Marketing Strategies: What Choices Do You Have?
Most business people want to see improvements in sales and profits. But how do you get there? What choices do you have? To build your business there are four strategic options that must be considered: 1) Sell existing products to existing customers. 2) Develop new products to sell to existing customer groups. 3) Expand existing products into new market segments. 4) Develop new products for new market segments. Each one of these choices carries with it inherent risks and certain marketing implications. Which one is right for you? This is one of the most important decisions to be made. In fact, the best strategy may combine more than one of these options to suit different products or different areas of the business. The least risky option is number 1. Simply find more customers for your existing products. Sometimes this is easier said than done, especially if you already have a dominant market share or you occupy a relatively small market niche. Although for most businesses there is usually scope to attract more of the same type of customers. The option with most risk is number 4, going into new markets with a new product. This classic 'diversification' move may appear to offer great potential, but can be a recipe for disaster if you do not have an adequate understanding of market conditions or the competitive landscape. It is difficult for a business to move into a new market at the best of times. Establishing sales channels, generating demand, managing customer expectations, and pre-empting competitors actions can be a real challenge, requiring a substantial amount of resources. In each of the other two strategic options the business holds either an understanding of the customers (option 2) or the products (option 3), so the overall risk is somewhat lessened. No matter which way you decide to go there are marketing decisions to be made. Sales processes, products, competitive positioning, promotional material and company image are a few of the things that will need to be reviewed. Consideration must be given to how you will manage the marketing-related impact of these changes to produce the best result? * Adding value for customers (i.e. providing real benefits). * Staff issues (training needs, operational style, presentation). * Business processes (meeting distribution demands, customer support, production). * Measuring results and reviewing progress (sales, profits, awareness, referrals, quotes written, number of customers). * Knowing which marketing activities to implement, and the best time to do it. Marketing is a fundamental component of every business. In times of change and business growth it is even more important to look closely at the 'how' and 'why' aspects of your marketing activities. (c) 2005 Marketing Nous Pty Ltd Stuart Ayling runs Marketing Nous, an Australasian marketing consultancy that specialises in marketing for service businesses. He helps clients to improve their marketing tactics, attract more clients, and increase revenue. Stuart also offers telephone consultations and runs regular marketing seminars. For additional marketing resources, including Stuart's popular monthly newsletter, visit his web site at http://www.marketingnous.com.au.
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1. Know the program objectives. Before you can start looking for the right speaker, you must know the program objectives. Begin with the end in mind. What are you looking to achieve? Is this an annual meeting, a training program, an incentive get-together, an awards celebration, or another type of event? This will probably be a committee or management decision, rather than one you will have to make. But you may have to make an intangible concept tangible.
2. Understand the audience's needs. Along with the program objectives, consider the needs of your audience. Does your group need industry-specific or technical information? Will a mix of motivation and entertainment serve your group's purpose? Today's audiences are generally younger, more educated, more diverse, and more sophisticated than in the past. They want content. They want to learn, but they also want it to be fun, so consider the audience needs and exactly what they expect. Consider surveying your audience. Ask them what they want or what skills would most help them in their jobs. For example, sales people may ask for advanced selling skills, but managers may request teambuilding programs.
3. Check for reputation. With countless speakers out there vying for your business, how can you possibly determine which one best meets your needs? Many speakers produce highly professional or glitzy marketing materials to help sell their services. You must look deeper than simply scanning a few brochures and ask pointed questions to find the right fit, such as What experience does this speaker have? How familiar is this speaker with this industry? and, Who else has used this person?
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7. Provide and ask for good information. Reputable speakers want to find out as much as possible about the meeting objectives, the audience, industry challenges, and so on in order to tailor their presentation to the group. Share information on your organization and audience to help the speaker design a program to fit your specific needs. provide them with newsletters, catalogs, or any other publications that highlight industry trends, key people, industry jargon or buzz words, and insider news and views.
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9. Maximize opportunities. Look for ways to maximize opportunities with your speakers. Discuss different ways they can add extra value and be a significant resource to help improve your meeting's success. Brainstorm ways that you feel they can assist you in planning, preparing, promoting, and presenting. Some suggestions include serving as an emcee, conducting special sessions or roundtable discussions about current issues for select groups such as company executives or the board of directors, and participating in a spouse program.
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The true objective of hiring a professional speaker hinges on establishing a partnership where a mutually beneficial relationship grows and flourishes. When this happens, you know you've chosen well.
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