Focused Marketing – Effective and Profitable!

As in sports, focus is the name of the game!

Experience has taught us that in order to successfully hit that “long straight” drive with the driver, or “hit a line-drive” with the bat, or catch that all-important “Ave Maria” football pass, we must focus our attention on the ball. The same is true in developing an effective and profitable marketing strategy. We must pay close attention to the critical marketing factors at play: the market, the competitors, our customers or prospects, the resources available, our go-to-market goals and plan, and our implementation discipline.

The Market: The market space in which we plan to offer and deliver our product or service should be carefully reviewed to identify need, availability, level of service, pricing, and growth prospects. As an example, a “weakness” in the availability of our product or service could be considered positive, while a “weakness” in the other areas listed would be considered negative. Alternatively, a “strong” need, price, or growth prospects could be considered an advantage in introducing our product or service to that market. By focusing on this element, we can learn ways to modify our product or service mix to make it an even more attractive offering in this market.

Competition: Obviously, the absence of significant competition may seem like a good thing, but it doesn’t have to be. Think of all the small specialty retail stores that like to position themselves within a mall with the main anchor stores strategically located within the premises. Together, they become stronger by offering their customers a great shopping experience in one place. Another example would be today’s modern car malls that include large showrooms for many different car dealers; again, an excellent marketing strategy to attract potential customers to your doors.

In all cases, however, the successful marketer will focus on the strengths and weaknesses of their competitors, the uniqueness of the product or service, and the overall marketing approach to attracting new customers and serving existing ones. It is through this exercise that you will identify ways in which you can effectively differentiate your own product or service.

A client once told me that his service was so unique that he didn’t think there was any competitor in his market space. Upon closer inspection, he discovered that there were more than two dozen serving the same type of customer he wanted to serve. This knowledge helped him differentiate his business offering and market his service more effectively.

Our customers or prospects: Like competitive analysis, we need to focus on the needs and wants of our customers and the level of product or service they are willing to pay for. Too often, the novice owner can become so passionate about their product line or service that they fail to determine the true needs and willingness to buy of customers. A quick review of the sales bins in retail stores will tell us what merchandise was initially ordered in quantities that were too large, too late, and/or in the wrong style, color, or size. Service business owners can miss out on revenue opportunities by not offering the level of service that their customers expect or seek.

By having a clear understanding of what our customers or prospects are looking for, what’s going on in the economy, and how our competitors are addressing those needs, we’ll be better equipped to ensure we do what it takes to earn our share of the business. .

Available Resources – Three critical factors that all businesses, regardless of size, need to focus on are an experienced knowledge base, time, and financial capabilities. Consequently, we need to think about these same three key factors when setting our business goals and creating our strategic market plan. If we are just starting out, we may need to move back into more complex product line or service offerings. Too often, the least experienced or undisciplined owner will take on the responsibility of taking on more business than he or his team can handle, and end up with dissatisfied customers due to product or service delivery delays and shoddy workmanship. . Such a mishap can take years and marketing time and “wasted” dollars to overcome.

Marketing Plan and Objectives: Objectives should be realistic and consistent with the owner’s capabilities, financial resources, local market conditions, and established competitors. As with each of the business factors outlined above, focused attention must be exercised in goal setting. It is recommended to use the SMART Goals system – Specific, Measurable, Achievable, Relevant and Timely – to ensure the achievement of the desired goal.

Once the goals have been set, a more effective and profitable plan can be developed. Using the knowledge that has been generated from careful consideration of the factors reflected above, the small business owner will now know specifically where they need to market, how they need to market, and what available resources (time, money, and labor) they will need. . they need to effectively meet their marketing objectives.

Implementation – This factor, implementation, is often the difference between the success and failure of what was otherwise a well thought out and carefully crafted plan. If the small business owner has been focused on ensuring that their goals are, in fact, measurable, then all they need to do is diligently and regularly monitor their progress (daily, weekly, monthly) and take corrective action when necessary. necessary.