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7 Steps to Marketing Success by Kathleen Gage

In past it didn’t take nearly as much marketing effort to build a business as it does today. Unfortunately, many people are holding on to belief that things are still way they were and are not doing what needs to be done to make their businesses succeed. Marketing your business is something that is a constant process and takes a considerable amount of focus and commitment.

Competition in virtually ever industry has increased. Additionally, there is no guarantee that once you do manage to attract a customer to your business they will keep coming back. We have a highly mobile and fickle society. This simply means it is more important than ever to evaluate what you are doing, why you are doing it, and what you must do in future in order to stay competitive.

Here are some steps you can take to increase your chances of success in your business.

1.Get clear on your values and mission. I recently read a book called “The Path” by Laurie Beth Jones. She begins book with a story her uncle told her of his experience during World War II. According to her uncle, if an unidentified person appeared to a soldier and could not immediately identify their mission, they were shot on site. Wow! Would this ever make a person clear on their mission. It was literally difference between life and death.

This can hold true in business. If we are not clear on our values and mission it is easy to flounder and eventually our business could die. However, by being very clear on your values and your mission, you are assured more of a chance for your business to grow and thrive. Take time to write out what your values are. From there, create a statement that clearly defines what you offer your customers and clients. If you find that you are getting off track with what is important, simply take time to review your written statement.

2.Effective and realistic planning. I strongly suggest you create a solid marketing plan. As a result of completing plan you will be much better prepared and know whether or not your marketing idea is feasible. Additionally, take time to fully understand how marketing works. Marketing is not a one-time shot or one size fits all. You must plan your campaigns. You must be committed for long-term and test various types of campaigns as you move forward. The more solid your plan, more success you will experience.

The practices of these industry “Goliaths” have spawned many financial services “Davids” who believe that financial marketing success lies in following example of these behemoths. Unfortunately, these “me too” marketers are squandering a lot of their limited marketing resources since they can not effectively compete simply by mimicking financial marketing practices used by industry giants. For most financial services marketing organizations, trying to pursue every marketplace opportunity is futile. A much more pragmatic, cost-effective financial marketing approach is to maximize impact of their limited marketing resources by focusing messages on only most receptive markets. That focus is achieved through careful market segmentation.

Market segmentation is process of partitioning marketplace into customer/prospect groupings that have similar characteristics and are likely to exhibit similar behavior. As a key component of an effective strategic marketing plan, market segmentation can facilitate insightful market analysis, discovery of underserved niches, and use of approaches that achieve competitive advantage. The basis of successful market segmentation is well conceived market research that provides insights into meaningful customer traits and guides prioritization of possible target markets and marketing techniques.

General Motors offers an early example of successful market segmentation. In early 1920s GM redefined its marketing strategy by segmenting car buyers into price/quality brackets. They then differentiated their offerings by focusing products, as well as their advertising and marketing promotion, to meet needs of each class of buyers. Thus began renown family of GM products—Chevrolet, Pontiac, Oldsmobile, Buick and Cadillac. Ford, which offered its standardized Model T in “any color as long as it’s black,” was caught flat-footed and was forced to close its main River Rouge plant for nearly a year to retool in an attempt to regain a competitive stance.