In today’s interview with Dr. Lucy Green we will be mainly talking about how to correctly set up a new marketing strategy and successfully apply it within your business.
Dr. Lucy Green from Larato Ltd has spent more than 20 years delivering business development success for technology, communications and media companies.
Her Specialities are in the areas as: Business Development, Sales Enablement, Market Development, Customer Advisory Boards, Bid Support, Sales Playbooks, Sales & Marketing Communications.
Marketing today should focus on outcomes rather than outputs. So, on a daily basis, I consider what outcomes should be achieved to take my business or my customers’ businesses forward. Then activities are based upon achieving those results.
There are a number of essential elements to a great marketing strategy
Clear financial goals that are realistic and achievable
Crystal clarity about the target markets and excellent segmentation – know you market and your prospective customers
Competitive differentiation against the offerings your target market views as relevant. Don’t think you know what the competition is – ask the people you will be selling your offering to.
Clear articulation of your value proposition in plain English; no jargon or buzz words. Explain your proposition in a way people can talk about it because word of mouth is a powerful way of reaching your target markets.
A go-to-market plan that explains what outcomes are required to deliver the financial goals.
Test, test, test. Create different product propositions before you invest in development. Build a simple presentation of what your product will do and what benefits it will bring. Then go out and ask prospective buyers to critique your propositions quantitatively and qualitatively. During this process, understand how your product may be purchased.
Start-ups often build prototypes of the product first and then try and fit the strategy around the product. This is especially true of technology start-ups. Having spent money to build prototypes, start-ups try and secure investment. They find this very difficult because many do not have revenue generating customers at this stage. I believe that this is why most start-ups fail.
The best way for a start-up is to test your value proposition among potential buyers first with a minimum viable PROTOTYPE (not a minimum viable product). Secure customers first and then investment. If you can find a customer to help develop your prototype, then that can be a good route to market. Taking this approach proves that your proposition can be sold and makes investment much easier to secure.
Let your customers and prospects define your competitive strategy. Their perspective is the only one that matters.
First, design your strategy well – as we discussed in question 1. Then review your strategy regularly. Use required outcomes to test goals. Don’t change your strategy each month or quarter. A bad month does not mean the strategy is wrong.
Market understanding of your proposition
The tangible value the market places upon your proposition – cost of ownership and return on investment
The intangible value the market places upon your proposition – competitive advantage, business agility etc.
Measure the buying cycle; how are buyers finding out about your proposition, how are they engaging with it from this discovery until they purchase? What materials are they using to decide to buy your product? Who are they talking to in order to decide to buy?
Sales win rates