Understanding Marketing Part 2: A Sound Strategy

Understanding Marketing Part 2: A Sound Strategy

A sound marketing strategy takes into account several features.  First set a marketing budget that will increase based upon your increased revenue.  Then look at what is working for other reputable businesses in your field?  Make sure you know whom your main competitors are.   Contact your competitors and ask them questions.  This sounds a bit absurd however to be honest most people will tell you what they are doing if you ask them correctly.  So ask them!  How do you ask?  First compliment them on the great job they are doing in the industry.  Use examples of how you know they are so successful and respected in the industry.  Then ask what is the number one aspect of the business that has made you the industry giant?  You will want to follow-up with questions to get them to expound on their previous statements.  People love to talk about themselves, make them feel important and special, as if they are your “hero”!

You also want to know your competitors so you have a target to aim for.  Do not take this lightly it is a substantial mental, competitive feature of your game plan.  You must develop a burning desire to beat them — to win. They have a head start but you have the benefit and advantage of learning from their mistakes.

The second in a 3 part series on understanding marketing. If you would like to check out part 2 and three, you can do so using the navigation below.