To answer this question, let’s consider the following scenario:
- Assume a universe of individuals or organizations – each with a specific need or want.
- A business owner, whom we shall call “Joe the Plumber,” seeks to satisfy the needs and wants of this universe by offering his products and services.
- Joe recognizes that it is not realistic to try and satisfy the needs and wants of everyone in the universe. Therefore, Joe aims to serve a specific segment.
- How does Joe decide which segment to serve? Joe’s choice might entail a quick decision, or, on the other hand, Joe’s choice may involve a more rigorous, strategic analysis of the various segments in the universe. Whichever the case, Joe seeks to realize a positive economic return on his investment of time and money.
- There is an important issue for Joe to consider; that is, other people or institutions might choose to target the same segment of the universe that Joe aims to target. These other people or institutions would then be considered Joe’s competition. For example, Joe may face competition from “Jane the Plumber” or “Bob the Plumber.”
- How will Joe differentiate his plumbing products and services from the competition? Moreover, how will Joe elevate his brand of plumbing above Jane’s brand of plumbing or Bob’s brand of plumbing? Joe does not want to “brand” his products and services in an arbitrary fashion. Rather, Joe hopes to create a connection — ideally, an emotional connection — with his target customer.
- Are there other issues for Joe to consider? Yes, sure there are. Joe must decide how to price his plumbing products and services, how to promote his products and services, how to package his products and services, and both how and when to communicate with his target audience. Undeniably, Joe has a lot to think about. What should Joe do?
Joe knows that he should not make business decisions in a random or haphazard way. Joe’s decisions need to be based on market research and an understanding of his target customer — all of which are important factors that underscore the process of developing a marketing strategy. How can a marketing strategy benefit Joe?
A marketing strategy will help Joe create a plan to sell his plumbing products and services in a more cost-effective and profitable manner. A Winning Marketing Strategy, in particular, is critical to Joe’s success. Recognizing the need and importance of having a Winning Marketing Strategy to grow his business, Joe hires S.B. Lemons & Company. You should too.
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