If their is anything that I wish I would of focused on when I started out online in 2010 was creating a marketing strategy for the future. To build a consistent strategy for my target audience. A lot of entrepreneurs don’t do that. They don’t create marketing strategies for the future. They’re trying to build up so many clients right now that their killing themselves for future success.
Entrepreneurs feel that just saying that I’m going to create a page for every social media website is a marketing strategy. That is just a dumb way of thinking and that is not a strategy at all. Your just wasting time. It takes an overall marketing strategy to be successful for the future.
What I will be sharing with you in this blog post are some strategies that you can work on for your company. All of these are online strategies that I’ve used and also taught my clients as well.
You need to understand that marketing strategies is something that you can’t just overlook when your trying to build a business. Your going to have to create strategies for every piece of your business and your marketing is going to be the most important part. I have always thought about a business as 10% product and 90% marketing. Why do you think so many entrepreneurs fail online? Their not focusing their attention on creating a long lasting marketing plan.
But, that won’t be you right?
So, when you get into creating a marketing strategy for your business their are a couple of things you must consider:
- Who is your target audience?
- What is their social status?
- What is your price range?
- How does your competition report look?
- How much will this cost you to start in 60 days?
These are key questions in creating your marketing strategy for your business and were going to go over each one individually too.
Lets dive right in with the first question:
Who Is Your Target Audience?
You need to understand who you’re marketing your product to because then you can base which marketing channels are going to work best. If your offering an informational product and it’s going over how to use video for your business then maybe you should be basing your focus on Youtube. You don’t want to create an entire information product and then when it gets to the point of launching your product you have no idea where your customer base is.
As funny as that sounds so many people online do that. They create products and do the entire sales funnel for these products but then they don’t understand where their customer base is at and how to market to them. You need to do the reverse of that and cater your marketing around the product that you should create.
To find your target audience you can go on forums. Type a question that your potential audience might ask and at the end of that question put forum in parenthesis (forum) then your going to be able to find a list of forums that will be revolving around that question. If this forum offers a private advertising section then you need to purchase ad space because that is where your target audience is located.
Another place would be to search on Facebook. If their are fanpages or groups that are talking about what your doing then get involved in the conversation and offer some advice. If you can reach out to the owners of those pages and see if they would like to do a joint venture for your product or service.
What Is Their Social Status?
No, I’m not talking about if they have 100,000 followers on Twitter or they have over 500 LinkedIn connections but their positions at their companies. Is your product catering to the human resources division of companies? Is your product to teach the marketing coordinators of companies different communication channels to build for their companies? Are you trying to convince the CEO that he should be investing money into mobile marketing? You need to understand their social status so you know what marketing strategy you should be building for this product.
Understanding their social status online is important. The more focused you are and understanding their social status the better your marketing strategy will be for your product or service. Don’t just hope or wish that your product ends up in the eyes of your target market. Make sure it gets their by placing it in their eyes on a consistent basis.
You can do a search on LinkedIn and type in the search field to see all of the people that have the titles of the positions your trying to aim your product or service towards. Those are the companies and people you need to be building relationships with. LinkedIn offers a really good advertisement program to focus your ads on so if you haven’t used it yet then take about $50 and play around with it. You should be quite impressed.
What is Your Price Range?
Try to learn various price ranges for your products and services. Don’t just say $29.95 just because you’ve seen someone else place that as their product price. Actually do the research and find the top 20 products that are within the niche your trying to market to and see what their price ranges are. What I have done before is total up the prices of those products and divide by 20 to get a estimated number of what I might charge for a product or service. When I do this I make it very negotiable because I can either go up or down but I leave myself with that space to bargain. I’m going to profit either way.
Some people do bring up the discussion of placing $0.95 or $0.99 at the end of their prices for consumer buying behavior. To be honest with you I go by my standards with this method. I honestly don’t like that and round everything to the nearest dollar. So, I try to make my products be a whole number. Some people can argue this but I have seen people buy products with both price stand points it all depends upon what you want to do and what you feel comfortable doing for your product and service.
But, I recommend researching what your other competitors have already done and then be better than that at pricing. I mean your initial product, upsell or downsell product too. So if that means you need to purchase the product to find out then you do that because all of this will help you in the end.
How Does Your Competition Report Look?
If you don’t have a competition report then make one when you finish reading this blog post. You still need to create a competition report of all the services and products of your top 10 companies that are creating products and services like you.
Create a spread excel sheet and at the top of that sheet you name each company and on the right hand side you write down their products or service and the price of that product to the right of it. Do this for every product or service they have so you can track to see if prices change over the course of the year because then you can change your marketing system to cater to a new group of customers or to retain your existing ones.
If your dumb founded by your competition their going to steal your customers from right under you because your not keeping an eye out. You can do this process yourself or you can outsource it. Either way you need to be doing this. I do my competition report the 15th of the month and update the entire thing. Some times the prices never change but then their are some companies that change prices every quarter too. Its best just to keep an eye out on everyone.
The reason why this ties into your marketing strategy is because as prices change in your industry you can change your marketing strategy. Maybe you run advertisement ads showing that you lowered the price of your product or service. Their were probably some people that didn’t buy from you before because maybe they thought your product was to high and now you lowered it and now they would want to purchase it. Or maybe a person wanted to purchase your product before but didn’t have the funds to and now they see you advertising it again and remembered before that they wanted to purchase it and now they do.
The Price to Launch in 60 Days?
When you create a marketing strategy you should be ready to launch your service or product in 60 days. I say 60 days is enough time to prepare the product, create the sales funnel, get the upsells or downsells prepared and every thing else. If it takes you longer than that your just messing around and not maximizing your time which you need to be doing from day one.
Look at your expenses and see how much will everything cost you and I’m talking about everything:
- Updated Facebook tabs
- Twitter background
- Ebook cover
- Video course title
- Squeeze Page
- Amazon S3
- 1Shopping Cart
Each area you need a price on and you need to do that within your first 30 days. You can go onto Elance and find everything that you need to get everything started. So their is no excuses on why you can’t start or you can even hire on some interns that have knowledge in these fields and have them do everything for you and give them a college credit. Either way get these prices and work done within a 60 day time frame. The longer you wait the more excuses your going to make and this service or product will never be launched.
Everything plays a role in creating a successful marketing strategy for the future. If you miss out on one of these parts then your going to not understanding the full idea of creating a marketing strategy. Be patient and try and understand as much about your target audience as possible.
It will take you awhile to really put all of these pieces together for your company but once you do everything is going to start coming to you a lot easier. Be patient with yourself and don’t try and rush things. Everything will work out but you must take action. Don’t wait for anyone to do this for you because it won’t happen.