The marketing industry is, in a word, dynamic. The best marketing strategies are developed in tandem with changing consumer tastes and developments in related disciplines. Therefore, it’s so important for businesses to have a well-defined marketing strategy with targets and KPIs. Business success dramatically improves with the acquisition of a detailed road map.
Importance of Marketing by William Schantz
William Schantz explains that although it’s tempting to rush into a marketing campaign after launching a business, it’s vital that you take the time to plan out your strategy to make the most of your limited resources.
Clear Goals
Step one in any marketing effort should be articulating your goals. It’s essential to plan out what you hope to accomplish with these campaigns in advance, whether that’s a rise in ticket sales or a surge in new customers.
According to William Schantz, this is the time to get creative with your problem-solving skills and zero in on the elements that will impact your business’s growth and success. After identifying a few tricks, you should transform them into tangible, long-term goals for your business.
Customer Knowledge
Any good plan initiates by questioning: “where do we stand?” Use your customers as a resource, but ensure you’re asking the right questions to get a complete picture. William Schantz advises that Getting rid of open-ended questions helps ensure you’re capturing reality rather than speculation.
Many other research tools are at your disposal, such as online reports, insights via trends, and conferences if you are starting a business or considering a marketing plan for a new area. This helps you make educated business choices and guarantees that your strategy is solid.
Competitor Analysis
Every business, whether it’s peddling a brand-new product or a tried-and-true classic, must compete with similar enterprises for the patronage of their target audience.
Staff members at smaller companies are less likely to conduct in-depth analyses of competition or pinpoint businesses beyond their sector that can bait customers away just as effectively. Knowing who your rivals are, their advantages, and how they will respond to your services will help you plan for potential failures more effectively.
The best way to differentiate your company from the competition is to study the market for similar businesses. This will show you where your rivals are failing to meet the needs of their customers. Always keep an eye on what the competition is up to, and if you see something that could bring in more business, go for it!
William Schantz’s Final Thoughts
Growing an existing company is a challenging task. The first order of business is to brainstorm a viable product idea. The following steps are identifying a promising market, defining your ideal customer, and developing a compelling offering for that customer. According to William Schantz, getting the word out is more challenging than ever, whether selling a product or offering a service.
Turning a profit and staying in business can only be possible with solid marketing to support product development.
Whether it’s an updated version of an existing product or a reintroduction of an old product with a new brand message, the success of a product launch depends on the quality of the product marketing strategy used to introduce the product to the market.