The business world is filled with company leaders that really know their stuff when it comes to the products and services they produce. But the true test of a leader comes when its time to create a marketing plan. Marketing is often taken for granted and seen in simplistic terms. Some CEO’s think that throwing a bunch of money towards general advertising is all that is needed to market the business. Unfortunately, this type of thinking can lead the company down the wrong path. The reality is that a company sinks or swims depending on the quality of its overall marketing strategy.The smart CEO understands that they will have to meet with key management and work out a competent long-term marketing plan. This plan will detail the target consumer, what type of marketing will be done and what promotional tools will be used to get the message to those consumers.
The very first thing that a company needs to know is who exactly is their target consumer? These would be the people that would be most interested in buying whatever the company sells. Not a drop of money should be spent on any new advertising campaigns until this target group has been identified. Marketing budgets are limited, so it makes sense to figure out who to direct promotions towards.
Once the target consumer has been identified you then need to know as much as possible about their lifestyle.
Where do they live?
What is their medium age and income?
Are there gender preferences?
Why would they choose your company’s products over the competition?
With the answers to these types of questions the company knows how best to create marketing campaigns that appeal to this group.
Every business has major competitors that are in direct competition for the same customers. The CEO needs to know who they are and what marketing activities they currently use effectively. Analyzing the competition will reveal some weaknesses that can potentially be exploited to your benefit. No company does everything perfect. Find out what the competition is neglecting to provide and see if your company can fill in that gap. Strive to outdo the competition as well.
Additional Revenue Streams
Part of any great marketing strategy should be to take advantage of every opportunity to bring in additional revenue. Many companies settle for a one time sale and leave it at that. However, there may be ways to receive multiple upsells from the initial sale. It is far easier to get repeat sales from existing customers than to get one sale from a new customer. Expand marketing to include enticing offers to increase profits during the sales process.
Build a Fan Base
Social media is now very prevalent within the consumer culture. Millions now go online to research and chat with others about company products and services. The smart CEO recognizes that his company needs to not just be another entity that sells stuff. The company must have a unique identity that resonates with consumers on a more personal level.
Brand identity is an indispensable part of a long-term marketing strategy. The company, or its products, must come across as authentic and helpful. The company should interact with consumers via social media or a blog that provides updated content.