it is an obscure reality that every business’ primary function is to increase sells through the exchange of value. A business’ very existence depends upon its ability to offer something that individuals want to obtain. Without customers (made so by sales), the business would not exist.
However it is equally true that every business’ objective should be to “create a product that sells, not to sell a product,” states Alexander Chernev, the author of Strategic Marketing Management: The . It is through the value, either real or perceived, customers receive from your business that makes sells seem to drive themselves.
Notwithstanding consumer value is hard, if not near impossible, to define. Value, either real or perceived, is often an abstract illusion. You ascertain value itself from the collective benefits derived from your products and services, your business structure, competitors, and customers. In other words, learning your customer’s needs and creating excellence with your own offerings cultivate products that sell. Consequently, this includes those customer needs not met by other products and services or not well by your competitors.
That is why it is important to realize that your marketing strategy is a critical aspect of your business’ survival. It is from the information it contains that helps you build, develop and grow your consumer value, which in turn motivates the sell of your products and services.
Superpower Your Plan
After all your marketing strategy outlines the what of your business. It enables you to be a superpower. It does so by empowering your business to create value and build strong relationships, which then in turn, capture more added value. Knowing your what (and why) eliminates mistakes you will have to deal with from unhappy customers.
The business analyst section helps you clarify your long-term goals. By analyzing your strengths, weaknesses, opportunities, and threats (SWOT) you are given a snapshot of your business in its present state. It forc.e.s you to look into,how your strengths make you unique and where you need to improve your weaknesses. Your business’ ability to develop value has a direct relationship to your goals and resources.
Pro Tip: Your SWOT exercise is completed after your.
Define WHY we exist
Defining your purpose is probably the hardest part to decipher because of the emotional underlining customer need you solve. It is the point of why the business exists. It requires you to dive into the details of exactly how your offerings satisfy the needs of your targeted customer.
- What is the specific problem you solve for your customers?
- What benefits do your customers receive from your offerings?
Write an overarching business goal statement. This manifesto is a combination of your purpose, vision statement, mission statement, and core values.
It’s more than a business purpose. It’s a relevant guiding principle that relates to people, whether it is members of your team or focused on your customers. It isn’t competitive in nature but should create a desire for teamwork.
Remember it’s an emotional connection.
WHAT we want to achieve
Your vision statement is a look at where you want the business to be in the future. It is what the business wants to achieve in a big picture sense is conveyed. This very straightforward statement clarifies the goal. Additionally it is focused, understandable, measurable, attainable, and inspiring.
HOW we plan to achieve the vision
Your mission statement is a declaration of how you envision reaching that goal. It “outlines the aspirational depiction of the key customer benefits and differentiating initiatives,” according to Ryan Rieches of Branding Business.
For example, here is Google’s mission and vision statement:
Google’s corporate mission is “to organize the world’s information and make it universally accessible and useful.”
It is “an aspirational depiction of your key customer benefits and differentiating initiatives,” and it should focus on primary strategies in a clear and understandable way that doesn’t pack in everything. It should tie back into your vision statement.
Core Values Define Your Culture
Core values are those the whole business acknowledges and culturally lives and breathes through its people – inside and outside the organization. It can be measured in behaviors.
These values are important because they provide guidance for ambiguous scenarios and tough trade offs. They influence decisions to drive a business towards its goal.
These three statements and core values assist in providing a clear framework to craft a unique and memorable brand story.