There has to be a method to the madness.
Let’s begin with the fact that social and digital are not marketing themselves. They are crucial components of promotions and advertising, which are part of the marketing mix. Marketing encompasses much more than social media and the web. I meet too many people that claim to be marketers because they are really good at using Facebook and Instagram, yet can’t even tell me the “four Ps” of marketing (hint: promotion is one of them.)
Kotler and Keller define marketing as:
“The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” — Marketing Management, Kotler & Keller
That’s complicated. Marketing is business. Which is why business leaders, not only professional marketers, must take a step back and analyze their activities. Simply doing things, like creating products, posting ads on social, being active on Facebook, buying keywords on Google AdWords, blogging, and attending conferences will get you somewhere. And it’s great that something is getting done. But doing things without purpose and strategy leads to wasted funds, and creates a team with no direction.
Even worse: Marketing with no strategy leads to confused customers.
Build a framework, document it, and make sure it’s known.
Starting marketing activities without structure leads to quiet chaos when everything seems okay in a business, but there’s no order. The product team creates products, which are promoted through several channels to the wrong people while working with partners that don’t make sense, and so on. The products sell, so it seems like everything is okay, but that’s simply the sales team going rogue and doing their own thing.
To create a marketing framework and get everyone on the same page. Here’s what marketers and business leaders should think through:
Analyze and understand the marketplace. Often, this is done informally, which leads to the creation or idea of the product in the first place. However, have the conversation again and document it.
Understand the company’s and team’s strengths and weaknesses — everything from the financial aspect to the capabilities of the software development team.
Understand the customers in your product category. This means all customers, even the ones you don’t want.
How well do you know your competitors?
What does the outlook for the industry look like?
Politics matter. How will the political environment in your company’s geographical markets affect your product and decisions?
Positioning creates your brand’s message. Define your target market based on your analysis, market data, and (yes) intuition. For that target market, become clear on how your company and its products are different. Next, the company’s (or product’s) value proposition becomes evident — write it down. Positioning your company and the products in customers’ minds stems from differentiation and value proposition, but it also comes down to the words you use and the story you tell.
Now we’re on to the fun stuff — tactics. Well, not quite. You have to figure out the details first. The four Ps: Product, Placement, Price, and (queue the Instagramers) Promotion.
Product — the details around the product. All of the specifications of the product or services the company provides.
Placement — where will the products or services be available to customers, and which channels will you use? This one can be easy with tech startups but becomes more complex with a more extensive product portfolio.
Price — what will you charge (and why?)
Promotion — Facebook? Instagram? Twitter? Google? There’s more to it. Broaden your thinking by asking yourself, “How will your company attract its target market?” The possibilities grow quickly.
This doesn’t have to be a formal, lengthy document. However, at least put it into a presentation that anyone can look at and know the plan.
Doing this will set the direction for tech startups, which often spend a lot of time trying to figure out what to do and how to do it. Also, the framework is dynamic and grows with the company, as it points the team to the things to measure outcomes against. Ultimately, it becomes easier to understand what works and what doesn’t.
I digress. Is any help needed? Let me know — yuriy@ymiconsulting.com.