When a PR Client asks us to develop a marketing plan, we begin by understanding their core business.
That may sound obvious, but in the life of B2B clients, and B2 Consumers, it is the main ingredient that is put aside as to say, “we know what we do”. Not always, because as a company matures, or reaches different levels in its lifecycle, they tend to go into new directions. This can be a good thing, but unless you know where your core business is, how can a pr client, or any company develop a solid marketing strategy?
There are two main components, according to Michael Porter’s book, Competitive Advantage, they are:
• How your enterprise will address the competitive marketplace
• How will you implement and support your day to day operations
These are simple in terms, but can go much deeper. We dig deep into the marketing strategy to make sure it has a solid foundation before implementing. When creating a marketing strategy, you need to consider many factors. These can vary from the common sense, to more complex. Here are a few to consider:
If your market is very active, you need to make sure that you support your offerings, that is if your company is strong in the industry
On the other hand, if you are weak in your industry, you need to build on strengthening the position by developing offerings that will gradually build a solid position
Establish an effective marketing and sales effort if the market is weak. Now you need to choose a strategy after identifying these. Some may include: A Cost Leadership Strategy, A Differentiation Strategy, and finally a Focus Strategy. To go deeper and explain these I would need a lot more writing and this would be a long article. I prefer you either read Mr. Porter’s book, or call Carson Marketing, Inc. Either way, you will learn a lot about how to establish a solid marketing Plan that includes solid marketing Strategies in order to reach the next level in your business.