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An article on one of these issues will be published in this section every month.
1. Defining the market potential
What is the market potential for your product or service? The tools available to identify and quantify the opportunity include market intelligence (qualitative, quantitative and desk research), competitor analysis, review of barriers to entry, identification and segmentation of customer and consumer trends, insights into consumers’ minds.
2. Identifying your target audience Have you got a clear understanding of your target audience? This is essential to develop an effective and successful marketing strategy. Do you need to segment your target market to communicate more effectively? How well do you know your existing customers? What more could you do for them? Who are your prospects? What value can you add to them? Have you got the resources and know how to service them?
3. Developing your product or service for maximum reach and profit
Are the features and benefits offered by your product or service in line with the expectations of your target market? Does the cost and price structure deliver sustainable levels of profitability? What processes and programmes are in place to monitor customer satisfaction and competitor activity? Do you need to relaunch your offering with new specifications and line extensions?
4. Articulating a differentiated brand proposition
What is the personality of your brand? What are its values? What is unique and different about it? What is your USP (Unique Selling Proposition)? Clearly defining the positioning of your brand and emphasising its key benefits and attributes for customers will lead to better and more effective communication in a crowded market place.
5. Selecting channels to market Have you identified the most cost-effective and profitable route to market? What are the costs and barriers to entry? Are you exploiting new channel opportunities? Are you planning to move into new countries? You will need a clear strategy for each channel or market.
6. Developing and implementing the communication strategy Is your brand communication motivating, consistent, cost-effective and bringing results? It is important to develop propositions that sell and that are communicated consistently across all media, including your website. Is your media selection (advertising, PR, online, direct marketing, collaterals…) optimised to deliver the best results cost-effectively? Is the level of your budget in line with brand strategy expectations? What evaluation tools are in place to measure campaign effectiveness?
7. Building a marketing plan Are your marketing objectives aligned with your business objectives? Is there a clear short and mid-term strategy for each of your brands (such as growth, market dominance, maintenance, exit…)? A detailed marketing plan is required each year, clearly stating objectives, strategy and tactics to deliver market share and brand profitability.
8. Supporting the sales effort Is your marketing effort having a positive impact on sales? Are your sales and marketing teams working together to build your brand and your business? How effective is your sales process? Have you got a CRM system in place? Are your systems (forecasting, logistics, operations…) able to deliver the promised level of service? Internal communication is key to ensure alignment behind and support of common objectives.
9. Internal branding Does everybody inside your organisation understand what your business and brand(s) are about? Does the behaviour of your staff match your brand values? Your employees are the best ambassadors for your brand.
10. Evaluation, tracking and measurement What measurement tools are in place to evaluate the effectiveness of your marketing effort and success of your brand? What are the key indicators? How do you interpret and respond to feedback from market and customers? (market share, brand awareness, brand penetration, customer satisfaction, mystery shopping, campaign measurement…) Click to return to the Marketing and Sales Practice Area
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