This is the exact approach that My Marketing Team utilizes when developing a campaign for their clients.
Differentiation has to do with HOW you are different and better than your competition. If a customer were to ask, “Why should I buy from you instead of your competitor?” you need to have an answer that your audience can sink their teeth into. In other words, what you have to offer must be unique or more affordable than your competitor without compromising quality! Every customer is looking for the highest quality item for the lowest price possible—it’s human nature. Here, you must develop a competitive advantage and convince your customers you have far more to offer than your opponent in one or more ways.
Who are the specific customers who value your area of specialization—in other words, you need to identify your specific, targeted audience that covets your expertise and superiority. This involves some serious analysis including demographics and psychographics. Demographics has to do with age, gender, education, income, family status, ethnicity, location–traits that are visually observable Psychographics deals with what motivates your demographically-established audience.
Your targeted audience is who will determine your marketing, selling, packaging and even your product. If the demographics were to dramatically change, your whole approach regarding the marketing, selling, packaging and type of product would need to change with it.
When it comes to psychographics, you need to determine your customers’ goals, motivations, doubts, fears and even what problems they have that need to be solved. If a person feels confident that you fully recognize their goals, problems or fears and have what it takes to meet those goals or alleviate those fears or solve those problems, their confidence in you can be galvanized and their trust in your expertise will keep them from looking elsewhere.
Know your customer, know your uniqueness and know your competition before your website ever gets off the ground!
As the assistant office manager for an internet marketing service provider, Dan labors as a guest-poster in an effort to compliment the business sector in the U.S.. He is based out of the West Coast, and is soaking up the seasons together with his sweet bride and their three cutie pies. Mr. D encourages website visitors to preview his G adventures today.