Strategic Marketing: Customers and Competition

joint venture marketing To begin an effective strategic marketing strategy, it’s imperative to know your customer, as well as your competition. Knowing what your target audience is, and who your target customer is, will be the first step towards developing a successful marketing strategy. Once you have identified your audience, you can begin to tailor

joint venture marketing

To begin an effective strategic marketing strategy, it’s imperative to know your customer, as well as your competition. Knowing what your target audience is, and who your target customer is, will be the first step towards developing a successful marketing strategy. Once you have identified your audience, you can begin to tailor your strategy to include your collaborative marketing efforts.

Who is your customer?

Start by making a series of imaginary profiles of your potential clients and customers, asking specific questions such as:

  • What is the age range of my potential clients?
  • What is their income range?
  • What are their lifestyles and hobbies?

Depending on the product you are marketing, your phantom client profile will vary. The motivation here is to think of the customer as an individual, rather than as an amorphous group of unknown clients. Once you identify a potential client profile, it will be a more natural process to tailor a marketing scheme.

An effective marketing plan begins with thinking specifically in terms of whom your market is, and who you are trying to entice to use your products and services. An advertisement, email or website display will vary greatly depending on whether you are targeting college age, financially conservative students, middle income families, or single, young professionals. However, a cohesive, well thought out series of advertisements is more likely to appeal to a diverse variety of clients rather than an assortment of ads tailored to reach a specific audiences. Your product or service may very well be suitable for a variety of clients, but is less likely to sell to a varied consumer base with too many individual marketing strategies.

Don’t reinvent the wheel

Knowledge of your competitors’ marketing scheme and how they market their products is almost as important as being able to identify your prospective clients. There’s a lot to be learned from studying a competitor, especially if they are a well-established business with a solid marketing strategy.

Build upon what has proven successful

If you know of a business in your industry that has catchy marketing ads, it’s a good idea to understand what they’ve done to be successful. This is important for two reasons: you don’t want to exactly replicate another marketing strategy, and you want your advertisements to stand apart from what is already being produced. This will help you to develop and tailor your marketing scheme to your target audience, in a way that is different from your competition and get you noticed!

Awareness of how similar businesses in your industry approach marketing will help you develop the edge you need to target your own clients. Intimate knowledge of which these prospective clients are will set you in the right direction for developing a successful marketing strategy that is unique and specific to your business. Knowing your target market, and how others target the market in your industry, will put your business on a successful path for growth and recognition. Based upon this knowledge, you can even choose a synergistic competitor and create a collaboration marketing campaign.

christian fea is CEO of Synertegic, Inc. A joint venture marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more joint venture marketing Strategies join his free Joint Venture Marketing Wealth Report

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