I am surprised at the lack of organizations with good marketing strategy.Doesn’t matter if they are large MNC’s with millions of dollars of marketing budget or a start-up with minimal budget.
I am sure that everyone in the marketing world understands the importance of having a solid strategy!
Most marketing efforts fail in the face of unclear strategies. Good strategy can not only improve the effectiveness of your efforts but will help in reducing the total cost. But most importantly, it will help your customers to buy more from your sales teams.
With the emergence of new media, more and more marketing teams seem to forget that they are still media. They still need a strategy to market their products and a media strategy will only be a small but integral part of the overall marketing strategy.
Let us take an imaginary organization and try to build a marketing strategy for them.
Imaginary Organization:
- A Large MNC in a B2B scenario.
- A Large base of existing customers.
- A large & varied product mix.
- A big sales and marketing team.
Now, if you have worked in an organization like the one I describe above, you would already know the various pressures involved.
Segmentation:
The first step in building a marketing strategy is to the decision around segmentation – Market and customer. I would prefer a customer based segmentation as it helps the marketing team to always know whom they are trying to market to.
There are 2 kinds of customers:
- Existing customers
- Prospects
Developing strategy for Existing customers:
I am surprised at the lack of organizations with good marketing strategy.Doesn’t matter if they are large MNC’s with millions of dollars of marketing budget or a start-up with minimal budget.
I am sure that everyone in the marketing world understands the importance of having a solid strategy!
Most marketing efforts fail in the face of unclear strategies. Good strategy can not only improve the effectiveness of your efforts but will help in reducing the total cost. But most importantly, it will help your customers to buy more from your sales teams.
With the emergence of new media, more and more marketing teams seem to forget that they are still media. They still need a strategy to market their products and a media strategy will only be a small but integral part of the overall marketing strategy.
Let us take an imaginary organization and try to build a marketing strategy for them.
Imaginary Organization:
- A Large MNC in a B2B scenario.
- A Large base of existing customers.
- A large & varied product mix.
- A big sales and marketing team.
Now, if you have worked in an organization like the one I describe above, you would already know the various pressures involved.
Segmentation:
The first step in building a marketing strategy is to the decision around segmentation – Market and customer. I would prefer a customer based segmentation as it helps the marketing team to always know whom they are trying to market to.
There are 2 kinds of customers:
- Existing customers
- Prospects
Developing strategy for Existing customers:
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