Saturday, 28 September 2019

Strategic marketing is shock therapy

Entrepreneurs tend to consider Marketing as a serious tool for their business when faced by one of two crises: a growth crisis, meaning you have hit a sales ceiling and don't know how to take things to the next level, or a "decline crises", meaning sales are dropping. In both cases, marketing is often a final throw of the dice.

Introducing a serious approach to marketing when the business is already in pain, whether good or bad, can be problematic. In such a case marketing is often shock therapy. Of course, shock therapy can work, but it is certainly not pleasant.

Strategic marketing is a painful exercise that can result in some of the most amazing results.

A strategic approach to the marketing of your business challenges you to become market-oriented, towards the customer, instead of inwardly focused, towards your product or service. This is maybe the hardest thing any company can do. It means taking an outside-in look and viewing things as the customer sees it, instead of how you see it.

Outside-in questions include: Who is really the competition? How does your offering stack up? How does the market segment itself? Are we playing in the right segments? Who is really our customer?  Does your ideal customer understand why they should choose you? These strategic marketing questions should challenge the business at a fundamental level.

Shock therapy.

Strategic marketing is a painful exercise that can result in some of the most amazing results. The simple mind-shift from putting your business first, to your customer first, can lead to a significant boost in topline sales and much better margins.

Doing strategic marketing is painful because it requires a fundamental change in attitude. It is also very useful. Pitty so few entrepreneurs of early-stage and mid-sized business take marketing seriously.