Who sets your prices? Your market share? Your profit margins?
Your competition does. Your competition determines everything. No strategy can be made independent of your enemy.
Here’s what you need to think about
The Four Principles of Marketing Strategy
This is the product, service, market, customer or area of technology we serve. If you try to be all things to all people, you be nothing to no one.
- Your competitive advantage. hope
- Your area of excellence or superiority. Something you do better than anybody else.
- You “Unique Selling Proposition”
The most common answers are “quality and service”; this is only an advantage if your competitors offer ZERO quality and service. Honesty, integrity, value, unique, etc, are the same. If your competitor can claim it too – or has claimed it – then it isn’t a point of differentiation.
What do you have to offer that nobody else has to offer?
Who are those customers who most appreciate, most value, your area of superiority?
Demographics are what you can observe about them from the outside. Psycho-graphics are what make them tick psychologically.
- Family status
- Goals and ambitions?
- Wants, needs, motivations?
- Hopes, dreams, aspirations?
- Fears, doubts, worries?
- Problems to be solved?
Where you focus your time, money and resources.
- What are the best possible ways to contact your prospects?
- What are the best possible media?
- What are the most powerful appeals?
Get more from your advertising by focusing your message with better clarity on your best customers.