Image source: Shutterstock
The marketing performance of your business depends on the unique value proposition of your product and its capacity to fulfill the needs of the market—your vision and strategy show the way you capture the values of your customers.
The best way to begin is by exploring market conditions and deciding on your target customer segment and market mix. How efficiently you manage your resources, the productivity of your staff and your leadership capabilities will all drive your marketing performance.
Here are some actionable tips to help you set up and improve your marketing.
Set your objectives
To begin the cycle, you need to set SMART objectives. The importance of these is to keep your business focused and to set criteria for evaluating performance. You carefully decide on the marketing objectives for sales, market share, growth, customer retention, customer discovery and brand loyalty. This is a challenging task when you have no records of performance. As a leader, you will need to evaluate external and internal influences and brainstorm with your team before you decide on objectives.
Marketing performance is affected by external and internal influencers, which play a key role. External influencers are things like market and competition, economic factors, legislation, social factors and technology. Internal influencers include, finance availability, production capacity, human resources, technology and facilities, the nature of the product, business plans and objectives. An evaluation of influencers can be used as useful metrics for choosing the right market positioning.
Understand your market and customers
You need to understand your market and customers before you decide on your target customer segment and market mix. A common tool is market research. The information you collect can be used to understand market trends, characteristics, competition, customers, the potential of existing products, and potential and existing sales, as well as to predict the future of market performance.
Know your market mix
Your ultimate objective is to define the market mix that is acceptable to your target customers. Factors influencing your market mix include your financial resources (investment cost, net profit, cashflow), the nature of your product (physical or digital), the technology acquired to produce and sell the product and finally the outcomes of the market research. Obstacles include a lack of performance records, poor marketing information, a lack of informative feedback from customers and your limitation in interpreting the marketing information.
The best way to understand your market mix is to collect information, brainstorm findings with your team and get advice from marketing experts if necessary. Developing a compelling product that customers want has never been an easy task—it requires new technology, a better understanding of customer needs and an ability to be creative and innovative.
Decide on your marketing strategy
Your marketing strategy shows your understanding of the market and action plan. Begin by articulating your customer segment and how to reach them, then choose the right positioning. Your USP and competitive advantage is what makes your strategy different.