Of course you know your existing customers but how do you find new ones? Do you know exactly what your ‘Unique Selling Proposition’ is? Are you sure? You know your customers, but have you defined your target market?
Most business owners rely on their intuition to make business and marketing decisions. This can work admirably, especially if you have been operating in the market sector for years and know it well. However, your competitors may be rather more formal in their approach and find an ‘angle’ that you haven’t considered.
A combination of your intuition and some structured analysis usually works best; in other words creating a Marketing Strategy, the marketing activities that you need to achieve your business goals. This Strategy can be created either formally using checklists, templates and so on and producing a written report or informally using the same process but using only bullet points.
Common to any approach are the questions:
- What are your objectives?
- What business are you in?
- What is the opportunity and who are you selling to?
- What is the competition?
- What are you offering and how are you offering it?
- Who are you targeting and how are you pricing it?
- A positive, outsider’s, perspective on where you are and where you could go.
- An opportunity to ask the questions about overlooked opportunities.
- Questions about your competition that you may not have considered.
- Extensive experience of actual services and product conception.