WHAT’S IN IT FOR YOU?
More to the point, what’s in it for your customer? How well do you, and your marketing processes, know who your ideal buyer or customer is; what their needs are; where they hang out; and when and why they’re likely to buy from you? How satisfied will your buyer be as a customer; how long will they remain a customer and how profitable will you be as a business? These are key questions that your marketing strategy should consider.
The Chartered Institute of Marketing says that “Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.” A marketing strategy therefore defines your overall business’ game plan for reaching your ideal buyer, and turning them in profitable customers who buy your products or services. So, what’s your game plan? What’s your strategy?
How much should I spend on Marketing?
What you choose to spend on marketing will depend entirely on your own business and circumstances. Generally, companies spend around 5 percent of their total revenue on marketing just to maintain their current position or around 10 percent to focus on growing the business. Companies in highly competitive fields generally spend more.
How would you describe your brand’s style and tone of voice?
A strong brand is trusted, memorable and remarkable or unique in some way. Brand awareness in any industry gives that company an edge in increasing sales and generating loyal long-term customers. Overall, your brand identity includes the physical aspects of your company’s corporate identity (logo, colour scheme, style) as well as what your brand says, what its values are, how you communicate its concepts, and which emotions you want your ideal customers to feel when they interact with your business.
Opportunities don't just happen...
... you create them by defining your ideal customer, implementing effective ways to reach them and building their trust to let you solve their problems.