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CHAPTER FOUR

Key Business Strategies

Introduction – This chapter will provide information on developing the five principal strategies that every new business should develop. It is advisable that they be committed to writing before attempting to create any tactical marketing programs for the product or service. By writing the strategies down, it forces the entrepreneur to carefully think about the contents and meaning of the strategy, to ensure that it is consistent with the other elements of the marketing plan.

The key strategies to be covered are Overall Marketing, External Communications, Media, and Public Relations & Promotion. For each of these strategies, we will identify the specific goal of each and what the nature of the content is that should be included in the document. An effective business strategy such as we have identified can normally be developed on less than one page. If the objectives of the individual strategy are clearly identified, there is no reason that it cannot be articulated in one page or less.

Overall Marketing Strategy - This is the most fundamental of the five strategies, as it is a direct reflection of the positioning statement. The goal of the Overall Marketing Strategy is to establish the strategic framework for the other four strategies that will be covered in this chapter. Importantly, all the tactical programs developed for the product or service business must be consistent with the overall marketing strategy. A well, thought-out marketing strategy will contain the following specific segments:

* Market Position: Specifically, what is the overall goal of the business. An example would be to state that our goal is to be one of the three leading interior design firms in the ABC County.

* Product Line Focus: An example would be to indicate that we will only work on commercial design assignments for people intending to spend a minimum of $X on the project. This clearly positions the niche that the design firm is seeking to achieve, and also identifies clearly the types of assignments that it will not accept (i.e., commercial jobs & projects that will not result in at least $X being spent over the course of the assignment).

* Target Audience: This is a statement of the primary and secondary target market for the company. For example, we will place our primary marketing emphasis on residential architects within ABC County, while secondarily seeking to reach women head of households in homes worth at least $Y million dollars.

* Pricing Approach: This strategy will outline the role of pricing in the overall marketing of the brand/company. For example, is the goal to be the low priced or high-priced entry in the market or is there a competitor against whom the pricing will be pegged. This is a very important sub-strategy within the overall marketing strategy.

* Tactical Approach: This is a high-level view of the tactics that will be used to accomplish the objectives stated above. An example might be the statement that “the primary tactical focus of the marketing plan will be to utilize person to person networking to generate qualified leads, supported by an aggressive direct marketing program to reach the target segments with a specific message about the company.

External Communications Strategy - This is the strategy that is intended to provide the guidance and direction to the ultimate development of all external communications vehicles used by the company to generate awareness and trial of the product/service. It includes such functional elements as traditional media advertising (i.e., television, radio, billboards, and cable), building and vehicle identification, stationery & business cards, and importantly social media. It is intended to provide the direction to each relative to the following areas:

* Key Message to Communicate: Specifically, what does the organization wish the various external communications to say about the company that will result in a message delivery to the customer? Examples might be high tech, modern, high priced, leader, etc.

* Detailed Description of Target Audience: While somewhat repetitive from the overall marketing strategy, it is essential that this strategy provide a detailed description of the primary and secondary target audience to whom the external communications are intended to reach.

* Copy Point Communication: This part of the strategy identifies the specific copy point(s) that the company wishes to communicate in any paid media, vehicle signage or social media communications. For example, if it is important for the company to have a reputation for being very responsive to the needs of its clients, this could be a word that was essential to be communicated in everything the company uses for message delivery.

* Tone & Feeling: This part of the external communications strategy seeks to establish an appropriate tone for the communications such as upbeat and modern, conservative and staid, high tech and youthful. This part of the communications strategy will have a major influence on how advertising is created for the company.

Public Relations Strategy - Most companies never take the time to develop a formal strategy for their public relations program. The following will summarize the key elements that should be included in a public relations strategy:

* Statement of the Target Audience – This consists of a restatement of who we are trying to reach with the results of our public relations outreach.

* Creative Objective – This includes a statement of the creative message that we hope to communicate via public relations activities. Essentially it must be totally consistent with the external communications strategy objective, as these two strategic elements must work together toward the same overall objective.

* Key Emphasis of Public Relations Outreach - This part of the strategy identifies the specific vehicles we will try to reach with our effort to gain third party coverage/endorsement. It would identify whether our emphasis will be on reaching certain trade publications, radio, television or cable channels or other social media goals such as being mentioned in blogs and tweets.

* The Non-Media Role in Public Relations - For example, to what extent is the overall public relations program dependent of speeches, events, or other types of efforts aimed at increasing the awareness of the product or service among the target audience.

Promotion Strategy - This is strategy that will provide the overall direction for direct to the target customer outreach programs, such as direct mail, email blasts, social media programs special offers, etc. The key elements in a promotion strategy include:

* Statement of the Target Audience – This is the description of the specific people to whom we are directing our advertising.

* Goal of the Promotional Program – This will identify what we are trying to achieve, such as:

-Helping to generate awareness, to supplement the efforts of the advertising

-Seeking to get an appointment for a presentation

-Generating an initial sale

-Motivating the existing customer to repurchase the product or service

* Key Promotional Vehicles to be Employed - This will identify the principal tactical vehicles that will be used in the promotional program (i.e., direct mail, free offers, etc.).

Media Strategy - The objective of the media strategy is to establish the objectives for use of paid advertising. This includes both traditional media and social media activities. It also can establish the approach to develop the media budget, such as $X per item sold, percent sales, absolute dollar value based on the prior year, etc. The key elements that should be covered in the media strategy for a company are:

* Target Audience - This will identify to whom the media is directed. For example, are we trying to communicate with architects, contractors, homeowners living in $Y million-dollar houses, etc.

* Allocation of the Budget – This will identify dollars spent towards both traditional and social media.

* Goal of the Media - This refers to whether the advertising is being used to develop awareness, a specific image for the company, direct response sales, referrals etc.

* Seasonal Considerations - When would the best time(s) be to advertise the product line/service? Are there particular seasonal periods when advertising would be most effective? If so, they must be included into this strategy.

* Frequency Considerations - This is very important in terms of whether the goal is to have the message reach a very specific target audience many times or a broader target fewer times. Also, it should include a statement of how much exposure (i.e., impressions) would a person need to receive to get the message of the advertising.

* Advertising Environment – Finally, the media strategy should talk about the environment in which paid advertising is run. Should you be in newspapers -- but only on the sports page, in certain quality magazines, only on news programs, etc.?

SUMMARY - Planning the execution of a marketing program requires strategic thinking. Experience indicates that the likelihood of success will increase dramatically if the key elements of the marketing mix are thought through strategically before the tactical plan has been developed.