Developing a marketing strategy that works for your unique business isn’t as complicated as so many sources make it out to be. That’s not to say it’s easy, but one thing you should know about marketing strategy is that no matter what kind of business you own or what industry you’re in, the Entrepreneurial Operating System (EOS) has found that these four key components of a good marketing strategy help businesses increase the number of leads, close ratios, sales and ultimately, profitability.
1.) Target Market
To create a winning marketing strategy you need laser focus on your target market. This goes beyond just who has a need for your product or service but also who would appreciate YOUR offering the most. Don’t try to appeal to everyone. You don’t need them all, you don’t want them all and you risk diluting your message to appeal the masses therefore potentially appealing to no one. Also, selling to customers that are not target market causes stress on your organization. Make sure you are asking yourself, “if I sell this, do I really want this?”
Your target market most likely has distinct needs and they want to hear how you are going to address them. If your marketing messages aren’t relevant to their needs, they won’t listen. We have precious sales and marketing resources and we want to be rifle focused on the right targets.
To identify the ideal customer for your business, you need to do some work. Segment your potential customers by looking at their demographics, geographics, and psychographics. An easy way to do this is look for commonalities in your existing customers. Look at your best customers ie your perfect profile customers and analyze their:
Demographics – Depending on whether you sell B to B or B to C: size of business, number of employees, industry or type of business, age, income, gender, ethnic background and family life cycle
Geographics – Market size, location, climate (for seasonal products or services)
Psychographics – Personality, motive, behavior, lifestyle
Creating that target customer list allows you to focus your messaging directly to that list. Making sure that they hear you, see you and understand how your products or services can help them in their business. It helps your internal team know your strategy so they can best define the process for efficient, expedient and profitable delivery of your product and services.
2.) The Three Uniques
What makes your product or service different? How are you better than your competitors? Why should someone spend their money with you?
These are all questions that help you to arrive at your three unique selling points, or your differentiation factor, from other businesses with similar products or services. You must have a handle on this in order to give your customers and prospects a compelling reason to buy from you and you alone.
Through the EOS framework, we help our clients identify their Three Uniques or three selling points that distinguish them from the competition. We dig deep to find three points because competitors may have any one or two of your unique selling points, but no one will have the combination of all three. This mix is what makes your firm different.
There are a variety of ways to differentiate your product or service. The design of the product or delivery of the service could be unique. Where you can get the product or service could distinguish you from the competition. How you price the offering could be industry changing.
By developing a strategy to differentiate your offering and a brand that uniquely expresses the value of your product or services, you’ll be able to stand out among your competitors. If you aren’t sure what makes you different or unique, ask your customers. Ask them why they chose you.
3.) The Proven Process
A Proven Process helps close more sales. Who doesn’t want that? Take a look at how you deliver your products or service. You probably go through a similar process with each customer, right? There are certain steps you take to deliver the product or service. You aren’t reinventing the wheel each time you make a sale. You may not have thought about it as a process, but it’s most likely there and there is value in identifying it both internally and externally.
Internally, identifying a Proven Process is important. To deliver on the promise of the Three Uniques, you need consistency. Successful companies spend time identifying their internal processes to ensure that the customer has the same experience every time they interact with you. It helps your employees understand what is expected of them and it’s an easy way to train and on-board new employees.
Externally, take the time to detail your process because it is a powerful sales tool to “show” your prospects what you are going to do for them. Just talking about a process reassures your customer that you have done this before and they get peace of mind understanding how your interaction with them is going to work. It helps them understand the resources they may need internally during the different phases of a project to insure success. They ultimately understand the timeline and have clear expectations.
4.) The Guarantee
Offering your customers a guarantee is a powerful marketing strategy and one that we use ourselves in EOS. We make a guarantee to every one of our clients that if they don’t get value out of a session, they simply don’t pay. This keeps us sharp and makes us bring our “A” game to every session.
What can you offer to your clients that will reduce their fear in buying from you and demonstrate your belief in your products or services. If you can’t offer a money back option, be prepared to offer a revolutionary pledge or promise.
This isn’t your first rodeo. What can your clients expect?
With your Target Market defined, your messaging unified through the discovery of your Three Uniques, Proven Process and Guarantee, you are ready to go out and grow the number of your leads, raise your close ratios and increase sales.
If you need help with any of these four components to make sure your strategy is robust, give me a call at 630.728.4177. The EOS model helps unearth a lot of the tangible and intangible input to help you craft a winning marketing strategy.
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