Archive for July, 2011

Day 37: Planful Marketing Tactics

July 31, 2011

My best advice for anyone looking to find that ideal marketing tactic is to first identify where your product or service ranks in the market place. A simple exercise for identifying where your prodduct or service ranks can be found in chapter 16 of my book, but if you haven’t read it yet, I essentially put together a simple demand quandrant chart with four areas of focus. Your product is in either high demand or low demand and could be in varying degrees in between.
After identifying where you are in the chart you can then guide yourself to an appropriate marketing tactic that fits your business. Here are the four areas in the quadrant:

1.) High demand – Low Knowledge for your product or service – there is high demand for your product or service, but customers have low knowledge about what your product or service does and may have not heard of your business before.

2.) High Demand – High Knowledge – Your product or service is in high demand and your customers have a great understanding for what your product or service does. Customers also know about your business. ****This is a great position to be in! ****

3.) Low Demand – Low Knowledge – Low demand for your product or service, and customers have little knowledge about your business, your product or service. You most likely have done little to no marketing and need to get out there!

4.) Low Demand – High Knowledge – Your product or service is in low demand but customers have a strong idea for what your product or service does. Customers may know a lot of other companies that do something very similar to what you already do.

Brief Exercise: Look at the four quadrants above, where does your business fit?

I’ll do a blog entry next time identifying tactics that match up to these quadrant areas.

(Excerpt from Market This!: An Effective 90-Day Marketing Tool, chapter sixteen, Using the Marketing Demand Tool)

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Day 36: Anticipate Success for Your Product or Service

July 27, 2011

Every step you take to make your product or service known better to your customer base is a step in the right direction. And each time you think about your customers’ perspective and try to meet their needs with your product or service, you will be making a great leap in the right direction as well. Know that every time you do something in your marketing efforts to make your message more clear and relevant to your customers, you will be doing something that will bring you close to success and closer to your customers actually purchasing your product or service.

(excerpt from Chapter 18, Making Smart Marketing Decisions, <em>Market This!: An Effective 90-Day Marketing Tool)

Day 35: Evaluate your business as you evolve

July 20, 2011

Your business is evolving and changing every day. In addition, your product or service is evolving with your business. Your business will evolve over time and what worked yesterday may not work tomorrow. Think about how far your business has come in the past 6 months, the past year. What has changed for your customers in the past year? Think about how they perceive your product or service today vs. 12 months ago. Are you still selling your product or service the same way and have you evolved the way your market your business?

(Excerpt from Chapter 15, What is Your business doing right today?, Market This!: An Effective 90-Day Marketing Tool)

Day 34: Keeping your market research relevant

July 15, 2011

Market research is only valuable if it is current and relevant to your market and target audience. Even market research that is five to six months old can become quickly out of date fast!

Where do you get market research? There are a number of public and private research companies that can help you find what you need. If you can’t afford to do market research externally, have your company conduct simple and quick online surveys and focus groups to help you get the information you need. There are a number of online survey tools (such as Zoomerang and Survey Monkey that are relatively inexpensive and will result in your having a quick market research study with current data from your customers.

What’s a good length for an online survey? No more than 10-15 questions max. Ideally, you want to capture as much information from your customers as possible while you have their attention, yet in reality, most people will not complete a long survey. Keep it simple and short!

(Excerpt from Chapter 13, What Your Competitors are Doing and What they are Not Doing, Market This!: An Effective 90-Day Marketing Tool)

Day 33: Doing Market Research on Your Competitors

July 7, 2011

In some ways, talking to your customers is the best and easiest way to get information about your competitors. Who better to talk with than a customer who has maybe tried several different products and has an idea of what works and what doesn’t work? Your best customer might be a former customer of your competitor. Also, in most cases, your customers have probably already done some research on companies out there that can help them and may have come across your competitors in the process.

You can tap into your customers’ perspective of their awareness of the marketplace relative to competition. Survey your customers through a variety of marketing efforts. Many companies are using e-newsletters and online marketing campaigns to survey customers on an ongoing basis. Your use of online mini-surveys is your opportunity to find out what makes your product or service special or what other products or services your customers use and like. Surveys are a great way to reach out, get some good quick information!

(Excerpt from Chapter 13, Market This!: An Effective 90-Day Marketing Tool)