Smart Marketing Strategy Development
Responsive Marketing Strategy development involves the definition of business goals, a statement of marketing plans, implementation of market research, the profiling of potential customers, the profiling of competitors, the definition of the marketing mix (product, price, place, promotion, people), and testing of ideas.
The first step in developing a Responsive Marketing Strategy is to identify your overarching business goals, so that you can then define a set of marketing goals to support them. Examples of business goals include, but are not limited to: increasing awareness of your products and services; achieving a defined level of market share; selling more products; or reaching a new customer segment.
- RESPONEX will help you define your overarching business goals in a way that would allow us to directly connect your marketing strategy with your business goals.
Once your overarching business goals have been defined, we will develop a set of specific marketing goals. These goals will motivate you and your team and help you benchmark your success. Examples of marketing goals include increased market penetration (selling more existing products to existing customers), market development (selling existing products to new target markets), and market expansion (Selling new complementary products to existing and new markets). These marketing goals could be long-term and might take a few years to successfully achieve. However, they should be clear and measurable and have time frames for achievement.
- RESPONEX will help you define your marketing plans in a way that lnks them to your business goals, with the definiton of key performance indicatiors (KPIs) to be used to measure progress. We will develop a set of strategies to attract and retain customers.
Research is an essential part of your Responsive Marketing Strategy. Through primary and secondary research we will gather information about your market, such as its size, growth, social trends, firmographics (B2B), demographics (B2C), and population statistics (such as age, gender and family type). This information can be researched frequently to identify market shifts that woud impact the marketing plan.
- RESPONEX will define, plan, and execute a marketing research program to verify marketing plans, and to identify needed adjustments, if any, to current marketing plans. Responex will hire and manage any third-party research firms needed for specific projects.
Through market research we can develop a profile of the customers you are targeting and identify their needs. The profile will reveal their buying patterns, including how they buy, where they buy, and what they buy. Demographic, firmographic, and statistical models can be developed to streamline marketing efforts, and to increase marketing Return On Investment (ROI).
- RESPONEX will use your existing customer data, and append additonal data to profile your customer base and produce a demographic or firmographic profile.
- RESPONEX will develop statistical models to increase efficiency in marketing programs. Examples include acquisition models, retention models, and cross sell/upsell models.
- RESPONEX will integrate these models into the overall marketing plans to increase marketing performance and increase marketing ROI.
A significant part of your marketing strategy should be the development of a profile of your competitors by identifying their products, supply chains, pricing and marketing tactics. This can then be used to identify your competitive advantage - what sets your business apart from your competitors. You can also identify the strengths and weaknesses of your own company to help improve your performance compared with your competition.
- RESPONEX will develop competitor profiles for the top competitors in your market. A SWOT (Strengths, Weaknesses, Opportunities, Threats) statement will be prepared based upon competitor profiling and market research.
The marketing mix is the right combination of marketing across product (service), price, promotion, place and people, to make your marketing strategy a success.
Product refers to all of the features, advangages, and benefits that your customer can enjoy from buying your goods or services. The key features and benefits your customers want or need will be highlighted in the Responsive Marketing Campaign.
This refers to the pricing strategy for your products and services and how it will affect your customers. It is based upon how much your customers are prepared to pay, your profit margins and payment methods, and other costs.
These are the promotional activities used to make your customers and prospects aware of your products and services, including advertising, promotions, and direct marketing.
Place defines how you will get your products or services to the customer, and includes where a product or service is made, sold or distributed. Significant differentiation can be achieved through the design of your retail space and by using effective visual merchandising techniques. For companies who are not a retail business, place is still an important part of marketing. Your customers may need a fast or online delivery, they may not want to be paid turnaround, or want to buy locally manufactured products. For companies starting new or opening a new location, there are three things you MUST consider: Location, Location, and Location. An excellent business located where customers can't or won't find it is a loosing proposition.
The staff and salespeople who work for your company, including yourself. are critical factors in the execution of marketing plans. When you provide excellent customer service, you create a positive experience for your customers, and in doing so market your brand to them. In turn, existing customers may spread the word about your excellent service and you can win referrals. Give your business a competitive advantage by recruiting the right people, and by training , and retaining them.
- RESPONEX will help you define the righ product, price, promotion, place, and people necessary for successful marketing strategy definition, planning and implementation.
- RESPONEX will integrate all aspects of your marketing plans to fulfill the goals outlined in your Responsive Marketing Strategy.