Developing Marketing Strategy Priorities
Marketing can be over whelming when starting a new company. Finding the right tools for a successful launch is important. Along with understanding which medium to use. It all starts with understanding the target customer. Once the target is identified the marketing plans can begin.
The marketing strategy should always reflect a company’s priorities. More than likely the launch of a new business should focus on introducing the brand and creating brand awareness. Branding is one of the most important aspects of a business. When a company has an effective brand strategy it gives that company an advantage over others in the same market. It is the foundation of a marketing strategy.
I like to use this exercise to help frame the importance of brand awareness.
Try this exercise with the product category cookies.
Recognition- Have you heard of the brand _________ (place a brand in the blank)?
Recall -What brand of cookies can you recall?
Top of Mind- What is the first cookie brand that you think of?
Brand dominance- Is there more than one brand that you think of or several?
Brand knowledge- Is there a brand of cookies you have an opinion about, even though you may not have purchased the brand?
Try this exercise with your team. It will help in understanding the brand, who is top of mind in your category, and can guide the direction of the marketing strategy. Look at the competitor who is top of mind. Conduct a brief audit of what they are doing. Then, look at what is working and consider emulating. It will help in creating a “voice” for the new brand.
Do you need help with developing your marketing strategies?
Dr. Tina White Potter is the Managing Partner at Retail Consulting Services, working with retailers, small businesses and manufacturers to develop successful marketing plans that generate sales and business growth.
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