As I sit at my desk on a beautiful September day, I am intrigued by an on-going class that is being offered through the Wyoming SBDC Network entitled the “The Five Principles of Marketing”. This class, which by the time you read this will have already begun, is being put on using CARES Act funding and details five disciplines that are vital in developing a marketing strategy. I haven’t taken the class, but the five disciplines speak to me, with my decades of experience in sales, marketing, brand management and market research.
Our trainer, Ryan Murray, will discuss the following five disciplines. He undoubtedly will likely have a slightly different take on these, and I look forward to seeing his thoughts. To really dive into this I would recommend either taking the class or auditing the webinar recordings which will be available on our recorded events page.
1. The Opportunity
Whether it’s simply to make money, to bring a service or product from your brain into being, or because you see a need, every business starts with the thought “hey, there’s an opportunity for me here.” The discipline come when you take the time to carefully examine what exactly the opportunity is. This is where you need to do your homework. Study the market, similar products and services and decide whether there truly is an opportunity that you can meet.
2. Focus on Your Money Maker
In other words, put your time and resources where the money is coming from. Unless you are Jeff Bezos, chances are you can’t afford to try to market every product to every possible customer. Figure out what product or service will have the greatest chance of earning you money and tackle that first, (and maybe second and third).
3. Position Your Business on the Marketing Triangle
There are several definitions of the marketing triangle. One that I often think about that most companies have to balance their strategies between the ”3 C’s” of Customer-Based, Competitor-Based or Company-Based marketing. You need to be aware of all three but consider where the threats and opportunities are and that will help you position your business.
4. Get More of the Pie
What business doesn’t want a larger share of the market. The answer is “I can’t think of any!”. To increase your market share you need to constantly innovate your marketing approach, test new ideas, and emphasis those things that work the best.
5. Create the Right Marketing Message
There is no one message that appeals to every single customer. You need to constantly work to improve your message and make sure that what you say resonates with your customers. You can’t do this locked in your office. You need to find ways to listen to your customers and see what they like and don’t like about your products. Fix what they don’t like and emphasize what they love about you.
Help is Available
Marketing is an ever changing, constantly evolving process. Companies that don’t pay attention and don’t keep pace with change will find themselves wondering where all the customers went. Your local Wyoming SBDC Network advisor is ready to provide no-cost, confidential marketing assistance. Get started today by clicking here.
About the Author: In over 17 years, Mike has built an information resource for Wyoming businesses that is unique in the nation. The Wyoming SBDC Network’s Market Research Center specializes in providing any Wyoming business with access to advanced marketing information that was previously available only to a few of the largest corporations. Mike’s individual expertise also includes marketing, product management, product development, international trade, and exporting.