How to Succeed in the Marketing World
95% of all companies spend time and effort trying to find out their strengths and weaknesses, but without success. Even further many don’t know how to communicate why their product or service is better than the competition. How can an unprepared sales team do well?
1.It’s worth figuring out your position on the market so you can improve it.
What specific market niche or industry should your company focus on? Figure this out by analysing the skills you have and what unmet needs your targeted prospects have. Then, come up with a product or service to fill those needs.
For example, Domino’s main strategy used to be feeding hungry college kids with their fast, hot pizzas or Starbucks markets to filling customer needs with a variety of drinks that are made quickly and efficiently.
2.It’s important to know which type of user you are trying to attract. Think about how they use your service and offer them something that will fit their needs best.
You can differentiate yourself from your competitors by promising to complete certain tasks in the time allotted or at no cost.
Domino’s Pizza, for example, offered free pizza if they couldn’t deliver it in 30 minutes. This was to be their primary advantage and the needs of their new customer – hungry college kids who wanted food quickly.
3. Decide which model of business you want to have.
What are you going to do for this strategic position and to make sure that you have a place that is dominating your market? What changes, if any, need to happen to your business in order for it to be more accurate in fulfilling the promises it has made?
Domino’s has a really good business model that enables you to get your pizza quickly. It’s always fresh and hot, too!
They were forced to create a supporting business model where they built plain vanilla stores strategically located near college campuses. They had to hire extra delivery drivers to stay on standby and since college kids are a captive market on campus they were ready.
By using a range of innovative approaches, you can consistently stay ahead in your chosen market.
4. Determine Your Secondary Market Dominating Position.
What competitive advantages does your shop provide which you think will ensure that customers see your business in a different light?
Domino’s would offer different pricing and assorted sizes which might appeal to some people.
5. This is your market dominating position statement, which might be used as an elevator pitch
This is a simple statement you can create by combining the information that you determined in steps one through four of this process. An “elevator pitch” helps you to state unequivocally what differentiates you from your competitors to your targeted prospects and customer, in the time it would take you to ride in an elevator with a prospective client or business partner.
Domino’s slogan “fresh hot pizza delivered in 30 minutes or less, or it’s free.” sums up its market-dominating position quite neatly.
An expanded version of this pitch might say: “Domino’s provides busy customers with fresh hot pizza and other food items within 30 minutes or less. Our assorted pizza offerings combined with our value pricing makes Domino’s affordable to everyone.”
These 5 basic steps will make your marketing more focused and effective. You’ll get the information you need to create a powerful and persuasive elevator pitch for people in your market area.