As many wise men have said, there is no point in reaching the top of the ladder only to realize that the ladder was leaning against the wrong wall.
Before starting a new campaign, a new company or a product launch, you should ask yourself the following questions. These questions will help you when creating your marketing strategy. While they sound simple enough, they can be difficult to answer. It takes strength to answer them clearly. Anyone can answer them in vague terms, but you’ll get the benefit when you create your marketing strategy.
This article has a companion: an article with actions to take once you’ve read the questions.
The questions to consider are:
1. What business are you in?
2.Who are your customers?
3. What are you in business for?
1. What business are you in?
When I ask this question at a marketing seminar, I usually get an answer based on products, services, or technology. “We are in TI”, “I sell toys for children”, “I am an accountant”, “I sell underwear”, “I do social marketing”. I could go on.
To answer this question, you need to look for a market definition rather than a product, service, or technology definition. The definitions of products, services and technologies become outdated all the time. Do you want to be like the horse-drawn carriage manufacturer that disappeared when cars appeared? They really were in the transportation business and should have focused on that instead of making carriages.
2.Who are your customers?
This is a probing question that never ends, but has to start somewhere. Marketing is really about matching your product to the needs of your customers, so essentially you need to know who your customers are.
What I discovered is that many companies have customers who do not “freeze” with them. They’re hesitant to say it, but many business owners feel like they have the wrong kind of customer. Yes, they pay and yes, it adds to the billing figures, but in the long run, they are not a good match with the company.
3. What are you in business for?
Depending on your business, this can be a difficult question to answer honestly. I’ll say it plainly: the purpose of being in business is to make money, plain and simple. You can’t run a business without money, even if it’s a charity. Nonprofits still need money to accomplish their purpose or larger goal.
So let me ask you another way: what is your larger purpose or goal?
Virgin wanted to create a company that offered a better customer experience, and Sony wanted music to be portable. They both made money and achieved their greatest goal. It could be said that they made money by achieving their greatest goal.
In summary,
If you have answered the three questions above, you are well on your way to learning about the future of your company or product/service. In terms of strategic marketing, he looked at his positioning, customer value, the competition, how and where he can innovate, got some answers to a SWOT and his elevator pitch.
