Wondering why your marketing strategy is not delivering the desired results?
Well, to grow your business, improve profitability and win greater share of your chosen markets you need a well planned marketing strategy to get you there.
Smart marketing strategies bring extraordinary results
A smart marketing strategy can take your business to the next level, but it requires a clear focus of what and why you will do certain things
To do it successfully, however you need to have a really sound understanding of who your customers are!
Build your marketing strategy around customer knowledge.
Do you know your customers as well as you think you do?
Firstly, where are your current marketing activities focused and at whom? Are you able to describe your customers in clear definable terms? Or do you see your market as “anyone out there” or “any business in a given sector”.
You may have tried to group your customers into segments based on age, income, geography or purchase. You may even have created offers based on this.
The secret to marketing success is segmenting your customers based on
- Profitability not spending
- Behaviours not general demographics
This will open windows of opportunity and provide you with a focus, essential to planning.
Build your marketing strategy around profitability not spending
Businesses sometimes place too much emphasis on customer spending thinking the more they spend the more valuable they are. But will they stand the test of profitability. The only measure you should consider.
Unprofitable customers can actually send you broke, taking much of your time and resources with poor returns. Fewer, but profitable customers, will bring in the revenue to explore and expand your markets within those profitable segments.
Focus your marketing strategy on behaviours not demographics
Past and current behaviours are the only reliable predictor of future behaviour. It is risky to base strategies on demographics. You need to know what they actually do rather than who they are and what you hope they might do.
When you recognize what they do you are able to look to include unmet needs and future potential as part of your customer segmentation.
Whether you sell, business to business, or to consumers, “anyone out there” won’t cut it, and it’s unlikely your communications and offers will convert prospective customers.
If you fall into the “anyone out there” group or you’re not sure, you may want to take our customer segment check to get a bit more clarification
To help you work out the best strategy to kick-start your growth there’s another great model that you can use. It’s simple and you don’t need a marketing degree to understand it. The Ansoff Product-Market Growth Matrix offers four different approaches, which can run individually or concurrently.
Get your business moving with the right marketing strategy
Markets are constantly moving and changing. So to keep ahead of the game, it goes without saying, your marketing strategy also needs to change.
If your marketing strategy is not delivering the desired results, contact us on 03 9524 3150 for a free assessment of your current marketing needs.