Companies of all sizes depend on marketing strategies to help build brand awareness and name recognition.  Marketing is the means through which companies create programs that align with customer preferences and competitor awareness.  To hit the high points, strategies include advertising/PR, product development, pricing strategies, target market development, and competitive analysis.

Once your messaging is clear and can be delivered concisely and consistently, customers begin to engage in purchasing the product/service your company offers. Viola! You’re a marketer. Ah, if it were only that easy! Of course, it takes a tremendous amount of work but it’s worth it to hear the sound of the cash register ringing.

Advertising/PR: Advertising and PR are the communication vehicles of the company or organization. The means through which your message is told.  Advertising drives a customer’s perceptions about your organization, its products and services, its employees, and its practices.  Effective advertising and PR campaigns can be a powerful tool in driving ongoing market share. The more prospects know about you; the better chance you will have of them taking the call when your salespeople call. It also pays to become known as an expert in your industry. Often times this will lead to free advertising via interviews or articles you write. For example, I write a Millionaire Moms column for Glow magazine www.glowproject.org. Expert status is a great place to find yourself because not only don’t you not have to pay to advertise but your business is perceived differently than someone who took out an ad. That’s not to say you shouldn’t advertise. It’s just another tool in your toolbox.

Product Development: Product Development is the research and analysis needed to make sure your product will sell successfully. Just because you think there is a need doesn’t mean the rest of the world does. Questions to ask yourself in developing new products or services include: Is the market already saturated with like products?  Cost vs. Return on Investment?  Will you have enough staff to handle the work?  What is your “Go to market” strategy?  Product beta testing?  Product launch?  Post-launch strategy?

Pricing Strategies: These strategies determine whether or not your products or services are priced competitively. To understand how to price your products/services, it is important to understand the perceived value that products/services provide to the end buyer.  For new products, it is important to understand your market position and competitive products to set a price that will capture the attention of potential customers.

Target Market Development: The key to effective target market development is understanding of your actual target market and developing key marketing strategies that will drive results.  Identifying Competitors, developing in-demand products/services, developing a strong marketing campaign and strategy that effectively supports your sales team, understanding your industry through extensive research, and tapping into market resources are all keys to understanding your target market. Do not slack off here. It can make all the difference between the agony of defeat and the joy of victory!

Competitive Analysis: There are several things to consider when sizing up the competition and determining your current offering in the marketplace:  price, product, placement, presence, customer base, and focus.  Studying your competition is healthy.  Knowing where you stand vs. them in the marketplace gives you an advantage in both marketing and sales efforts.  However, it is important to remember that too much study and not enough action can result in lost marketing and sales efforts.

In understanding the basics of marketing, it is important to remember that if you want your business known you will need a strong marketing program is in place, promoting the company’s products and services.  Be consistent. Be concise. Your revenue streams depend upon it.