4 Principles of Marketing Strategy

1. Specialisation

Every Business needs to determine what lane they are in. Whether it’s the food industry, entertainment, kids etc. You need to know what lane your business is going in.

2. Differentiation 

What makes you better than your competitors? Why should people come to you? You need to know what makes you’re business better than everyone else, which is a unique selling point. You can’t be uniquer or the uniqueness, so saying something like “We have high quality” doesn’t mean anything unless everyone else has 0 quality whatsoever, which is not true in any case (no matter how bad it may be lol). For example McDonald’s is quick and cheap and thats what they roll with in their unique selling point. When it’s something that everyone is doing like erm… being a real estate agent, what would make people come to you instead of anyone else? Because it’s pretty much the same thing wherever you go so why yours? The answer is you! You have to take such good care of your customers that they won’t even think twice about going to another person, and you won’t even have to offer discounts or anything of the sorts because of how great you are as a person.

3. Segmentation

Who are the most likely people that buy your product or service the fastest? You need to know the customers that appreciate you the most and pander to them more, thus creating more profit for your business. You can find them in two ways which are:

Demographics

  • Age
  • Gender
  • Income
  • Education
  • Occupation
  • Location
  • Family Status

Psychographics

  • Goals
  • Wants, Needs, Motivation
  • Aspirations
  • Fears and Risks
  • Problems to be solved

Once you’ve got these down you can pander to your most valuable customers. If you’re still having trouble finding them, another way is to describe your customer without mentioning the product or service you are trying to sell (it’s harder than it seems) and from there you should be able to gauge what type of people you are looking for.

4. Concentration

This is mostly where you focus on your segmentation, but as a whole it’s how you grab people’s attention in the most simplest way. You also what to know where you should be focusing your time, money and resources. In addition to that, the best way in which you can contact your customers (the best media forms and appeals).

It is also important to know that NO MARKETING STRATEGY CAN BE MADE WITHOUT THINKING ABOUT THE COMPETITION. Your competition will always determine your level of sales, the price of your service or product, and how much money you can make. So these things must always be in my mind when devising a marketing strategy.

Obviously I’m no expert, but I’m willing to learn and these are a couple of things I picked up from reading and watching videos, hopefully it can help someone that might need it.

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