You have a ne w product or service idea that you want to get into the marketplace. What do you do? What first steps should you take? While jumping ahead with tactics to market your new idea or product may seem natural, it’s not always the best place to start.
Before spending a cent on advertising, packaging, and branding, take a step back and ask yourself what your marketing strategy looks like. In the book Duct Tape Marketing, John Jantsch discusses the importance of taking a systematic approach to marketing by creating a strategy that clearly defines your audience and easily communicates your differentiating points. In this day and age, it is impossible for a business to be all things to all people. Then when it comes to implementation, marketing tactics should be defined and narrowed down by how well they fit within your overall strategy. As Jantsch points out, quoting legendary Chinese military general Sun Tzu, “Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.”
Recently, we created marketing strategy for a business client who was looking to expand services and enter new markets. While the entire development process took several months to complete and perfect, it has provided the company with a road map to guide decisions, ensure longevity, and focus tactics on areas that will allow for the greatest return on investment. With the implementation stage underway, the company has now hired more staff, opened a new office location, and successfully increased market share and revenue.
If you haven’t already developed a marketing strategy for your company, it is important that you consider doing so. It can save you time and money in the long run and ensure that you have a clear path to success.