Like most business owners, you want to grow market share. There are three components of an effective marketing strategy that help companies achieve that goal. It doesn’t matter what business you’re in. If you want your company to grow market share, be successful at deploying these three practices.
UNDERSTAND THE CONNECTION BETWEEN GOALS & BEHAVIOR
Companies that think and act strategically are goal-oriented. Consequently, they recognize the value in goals because they drive employee behavior. Develop a marketing strategy that includes specific and realistic marketing goals. Then stick to them.
A good goal is measurable, achievable and has a time element. For example, if you want to grow revenue by acquiring more customers, consider a goal such as “Marketing will expand our market share to 24% by the end of 2021.”
Implement the right set of integrated marketing communications tactics to achieve your marketing goal. Monitor progress on a regular basis and adjust the tactics as needed. One my best bosses was fond of saying “what gets measured gets done.” He was absolutely right!
KNOW THE CUSTOMER BETTER THAN ANYBODY
How much do you know about the environment your customers operate in? What are their pain points and how unique is your product in solving those pain points? Primary and secondary market research will help you understand consumer preferences, unmet needs and buying trends.
Great marketers continually scan the environment for shifts that impact their strategy and brand position. They understand micro and macro trends affecting the company and their customers. They also understand the strengths and weaknesses of primary competitors.
Where do you get actionable market intelligence? Conduct end-user focus groups. Host a customer round table. Visit customers with your sales team. Distribute short surveys on social media or through platforms like Constant Contact or Survey Monkey. Read customer service emails and online reviews.
POSITION YOUR BRAND
Positioning your brand in a competitive market isn’t difficult. However, there are several essential elements of an effective positioning strategy. Develop a strong value proposition early in the product development process. Understand what customer need you fill. Figure out that one differentiating idea you want to own in the mind of your customer. Then select the right promotional mix with messaging that reflects your differentiation.
For example, maybe your organization is strong at delivering high-touch customer service. Your relationship-building skills are so effective that your staff becomes an extension of your customer’s team. And most importantly, your best customers prefer having a relationship with their suppliers. This is a genuine competitive advantage so tell the world about it on your website, in your digital advertising, at tradeshows, etc.
Need help with these three components of an effective marketing strategy? Contact us today.