A business strategy essentially defines what you sell, to whom you sell it, and how you go about that. It includes the scope and scale of the business. Ideally there is already a clearly defined business strategy, flawless operational execution, a fast, flat and flexible organizational structure, and a performance oriented culture.
MARKETING STRATEGY: In addition to more specifically defining the focus, that is the product categories and the market, a marketing strategy spells out the distribution model and should clarify, positioning, a marketing funnel and the tactics you’ll use to generate qualified sales leads for the funnel. Start with a profitable product that adds real value. Develop a clear understanding of what you’re selling and why anyone would want to buy it.
- Focus – This defines the product or service categories you intend to have offerings in, as well as the target market you intend to sell to and the distribution method you will use. It requires a good understanding of where your unique strengths intersect with the segment of market you can most profitably serve.
Market Segmentation: Identify profitable market segments that have a genuine need, need recognition, and means. Define demographics, lifestyle, keywords, etc. Select a large enough market segment that a reasonable market share would provide adequate revenue to meet your financial goals.
Distribution Model: Describe the method of distribution. Be specific. Is it Intensive (selling direct), Selective (through reps with a distributor/dealer network), or Exclusive (an exclusive dealer network)
- Positioning – This is all about image and memorability. Positioning defines in advance what the brand should stand for in the market. Minds are limited and people restrict how much they’re willing to learn about the brands in any specific category. The positioning statement clarifies and summarizes the brand’s unique appeal to the market. The brand will ultimately stand for whatever the market thinks it is. To control this we find that it’s best to develop a Brand Profile.
A brand profile is a simple document that is designed to keep everyone involved with the brand on the same page. The goal is to guide every encounter the brand has with the market, including product design, product quality, packaging, and customer service, as well as press releases, advertising and sales messages. That’s really important if the brand is to be remembered for a specific, pre-planned image.
“Brands that fail to be memorable will eventually just fail to be.” – Bill Ryan, J Zax
Let us help you develop your BRAND PROFILE.