Journey of a Serial Entrepreneur

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

Marketing Tactics

“We can never have enough strategies. We have enough tactics but not enough strategies.” Matthew Dowd

After all the research and strategizing is done,  the strategies need to be translated into executable actions. It is important to remember that without the effort that goes into correctly identifying strategies for your business, marketing tactics will not work. Their success is largely dependent on how clearly and thoughtfully the strategies have been laid out. Once you have established goals, objectives and marketing strategies based on segmentation, positioning and differentiation,  selection of marketing tactics can begin. The first thing that comes to mind about tactics, the 4P’s ( Product, Price, Placement, Promotion ). The next thing that comes to mind is the lecture I had regarding them, then it becomes fuzzy.

I am all for structured frameworks, however, structured frameworks should enable you to develop executable strategies. If they become roadblocks, you have a problem. So keeping the 4P framework in mind you can devise tactics to drive sales and push your company further. These are four questions I like to ask when determining marketing tactics:

1. What is unique about our product/service that our customers should know?

For example, the MacBook Air did really well ( I really admire Apple’s corporate branding efforts). They brought out an ultra portable laptop and when it was revealed to the world, it came out of a manila envelope. Such a simple, yet effective introduction, made this product the talk of the town.

2. What is our price point strategy and why?

As mentioned earlier, competing on price is a losing strategy, one which entrepreneurs frequently use unfortunately. The inability to set correct price points can make or break a business. Pricing strategy must be based on comprehensive market research and comparison. Take a look at the competition,  then take a decision on how you want to be perceived by the market. Use pricing as a strategy to help slot you in a particular segment in the customers mind.

3. How are we going to get our product/service to our target segment?

According to objectives regarding volume, there needs to be identification of channels, to reach those targets. Do a thorough analysis of available channels of distribution, target those which can be used most cost effectively. However, keep in mind, the more channels you open up, the more resources required. Choose your channels carefully, focus on developing them to reach their potential.

4. How best can we promote our product/service to our target audience?

This is the segment that entrepreneurs need to get creative about. We usually don’t have large marketing budgets at our disposal, hence need to come up with ingenious ways to promote ourselves. One book which I would recommend to entrepreneurs with tight marketing budgets is “Guerrilla Marketing” by Jay Conrad Levinson. It is full of ideas which can be used by organizations on tight budgets.

These questions should help spark conversation,  and get you to think about marketing tactics to be used. Remember, remain focused on bottom line objectives, it is easy to slip into heated discussions about specific tactics and forget about end goals. Marketing can be simple and complex, it is advisable that at the onset of your entrepreneurial ventures, to keep things simple!

 

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