Marketing strategy
Once the SWOT for you and your competitors are completed you must identify the combination of factors that will drive your strategy.
- KPI: Key leverage points (Combine your strengths with your competition's weaknesses to develop your strategy)
- BI: Business implications (Combine your competition's strengths with your weaknesses to identify requirement for entry)
- If possible you should derive a sustainable competitive advantage from your KPIs. It is your reason to be in business. It can be based on a technology, cost advantage, product attribute, a geography, a synergy, or any other element that give you an advantage over your competition.
Based on KPIs and BIs develop your marketing strategy. Your strategy can be defined using the following main elements:
- Your marketing strategy should be summarized with one sentence which will be your positioning statement. It should state in one sentence what you do for whom and what needs you solve.
- Your target group or groups should be defined in detail using demographic variables (sex, age, income level, educational level, geography) and psychographic variables (activities, interests, opinions, attitudes, values)
Based on the process explained above you should know:
- Who you will sell your products or services to
- Why they will buy your products or service
- What you will try to convince them off... based on what tangible benefits.