I see a lot of marketing oriented questions asked in business groups on social channels where the answer lies in asking ‘why’, not ‘what.’ I’ve noticed the basics of marketing practice are eclipsed by the hyperbole about the tactical options, particularly in digital media. It’s what I call bottom up (tactics) thinking when people should be thinking top down (strategy).
While the digital marketing opportunities are many, varied and a constant movable feast, it’s essential to remember that what underpins their success is not the medium, but the strategy and creative behind them. When the why question is asked in relation to each of the marketing principles that drive the strategy, the answers dictate the action to take.
So if you’re great at what you do, but new to the process of marketing, know that the tools and tactics may constantly evolve but the famous five ‘P’s premise of marketing remain the same. Explore your marketing potential from this perspective (ideally before you commit to opening a business):
Product: understanding the market environment and end customer to deliver the most appropriate and desirable product or service.
- Why is my product needed and how great is the need (think measurable terms)?
- Why does my specific target market want this product/service? Get to know EVERYTHING about them.
- Why will people want to buy my product/service now: how well is that need being serviced now, research the ‘P’s in relation to the competitive environment?
- Why has this not been done before, why are things being done the way they are, why is my offering going to be better than what’s available?
- Why is my product/service is unique, compelling and not readily replicated?
- Why can’t I just start ‘horse trading’ my product?Why do you need to consider the regulations, tax considerations, work place requirements, expertise and resources needed to bring your product/service to life in the form imagined legally, efficiently and cost effectively?
- Why is my product/service vulnerable to change on the horizon in any area that has the potential to effect my success ie. new market or product entrants, technological advances, new regulations, de-regulation, consumer demand in response to changed conditions or circumstances?
Promotion: Strategic business initiatives are implemented that ensure that awareness of the product is created;
- Why is your chosen marketing channel the best way to achieve awareness given the common interests, traits, habits your prospects share?
- Why are your marketing, promotion, advertising ideas right for the current stage of the business ie. Launch, first stage growth, product expansion, territory expansion?
- Why are you undertaking the promotion activity, are you trying to achieve: Awareness, Interest, Desire, Action, Sales? All no doubt…
- Why is your target customer’s mindset most likely to be receptive to your approach: fear, reward, free/sampling, entertainment, education, ego boost?
- Why do your target customers care about what you’re offering and where are they?
- Why are the values that you and your product share with your target important to them?
- Why will the look and feel of your brand personality appeal to your target, given your knowledge of the end customer?
- Why do you have to do everything on your own if there are other complimentary suppliers targeting that market that you could potentially partner with eg. wedding photographer and hire cars and florists?
Place: the product is placed in the ideal position to be discovered and obtained by the target customer;
- Why if your target going to will it take to get your product in front of your target where they can buy it?
- Why is your product vulnerable ie. theft, breakage, perishable, difficult to package or deliver?
- Why will your customer be happy – or more importantly unhappy with the receipt of your product once they buy it? Think of the scope for error in logistics like packing, warehousing, accounts protocol with stockists, transport, package weight and size.
- Why don’t you look your target demographic for opportunities to interact in person?
Price: the price is set to meet market supply and demand criteria;
- Why is the compelling value proposition of your product the perfect fit for the demand and how does it compare to competitors product/s?
- Why is the target volume of sales in a specified time frame achievable, can the COG sold and the margin validate your intention to go into business?
- Why can you demand a premium, be competitive and sustain the price ongoing?
- Why did your test marketing about the price tolerance in the eyes of your target surprise you?
Personalisation/Psychology: and the brand is established and maintained on the basis of values that are in concert with those of end customer.
- Why will your product/service offering resonates specifically with your target market?
- Why is the psychological make up of your end customer going to determine your product is desirable above all others?
- Why is your product the best ‘fit’ for the needs of your target market?
- Why would you personalise your product/service?
Once you hold the answers to these questions, you can run off to your potential investors, graphic designer, manufacturer, preferred media channels, partner prospects and others, to start the ball rolling.
If you need help to answer any of those questions, contact Wanted Consulting – Reward Offered.