Establishing a route to profitablility often requires making some key decisions about your businesses objectives. Decisions about what you want to achieve, how you will achieve it, and by when. These are critical decisions that require consideration before you channel energy and resources into marketing activities. A robust strategy based on evidence can ensure you are placing resources appropriately allowing the business to move in the right direction.
Good strategy begins with an understanding of the market that you currently operate within, and those that you don't. It's often easy to miss the obvious opportunities which may be hidden from view whilst you carry out the daily grind. Market research provides the opportunity to scan the horizon to identify whether there are additional sales channels available to exploit, or the potential to adapt technology and products for new sectors.
Differentiating your product from your competitor's product is critical. If you don't, how will they choose which supplier to appoint? Knowing your competitors is as important as knowing your customers, therefore, gaining a deep knowledge of how they operate and which products they supply is key. Carrying out competitor analysis will allow you to shape and amplify the benefits of your own products more effectively as part of your marketing strategy.
Customer segmentation is the process of identifying exactly who might buy your product. Customer X may have a different use for your product to customer Y, therefore, your messaging to each should be tailored accordingly. Failure to segment the market will result in diluted messages that get lost in the market noise. Customer segmentation is a critical component of strategy and will ensure your marketing efforts are properly targeted.
When you understand your market, competitors and customers, a growth strategy can be developed that leads your business boldly into the marketplace. We work with you and your senior team to devise a strategic route map, defined around your business objectives and driven by a compelling vision for the future. Your individual strategy will detail how your staff can activate and deliver profitable growth..
Maintaining efficiencies is central to the success of the strategy, and metrics provide the means of flagging up an area which requires attention. Statistical measurement or key performance indicators (KPI's) can be put in place to ensure that strategic deliverables are on target and that growth is being achieved. These can range from measures of customer satisfaction or product units sold to website visitor traffic. Or all of these.
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