1. Who is your target customer (really)?2. What is their need (exactly)?
3. How can you meet their need better than the competitors (specifically)?
Based on those answers you can then answer the 4 P's of Marketing:
1. What should your PRODUCT be?
2. What should your (market) PLACE be?
3. What should your PROMOTION be?
4. What should your PRICE be?
Then and only then can you answer the most important question in Marketing:
1. What is your desired PERCEPTION in your community (or market) of target customers.
What is your desired brand? Your desired positioning? Who do you want to be?
PERCEPTION is the 5th and (often overlooked) most important P of Marketing.
"Henry Ford once famously said, “The customer can have any color they
like, so long as it’s black.” That was a
long time ago and it sounds crazy to us today, but you have to realize that
most business people still operate under some version of that kind of
thinking. They decide what they are
going to offer and then go look for people to buy that offering. This is “bass-ackwards” thinking as we say in
Oklahoma. Marketing era thinking is the
reverse; it asks what is the customer’s need and what can I offer to meet that
need. Ideally, better than the other
guys, unless you have no competition, which is unlikely.
A Marketing Era Company is a company that is completely built around
this kind of thinking, where every area of the company looks to marketing to
tell them what the customer need is so that everyone can focus on meeting that
need more efficiently. This is also
known as the Holistic Marketing Concept.
This is how you beat your competition.
Be the first in your local market to use marketing era thinking because
the other guys aren’t doing it. Trust
me." David W Miller II, Page 14, Hard Knocks MBA: The Search for Job Satisfaction and Business Success, 2011
Want more info? Want help with SMART Marketing? Contact us at info(at)hardknocksmba.com