There are big problems affecting marketing and your business growth today.
The American Marketing Association and Marketing News have identified seven of those in a recent blog post. I like this first problem as it relates to all prospects and clients who need to pay attention to this.
According to the writers — despite new marketing concepts, digital tools and technologies and new marketing tactics — there continues to be one core problem that has a “disproportionate impact on the value you create for your business.”
And that is identifying the highest value source or sources of growth for your brand, product or service.
You get it.
If you choose the wrong target or one of less value, your brand or company will certainly reduce its growth and ROI potential. It might even fail completely. Traditionally this has called market segmentation, now but now most successful marketers refer to it as “demand landscape mapping.”
Here are two critical questions for understanding this concept:
- Why is this so critical?
- How can I do it much better?
To dive deeper in to the “why,” the authors offer these five powerful marketing questions. They leave the “how” open for us to determine. I suggest some ideas for the “how” in some of the questions:
- Can one product please everyone?
This is a simple enough concept: How do you find the market that is most interested or in need of what you have to offer? Or if you are a new brand, find a need that is not adequately filled and create a better “mousetrap.” The key is to recognize that some people won’t be interested in you no matter what, and that’s OK. Find the ones that are. Can these disruptive products inspire you?
- What segments provide the most value potential for your company?
This plays into today’s data-rich marketplace. Analyze the options and look for the one that has the most value to you, meaning it’s large and profitable enough for you to realize your financial goals, it’s reasonable from a competitive intensity standpoint and has a bright future.
- Which segments are cost effective and easy to reach?
This one is not so obvious to most marketers. Even if you’ve found a larger and profitable segment that your product fits in perfectly, it may be very fragmented or very expensive to reach or serve.
- How can you create a clear target that focuses on the motivations that affect customers decisions, upon which you’ll build your marketing program?
Understand the drivers of purchase so you can begin to select the tactics most likely to affect the behavior you desire. Basic and valuable ideas and insights here.
- How can you position your product or service against something or someone?
When it comes down to developing your marketing actions, positioning is key. You must know who you are aiming at to position it successfully. Usually you will be replacing something already in that person’s repertoire. Here’s a new tool I use from E-Myth for magnetic brand messaging (love that name).
How simple and yet how powerful are those questions?
How will you use them to guide your marketing success and business growth?
Thanks to Bernie Jaworski, Rob Malcolm and Neil Morgan of Marketing News for this smart, simple, powerful and actionable insights and ideas.
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