So what are the key components of a great marketing strategy?
- You should be able to specifically define your target customer. This might mean that you need to turn down other potential customers or clients that are a bad fit for your company. It takes time to learn how to specifically define your customer and to get the discipline needed to turn others down, but it’s necessary when you’re in the early stages of a business.
- What is the category of your small business? In other words, what’s your niche? What are a few words someone would use to describe the category of your business? A lot of b
usiness owners get overly complicated with how their business is categorized, but it’s best to start off with a simple, narrow definition to start off with.
- What unique benefits does your business provide to its customers or clients? The benefits you provide deliver on things that your target customer actually wants. Remember: benefits are different from features. A benefit is a real, tangible use for your product. Features are nifty aspects of your product that may or may not provide real benefits.
- Who is your competition? While you can’t spend all of your time worrying about your competition when you’re in the startup phase, it’s at least important to familiarize yourself with your competition and their marketing strategies so that you can focus on your differentiating factors.
- Why are you better than your competition? The differentiating factors that you discover should be a key focus in your own marketing strategy so that people know how you’re different from your competitors and how that could benefit them. List all the ways that you are different from your competition and prioritize these ways by how important they are to your target customer. Those are the differences you should focus on.
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by Christine Kelly
CEO and Queen Bee | Viral Solutions LLC