5 minute read
The Black Entrepreneur's Journal Issue IV
UNDERSTANDING A MARKETING STRATEGY
by Melissa Edwards
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Why a marketing strategy? Why is it necessary? Can’t I just start selling my product? Would you go shopping for or start making a new dish without having a recipe to guide you? A strategy acts both as a roadmap as it includes where you want to go, your objectives, as well as supports cohesive deployment of plans and activities in line with those established goals and objectives.
By now, you are likely familiar with the term “The 4 P’s” of Marketing: Product, Price, Place, and Promotion. An additional underlying element that must be recognized is your target... the who. Let’s look at each P in the context of the target. I’d like to approach it differently, though, and I’d like you to step out of your shoes as a marketer and step into the familiar shoes of the shopper or consumer (in some cases they are the same, and in others they are different). Let’s go shopping for a pair of winter boots shall we?
1. Product: As you got dressed for work this morning, you realised that your winter boots are less than wholesome. These are your favourite pair, of course, and now you need to replace them, but what is it that you need? What are you looking for in a replacement pair? What kind of comfort? What kind of protection? Is it important that it follows the latest fashion trend? The product of which we speak, winter boots, can take on so many forms and will depend entirely on the preferences and needs of the shopper.
2. Price: How much are you willing to pay? In a bind, like today, when you need to replace your boots immediately, or face frozen feet, you will be more inclined to pay a higher price vs a scenario where you may be purchasing a second pair of boots or purchasing boots in autumn, ahead of the cold temperatures. There are also other considerations for the price of a product for the seller, of course. The cost of production, the cost of overheads, variable expenses, capital investments, etc, must all be considered as profitability is the ultimate goal.
3. Place: Where do you want to buy these boots? Can you repurchase online because you already know you will buy the same boots that you previously had and don’t need to try them on? Is your online retailer willing to let you try it on then return it if it does not fit the way that you want? Do you have the time to wait for it to be shipped or do you need to head into a physical store immediately to pick your new pair, and try them on? Will the local boutique have what you need or will you need the variety of a large department store?
4. Promotion: How did you know where to go looking for a new pair of boots? Was it via an email coupon? A post on Facebook or Instagram? TV? Radio? All of the above? Which was most effective? Which really helped you make your decision on where to shop? Did you get all of your information from one of these methods or did you have to go looking for more? Did that radio ad direct you to visit a website or Facebook page for more details? Did the communication contain a call to action that encouraged you to go browsing to make a purchase?
As the shopper you need to identify exactly what you want (product), how much you are willing to pay (price), and where you will do your shopping (place), all guided by the information that you have at hand (promotion) As the marketer, you need to ask your target these questions to ensure that you meet their needs in the best possible way. Falling short in any one of these 4 aspects can lead to under performance.
Imagine having the perfect product, designed to meet your shopper needs exactly, but you are unable to communicate it effectively, how will your shoppers know where and how to purchase from you?
What if you are selling a product with a 2-day lifespan, but you are an online seller with a 5 day transit? Your shoppers will be very displeased with spoiled products. What if your price is misaligned with other competitors in the category? Pricing yourself out of business or leaving money on the table are both undesirable. What if you develop and deploy an exceptional communication campaign, tailored by media type, with a clear message and call to action, but your product does not meet the shopper’s needs? You will have enquiries, for sure, but will people purchase? Will they repurchase?
This shows the importance of each element and the role that it plays to the shopper. How do you design the right product? How do you know where to speak with your shoppers? How do you know if your value proposition is worthwhile? How do you know where to offer your product? This is the role of research. Research plays a critical role in helping you to be informed when making decisions and should not be an afterthought or invested in only after issues arise.
