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Senior Money Memos

HIGH PERFORMANCE MARKETING STRATEGY

INTRODUCTION

Success in business can only be assured by deciding on the purpose of the company and then working hard to achieve that purpose. Knowing that purpose is an absolutely essential prerequisite before expending effort or cash on a website or on Internet marketing. You website designer is unlikely to have the knowledge or experience to be of much help to you in this prior activity.

Strategy was originally a concept used in waging wars, but it applies equally in growing a business. Strategy determines the direction and the broad principles that will govern how the business is operated. Once the strategy is set, then objectives can be agreed and a detailed action plan derived to achieve those objectives in a timely way. Strategy is not easy. It sets out what will be done. More importantly, it sets out what will not be done. Saying No to intriguing possibilities is often the hardest part of strategy setting.

Your Internet Marketing Strategy must help you stand out from your competitors and ensure that prospects and clients have a strong desire to do business with you. Such a strategy will ensure the best possible sales growth. A fixed fee Internet Marketing Strategy Review is often a wise first step in determining your Sales Growth Plan.

THE IMPORTANCE OF A WELL FOCUSED MARKETING STRATEGY

A clear strategy determines how all the resources and the energies of the company will be applied to achieve the goals. The simple illustration below shows the problem. If all those resources and energies are pushing even slightly in the wrong direction then they will be operating at only a fraction of their effectiveness.

Off-target Marketing Strategy

 

The most effective way of channelling all these resources and energies to maximum effect is to have a clear focus to the company. Here we are discussing how the management team can best develop the most effective strategy. Elsewhere on this website, you will find information on how this focus is best achieved and a summary list of references is given below.

THE INTERNET HAS CHANGED THE WORLD

One important consideration in thinking about strategy is that the Internet has completely changed the world. If you have not considered that before, you may wish to check out the Internet web page. The Internet is an important communication medium that you should be exploiting. If you're not, the danger is that one of your competitors may well be doing so. As potential clients look for a supplier, then the competitor would be the company they find. So you should make sure that you stay ahead of the competition. That means being visible on the Internet with a website that is easy to use. It must clearly set out why the company can best meet the potential client's needs. It must also give sufficient confidence to the visitor to either contact the company or buy whatever is on offer.

WHY AN INTERNET MARKETING COACH WILL STRENGTHEN YOUR TEAM EFFORT IN CHOOSING YOUR STRATEGY

The strongest strategy must be right from a number of different viewpoints. However talented and egalitarian a management team may be, they may find it difficult to be sufficiently objective in defining how their company should grow. A strategy coach can extend and complement the management team's knowledge and experience.

The coach brings to the management team

  • additional skills and experience that the team may lack
  • the objectivity that comes from an outside perspective
  • a better appreciation of how a potential customer may view what the company offers versus the competition.

OTHER READING

If you wish to do some homework before working on the development of your company strategy, the following may be regarded as an essential short list.

Newsletter #7 - Some wise words from Michael Porter
Michael Porter, a world guru on strategy matters, has written many books on strategy. This short item sets out an important maxim for your strategy development.
Winning Marketing Plans Are Client-Centric
Two important approaches in strategy development are SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats) and the Marketing 4 P's (Product, Price, Publicity, Place). This article describes these and emphasizes the need to see these from the customer's viewpoint rather than the company's.
Newsletter #42 - The NUB Of Your Internet Marketing Strategy
Strategic plans can be long and elaborate. There is nothing wrong with length, provided every part triggers effective action. This article sets out the essential minimum, the NUB that a strategy must contain.
Newsletter #22 - How to Think Better
An important aspect of strategy development is to ensure the team thinking processes are effective. Full measures of far-sightedness, comprehensiveness and creativity must be included. This article describes the ways thinking can be improved.

THE NEXT STEP

It is always wise to include a knowledgeable and objective outsider in some way in the development of strategy. At a minimum, a trusted mentor or coach can be a resource to the leader of the strategy development process. Such a coach can be a source of new ideas and can help in reviewing the progress and in suggesting ways around roadblocks. If the management team is already over-stretched, the right coach can play a fuller role in the team activity and in the development and the refining of the strategy.

If you need such assistance, SMM will be happy to help you figure out your best approach. As previously mentioned, a fixed fee Internet Marketing Strategy Review is a most effective first step in developing your Sales Growth Plan.

The SMM help can be configured to meet exactly the needs you have. Our strengths, experience and creativity can complement those of your company. So write us a Message today on what you're looking for without obligation.

 

Latest revision 1 March 2009
As a service to your readers, why not link to this article on Marketing Strategy.
Permalink: http://smmbc.ca/strategy.htm

 

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