One of the most common questions that I get asked by those who are starting out in business; also by those who have been involved in business maybe for some time who maybe running a functioning business and making a decent living is : ‘just how to I actually go about developing a marketing strategy’ ??

At a recent networking event when speaking a business owner who by his own admission if well versed in the technology of his business (but not in the marketing) I spoke of the three pillars that I use when thinking about, explaining and developing a marketing or business strategy. They are :-

  • Product/Service categories
  • Channels To Market
  • Market Segmentation

… that is to say, we work on defining the category of the market that the Product or Service fits into, we then work on the marketing Channels. When it comes to channels we consider the channel that we use to deliver the product or service to the marketplace and secondly the channels that we use to push the message to the marker place through. And finally, we have to ensure that our preferred market segments are at the end of the channels that we use. That is the essence of the framework that I work through when refining and developing a marketing strategy.

Now, let’s assume we are you are selling massage therapy services [as one of my previous clients were]. For sure the channel for delivering the service would be in the therapist’s salon but they business owner will have many options in terms of channel marketing for delivering the branding message and services of the business to the market place at large. They can use direct mail, blogging, mobile, articles, newspapers, radio and more to deliver their message to the target market.

Next, we need to ensure that our product/service is positioned appropriately in terms of location, offering and pricing – a particular segment of the market may wish to pay say $15/hour for a massage but other high end clients may be perfectly happy to pay $100/hour if they see the value in what it is that you have to offer. The question is – which market segment is it that you will choose to target ? If this discussion we have covered the market segments and the category of the market that we wish to be positioned in.

So there you have it – an insight into my methodology for developing marketing strategies whether working with $multi billion clients in China [Swatch Group] or with a wedding reception services business such as http://www.lowcostchaircovers.co.uk/ that I consulted for last year.

In summary we want to be thinking of Channels, Market Segments and Product/Service categories.

To your marketing strategy development success,

Let me know if you wish to engage with myself and the team to assist you in your business.

-Success,

-Stephen C Campbell

 

I consider Niche Marketing or Market Segmentation a key element to any business and/or business plan. Failure to analayze your target market into specific niches or market segments will inevitably mean that you end up marketing and promoting your product in less than the most efficient manner.

For those who have a business and how are not familiar with the advantages and disadvantages of niche marketing should look to get some basic education on the subject even if they are looking to hire a consultant to work with. I follow leaders and Stephen Pierce is a world leader in internet marketing and business strategies. Take a look at http://www.winningintheniche.com/ which is an excellent resource to give one a solid foundation on the benefit of niche marketing.

Stephen C Campbell