Marketing Strategies, Pros, Cons
In this post, I want to talk about “ Marketing Strategies, Pros, Cons ”. It’s so Important to create and have when developing new markets. Make sure you’ve used your existing customer base to its fullest before moving on with the creation of a new strategy.
Pros, Cons
Always try and get the most out of your existing customer base before looking at new markets, the reason being, it’s generally more economical and quicker than finding new customers. Also, you would already have an existing customer relationship with them and they would be more receptive to you.
Also, you might want to consider whether you can sell even more products, goods, and services to your customers, by becoming more diversified in your company. Again, you already have an existing, ongoing relationship with them.
Look for and find ways of improving the retention rate of key customers.
Focus on the market
Your marketing strategy document should:
- analyze the different needs of different groups of customers
- focus on a market niche where you can be your best
- aim to put most of your efforts into the 20 per cent of customers who provide 80 per cent of profits
Don’t forget the follow-up
- Approach the third party for feedback about your marketing strategy – they may be able to spot any weaknesses that you can’t see. They would be more objective from a third party perspective.
- Put your marketing strategy into effect with a marketing plan that sets out the aims, actions, dates, costs, resources and effective selling programs.
- Measure the effectiveness of what you do. Be prepared to change things that aren’t working for you. So being flexible to change and trends may be advantageous.
Ever thought about understanding financial statements better to help achieve your marketing strategy goals and a better use of your dollars?
Pitfalls to avoid
- Becoming complacent about what you’re offering and failing to innovate when there’s the need to.
- Trying to grow too quickly with too few customers.
- Ignoring the competition
- Making assumptions about what customers want with out properly finding out.
- Don’t base everything on sales alone, find out what the wants, needs, and desires are of your customers.
These are only a few things to consider when establishing your Marketing Strategies, Pros, Cons
blessings,
George
