About this episode
Introduction
- Overview: Joe Glover explains a simplified approach to crafting a marketing strategy.
- Value: Strategy aligns marketing efforts with business goals, providing clear benchmarks and direction.
- Align with Business Objectives: Marketing goals should connect directly to company objectives.
- SMART Goals: Specific, Measurable, Ambitious, Relevant, Time-bound.
- Example: Replace “get our name out there” with “increase site visits by 50% in six months.”
- Identify the Core Problem: Mark Ritson’s “diagnosis” starts with understanding what the customer truly needs.
- Jobs to Be Done: Customers buy products to solve functional, emotional, or social problems.
- Research: Use customer feedback, social media, and reviews to pinpoint needs and pain points.
- Go Beyond Demographics: Use psychographics, behaviours, and values to understand your audience.
- Focus on Viable Segments: Consider Total Addressable Market (TAM), spending power, and reachability.
- Example Segment: Joe’s target for ABC Limited: “fashion-forward pet owners” who value stylish pet wear.
- Craft a Positioning Statement: Define your brand’s unique value concisely.
- Distinctiveness vs. Differentiation:
- Separate Strategy from Tactics: Start with strategy, not tactics, to avoid scattershot efforts.
- Use a Funnel-Based Approach: Awareness, Consideration, Purchase, Retention, Advocacy.
- Examples:
- Team Involvement: Collaborate with sales, leadership, and other departments for buy-in.
- Measure & Adjust: Track each tactic with specific metrics to ensure alignment with strategy.
Key Steps to a Bare Minimum Marketing Strategy
1. Set Clear, Aligned Goals
2. Solving a Problem
3. Targeting and Segmentation
4. Positioning
5. Tactics
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