You've worked hard to build your business.
But what's worked well in the past might not continue
to work into the future.
Competition might be muscling their way in, or technology
could be disrupting the way your customers want to get similar products
and services. So down tools for a moment
and cast your mind towards your marketing strategy.
The key to marketing is uncovering your customers' needs
and designing solutions that meet those needs.
Getting these product and service solutions right and then
telling your customers about them is essential in increasing
sales and growing your business.
In the busyness of running your business, it can be hard to find
time to stop and think and learn new skills and technologies.
But in an increasingly connected, hyper informed world,
customers have greater expectations and greater choice
than ever before. So it's important to be customer focused
and to make your business and brand stand out from the crowd
But before diving headfirst into printing flyers or
running advertisements, it pays to spend some time
thinking through your strategy and planning your activities.
Not having a strategy or plan can mean you don't achieve what
you'd hoped for, and you risk burning time and money.
A helpful framework for understanding marketing is known as
the seven P's.
It helps you to consider the elements that make up your marketing mix.
The seven P's stand for
product and services.
What you create or deliver in order to meet the needs of your
customers. Price, your pricing strategy
and how customers pay for your product or service.
Place where your products or services are made, found,
distributed, sold and supported.
This could be a physical or digital presence.
Promotion, how you communicate your products and services
to your target audience to encourage them to buy from you.
People, the individuals that work for your business,
including yourself.
Process, the activities involved in delivering your products
or services. In other words, this is how you make it easy
for your customers to do business with you.
And physical evidence, which is how your business
presents to the world.
This includes physical spaces, the look and feel of the brand,
your ratings and reviews.
And even how your employees show up.
There's a more comprehensive guide on marketing basics and
the seven P's on the Business Queensland website, along with
a step by step guide to marketing your business.
Here's a breakdown of the six steps to
developing a marketing strategy.
1. Know your current situation.
This involves understanding your market and knowing
your business's strengths and weaknesses.
2. Set marketing objectives, these are clear, realistic
and measurable targets you'll be working towards.
3. Define your target segments.
In other words, who are your customers and do you understand
their current and future needs?
4. Make sure you look outward.
Do a competitive analysis to understand your competitors
and how you can gain a sustainable competitive advantage.
5. Define your brand positioning.
This is about your business purpose, what you want to be
famous for and the place you hold in customers' hearts and minds.
And lastly, 6. Identify your priorities.
Thinking through the first five steps should help you to understand
how you should prioritise the marketing programmes you should focus on.
Again, a comprehensive toolset is available
in the Marketing strategy and planning section of the
Business Queensland website.
Taking the time to plan a great marketing strategy is
really important. So be realistic about how much time
you can invest.
If you're not confident you have the time or skills,
consider using a qualified consultant, freelancer
or marketing agency. Check out our guide on using professional
marketing services and take the interactive marketing
health check, which should take five minutes to complete.