What is the marketing mix and the 4ps of marketing model? What entices consumers to engage with your business and buy your product or service? It may sound easy, but effective marketing takes a considerable amount of research and planning.
By Lee Frederiksen, Ph. At the end of the day, the group has negotiated a growth strategy that keeps everyone happy. In this post, I explain the basic concepts and give you the building blocks to produce a growth strategy of your own.
Managing any business so that it can operate efficiently and grow reliably is no walk in the park. It takes courage, skill, determination and a rock-solid business plan that includes a viable growth strategy.
It describes the industries you will serve, the types of clients you will target, the services you will offer and how you will position and develop your brand. Any strategy worth its salt will explore potential risks in the marketplace and balance them against the expected upside.
Get the growth strategy right and everything else is easier. A good growth strategy will replace random and opportunistic business development with a reliable and systematic approach to growth.
Get it wrong or incomplete and your firm may flounder. In fact, they frequently come up in professional services marketing and strategic planning discussions—but these strategies are often poorly understood.
If you work at the heart of a highly competitive market, for instance, you may need to pivot to an underserved area. But if you have a strong reputation or a viable niche practice, you may be able to achieve new growth with less dramatic changes to your approach.
Below, I describe each of these strategies, starting with the least risky: Increase Market Penetration In the consumer products world, this strategy involves selling more product to the same consumer group. A good but fattening example from the retail food industry is super-sizing.
The conventional wisdom is that if a dozen French fries are good, several dozen are even better. In the much less fattening professional services world we think of this approach as offering more services to the same client.
If you serve a relatively small number of clients, losing just one of them could put your firm in dire straits. There is also the challenge of getting a client to understand the full range of services your firm offers.
This means that cross-selling your other services may not be a straightforward task. Clients have a tendency to place their service providers in narrow mental buckets.
Develop New Markets This strategy involves offering your existing services to a new market. Offering these same services to the consumer food industry—or even an unrelated industry, such as government services—is an example of this strategy in action.
This is one of the most common growth strategies used in the professional services. In fact, many firms take it to the extreme and roll out their services to any and every type of client. After all, more potential buyers means more sales, right?
In fact, this strategy comes with significant dangers.
For one thing, it costs money and resources to educate and nurture a new audience. And the peril of underinvesting in markets is very real. Sub-threshold investments may be wasted and produce few results. Then there is the very real risk of diluting your brand. If you are strongly associated with a particular market and you expand to include other markets, any advantage you have as a specialist could dissolve.
Develop Alternative Distribution Channels Traditional consumer products companies sometimes use alternative distribution channels to promote products in saturated markets. For instance, if its competitors are distributing through retail channels, a company may decide to market their products directly to end consumers using direct response.
Affinity marketing and multilevel sales organizations are other common examples of alternative channels.
For example, firms can partner with a trade association or business group to get in front of their membership. Or a firm could partner with complementary but non-competitive service firms to widen their reach.
Think law firms teaming up with accounting firms. Another potential risk is damage to your brand if the alternative distribution channel you choose is not credible.
Develop New Services This strategy involves developing a completely new service that you do not currently offer. On one level, professional services firms do this every day. No two clients have identical needs, so services naturally proliferate.
However, there are circumstances in which a firm may want to branch out and offer more than a variation on its current services.Effective Marketing for Professional Services. The first five challenges have to do mainly with the selection of marketing strategies and tactics.
Dealing effectively with the problems. In today’s post, I’m going to share 9 of the best digital marketing strategies for startups. After reading this post, you will have a clear picture of profitable digital marketing strategies for your startup. Services; Partners. 5 Common Problems Marketing Managers Face (and How an Inbound Agency Can Help Fix Them) marketing team doesn’t have the necessary data and results analysis that they need to communicate their success or problem-solving strategies to their superiors, the situation can get unnecessarily tense.
Services Marketing This article compares problems and strategies cited in the services marketing literature with those re- ported by actual service suppliers in a study conducted by the authors.
Strategy toolS CuStomer aCquiSition. The Strategic Marketing Process SaleS ProCeSS CamPaign Planning marKeting Plan Seo & Sem CuStomer retention Social media, search engine marketing, email marketing, mobile devices, website optimization, content marketing.
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