What are their needs? Which customers are the most profitable? How will I target the right potential customers?
The Manager's Guide to Competitive Marketing Strategies, Second Edition - CRC Press Book
Are there groups that I can target effectively? What's the best way of communicating with them? Could I improve my customer service? This can be a low-cost way of gaining a competitive advantage over rivals, keeping customers, boosting sales and building a good reputation.
Could changing my products or services increase sales and profitability? Most products need to be continuously updated to maintain competitiveness. Could extending my product list or service provision meet existing customers' needs more effectively? Remember that selling to existing customers is generally more cost effective than continually trying to find new ones. How will I price my product or service?
Although prices need to be competitive, most businesses find that trying to compete on price alone is a poor strategy. What else are my customers interested in? Value for money? What is the best way of distributing and selling my products? How can I best promote my products? Options might include advertising, direct marketing, exhibiting at trade fairs, PR or marketing on the web.
How can I tell if my marketing is effective? Check how your customers find out about your business. A small-scale trial can be a good way of testing a marketing strategy without committing to excessive costs. Approach a third party for feedback about your strategy - they may be able to spot any gaps or weaknesses that you can't see. Put your marketing strategy into effect with a marketing plan that sets out the aims, actions, dates, costs, resources and effective selling programmes.
Measure the effectiveness of what you do. Be prepared to change things that aren't working. Making assumptions about what customers want. Ignoring the competition. Trying to compete on price alone. Relying on too few customers. Trying to grow too quickly. Continuous monitoring of performance, against predetermined targets, represents a most important aspect of this. However, perhaps even more important is the enforced discipline of a regular formal review. Again, as with forecasts, in many cases the best most realistic planning cycle will revolve around a quarterly review.
Plans only have validity if they are actually used to control the progress of a company: their success lies in their implementation, not in the writing'.
- The Cultural and Political Legacy of Anne de Bretagne: Negotiating Convention in Books and Documents.
- Resistance and Betrayal: The Death and Life of the Greatest Hero of the French Resistance.
- Create your marketing strategy?
- First Things First: Understanding the B2B Digital Transformation and the Modern B2B Buyer Journey.
- Communion and Liberation: A Movement in the Church;
Most organizations track their sales results; or, in non-profit organizations for example, the number of clients. Few organizations track market share though it is often an important metric. Though absolute sales might grow in an expanding market, a firm's share of the market can decrease which bodes ill for future sales when the market starts to drop. Where such market share is tracked, there may be a number of aspects which will be followed:. Expense analysis can be defined as a detailed report of all the expenses that a business incurs. It is produced on a monthly, quarterly and yearly basis.
It can be dissected into small business subsets to determine how much money each area is costing the company. In marketing, the marketing expense-to-sales ratio plays an important part in expense analysis because it is used to align marketing spend with industry norms. Marketing expense-to-sales ratio helps the company drive its marketing spend productivity. Marketing expense-to-sales analysis is also included with the sales analysis, market share analysis, financial analysis and market-based scorecard analysis as one of the five analysis tools marketers used to control and drive spending productivity.
The marketing expense-to-sales ratio allows companies to track actual spending that is relative to the accepted budget and relative to sales goals as stated in the marketing plan. The "bottom line" of marketing activities should at least in theory, be the net profit for all except non-profit organizations, where the comparable emphasis may be on remaining within budgeted costs.
There are a number of separate performance figures and key ratios which need to be tracked:. The above performance analyses concentrate on the quantitative measures which are directly related to short-term performance. But there are a number of indirect measures, essentially tracking customer attitudes, which can also indicate the organization's performance in terms of its longer-term marketing strengths and may accordingly be even more important indicators. Some useful measures are:. A formal, written marketing plan is essential; in that it provides an unambiguous reference point for activities throughout the planning period.
However, perhaps the most important benefit of these plans is the planning process itself. This typically offers a unique opportunity, a forum, for information-rich and productively focused discussions between the various managers involved.
The plan, together with the associated discussions, then provides an agreed context for their subsequent management activities, even for those not described in the plan itself. Additionally, marketing plans are included in business plans, offering data showing investors how the company will grow and most importantly, how they will get a return on investment.
The classic quantification of a marketing plan appears in the form of budgets. Because these are so rigorously quantified, they are particularly important. They should, thus, represent an unequivocal projection of actions and expected results. What is more, they should be capable of being monitored accurately; and, indeed, performance against budget is the main regular management review process. The purpose of a marketing budget is to pull together all the revenues and costs involved in marketing into one comprehensive document.
The budget is a managerial tool that balances what is needed to be spent against what can be afforded, and helps make choices about priorities. A budget can further be used to measure a business's performance in the general trends of a business's spending. The marketing budget is usually the most powerful tool by which one can determine the relationship between desired results and available means.
Its starting point should be the marketing strategies and plans, which have already been formulated in the marketing plan itself; although, in practice, the two will run in parallel and will interact. At the very least, a thorough budget may cause a change in the more optimistic elements of a company's business plans.
From Wikipedia, the free encyclopedia. This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. This section does not cite any sources. Please help improve this section by adding citations to reliable sources. February Learn how and when to remove this template message. Retrieved Kogan PagePublishers. Categories : Business planning Marketing analytics.
Hidden categories: Pages using web citations with no URL Articles needing additional references from January All articles needing additional references Articles needing additional references from February Namespaces Article Talk.
This level operates at the division, business unit, department, or within a product-line. It is more precise than corporate strategy.
Create your marketing strategy
It covers a period of three to five years and focuses on quantitative and non-quantitative objectives. The intent is to provide for continued growth by 1 penetrating existing markets with existing products, 2 expanding into new markets with existing products, 3 developing new products for existing markets and 4 developing new products for new markets. Third, lower-level strategy — or tactics. This level requires a shorter time frame than those at the two higher levels usually one-year. In its everyday application, tactics are actions designed to achieve your shortterm objectives, while supporting longer-term objectives and strategies.
Tactics are precise actions that cover such areas as: pricing and discounts, advertising media and copy themes, the Internet, sales force deployment and selling aids, distributor selection and training, product packaging and services and selection of market segments for product launch.
- Adventure Guide to Virginia (Hunter Travel Guides).
- Symmetries and Overdetermined Systems of Partial Differential Equations (The IMA Volumes in Mathematics and its Applications).
- Gardens of the Moon (The Malazan Book of the Fallen, Book 1);
- The Stragglers.
- Marketing Strategy.
- Iran The Land!
- Table of contents.
Doing so, however, suggests that you may think of the market as a set of impersonal factors that can be predicted, analyzed and managed through a variety of logic-based techniques. While correct calculations and well-coordinated objectives are indispensable for devising marketing strategies, they lack the human element when attempting to handle unpredictable business conditions, such as a sudden competitive move and erratic buying behaviour.
Essentially a conflict of human wills, strategies must, therefore, meet and counter unpredictable human responses. Basil Liddell Hart, the foremost British military historian of the 20th century, counsels: Natural hazards, however formidable, are inherently less dangerous and less uncertain than fighting human hazards. All conditions are more calculable, all obstacles more surmountable than those of human resistance.
- Culture: The Anthropologists Account.
- The Best Marketing Framework to Guide Your B2B Strategy!
- Science Teacher Education (Science & Technology Education Library).
Reason, calculation and preparation can overcome them almost to a timetable. To understand the role of strategy and the impact of human will, consider what happens when an existing firm enters a new market. Immediately the newcomer will encounter resistance from companies already entrenched in the market. Therefore, a prime purpose of your strategy is to lessen resistance. A further goal of your strategy is to avoid head-to-head confrontations with competitors, which invariably drains resources, exhausts budgets and tends to increase resistance.
Related The Managers Guide to Competitive Marketing Strategies
Copyright 2019 - All Right Reserved