Four Principles to Effective Marketing Strategy.

-
By Brian Tracy

There are four principles to effective marketing strategy. Each of these principles must be thought through carefully and then continually revisited as the business grows and changes. Any changes in any one of these areas can have an enormous impact on the sales of profitability of the business.
Principle One: Specialisation
You must decide exactly which area of your product or service market you are going to specialise in. You cannot be all things to all customers. Too many businesses make the mistake of trying to offer too many products or services to too many types of customers at too many prices in too many ways. This is not the way to wealth.Principle Two: Differentiation
This is perhaps the most important strategic marketing principle of all. All business success requires a differentiation of some kind. All business success requires that you be both different from and better than your competitors in some clear, distinct way. 
Who is your competitor? Why doesn't your ideal customer buy from you? Why does your ideal customer buy from your competitor? What value does your ideal customer see in buying from your competitor that he or she does not see in buying from you? What could you do to offset this perception?

The only hope you have in acquiring customers is to focus most of your time and attention on determining exactly who they are, where they are, and what you have to do to get them to buy from you rather than from someone else.

Principle Three: Segment Your Market
If you offer more than one product or service, you will have to divide your potential customers into separate market segments.

You will then have to identify the characteristics and qualities of prospective customers in each of these segments in order to advertise and sell to them effectively.
Principle Four: Concentration
Once you have applied the principles of specialisation, differentiation, and segmentation to yourproducts and services, and to your customers and markets, you now have to concentrate your limited resources.

You have to focus your time, energy, and money on those prospective customers that you have identified who are the most likely to buy from you the soonest.Action Exercise
List three reasons why a prospect should buy from you rather than from one of your competitors.

Comments

Post a Comment

Popular posts from this blog

Top 7 Ways To Hold On To Your Dreams

-
By:   Deborah Brown Have you given up on your dreams? Would you like to get them back? Many of us give up on our dreams. Often our dreams slip away without our even realizing it. Our dreams are who we are. They give us an incentive to get out of bed everyday. They are the reason we were born, and our destiny to fulfill while we are here. They are within your grasp. And yes, they can come true. It's up to you to decide if they will. What can you do if you've given up on your dreams? Follow these easy steps: Remember you are worth it. You deserve to live your dreams. Recognizing this is the hardest and most necessary step. Most of us think that only other people get to live their dreams. Only other people are lucky enough, not us. We think we don't deserve it but the only thing these thoughts do is keep us from moving forward. Remember that your dreams are important. Once you know how important living your dreams is to your health and mental well being, then yo
Read more »---->

7 Effective Ways to Develop Your Negotiation Skills

-
Image
1. Practise Saying ‘No’ Human beings are programmed to be non-confrontational. From a young age, we’re taught to follow orders or else get punished, and as adults, we’re taught the same thing. Time and again, we’re told to ‘let it go’ and ‘just go with the flow’ so we don’t upset the client or the boss. This lifelong habit of avoiding confrontation and just saying ‘yes’ weakens your negotiation skills. But not to worry; you can still reprogramme your mind by practising saying ‘no’. You can start with something small like going home on time or refusing to work extra hours, especially if you’re already raking in too much overtime. If that seems like a big step for you, then you can start by saying ‘no’ to that annoying colleague who loves sabotaging your healthy eating habits by tempting you with a piece of chocolate cake. These might seem like small steps, but taking the opportunity to say ‘no’ to minor instances will help you say ‘no’ to bigger things – whether it’s
Read more »---->