Journey of a Serial Entrepreneur

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How to get from where you are to where you want to be

Marketing Strategies

“All men can see these tactics whereby I conquer, but what none can see is the strategy out of which victory is evolved.” Sun Tzu

Strategy and tactics formulate the heart of a marketing plan. What happens is, these two sections are often thought of as one. This is a critical error. These two segments are interlinked closely, they do however, serve two very different purposes. The marketing strategy segment, uses marketing objectives discussed earlier, as end goals, which need to be achieved. In order to reach those goals it is not however advisable, to start planning how many brochures you require to be printed, or your next marketing seminar. Before you go into any of these detailed tactics, you need to take time out to think through the best ways to reach your goals. Some important points to keep in mind when developing your marketing strategies are;

1. Market Segmentation: Identify a niche in the market where you will be able to use your strengths to their maximum potential. I know first hand, treating everyone out there, as a potential customer is appealing. However, as a startup with limited resources, you need to focus on one segment initially. This will allow you to consolidate your efforts and resources. It is true, putting all your eggs in one basket may appear risky, but experience says, a startup needs to be focused from the beginning, getting distracted by other potential opportunities usually gets you into deeper water than can be handled.

2. Positioning: Once you have identified the segment you will be operating in, the next step will involve a most important aspect of your marketing plan; positioning. Who is your target customer and why? What benefits can you provide to them as compared to taking a completely different positioning stance? For example, If you are developing a new media company, have you positioned yourself in a manner which provides a certain segment more value?  Positioning will be a reflection of your organization identity. Make sure you do this step correctly, it has long term impact.

3. Differentiation: Once you have selected a segment, and certain market positions, you are likely to find direct and indirect competition. This is the time to think how you are going to differentiate yourself from the others. For example, if you selected the educational segment of the market for your company events and positioned yourself to specialize in planning graduation ceremonies, what will set you apart from other events and companies who provide the same services? Some differentiation points could involve the development of a unique alumni website or specialized gifts for every graduate. The last thing you want to do is, differentiate on price!

Use this section to develop a strategy which will complement the objectives that you have set for yourself. It is very important that these go hand in hand to ensure desired results. By selecting a narrow niche or one too overpopulated with strong competition, will make reaching your targets that much more difficult. Once you have outlined a strategy, you are ready to drill down to specific tactics through which your strategy will be deployed.

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