Taking a leaf out of Steve Job’s commencement speech at Stanford University in 2005, I have a marketing mantra, Stay Simple, Stay Focused.
It is easier to lose focus, get tactical and into a trial and error mode amid the changed marketing landscape with fragmented media, tight marketing budgets, increasingly empowered consumers and treadmill-economies. Advertisers are concentrating on quick sales, reducing costs per se, keeping up with the Joneses (competitors) and then firefighting. I think these short-term approaches wouldn’t cut it. Instead, starting with a well thought-out, step by step annual marketing plan to reach end-objectives and then sticking to it keeps it simple and focused, with the eyes on the prize.
The key to success is to research your market, segment it, present differentiated and relevant products / services, take a calculated (not necessarily the shortest) route to market and communicate your offer solves the problems or adds value better than the competitors’.
Market segmentation is imperative because consumers are closer (like a tribe) and more opinionated than before, thanks to the social media. Moreover, marketing implementation has to be step by step, like building a high-rise. As you can’t sow the seeds until you plow the field, similarly you can’t sell until you develop brand awareness, recall, trial and loyalty. Read more of this post
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