This course will explore the key core elements of a marketing strategy.
Strategy is more than a particular channel or avenue (i.e. internet marketing or mobile marketing). These elements work together in a system and in some ways will overlap each other in their effect.
Each one can make a business’ or individual’s effort in a channel more profitable.
Because these elements can be woven into a business of any kind, the course will refer to “the business” or “the company.” Note that this could mean a one-person local consulting firm, or a ten-person online business.
The principles are relevant to any one person or group wanting to market or promote their business. The course will begin with the concept of having a unique selling proposition (USP) and will end with internet marketing, with 9 elements of the system discussed in between.
Unique Selling Proposition
Whether you are selling a product, service or yourself as a solution, there must be a reason for the prospect to choose you over and above others like you. That reason should fit neatly into something that the prospect really wants; it is called a unique selling proposition, or USP.
The concept has been called many different things over the years, but the idea is basic: What do you have that your competition doesn’t? It’s important to understand this in all niches and in any market because otherwise you can easily become a commodity.
Being a commodity means that there is basically no difference between you and other players. Why does this matter? It matters because you only have a few alternatives to compete when there is no difference in what you offer to customers: price.
If you continually seek to be the lowest price competitor in the market, you begin to compete with companies like Amazon, Wal-Mart, Alibaba and Home Depot. These companies can buy and sell on a massive scale and can afford to lower their prices almost indefinitely.
This means that if you can consistently lower the costs of buying and/or production you will need to cut into your revenue and profits in order to survive in the market. On the other hand, when you have something or a few things that your customer must come to you to get, you can reasonably price your product for profits.
You can also expect that the customers who come to you will be those that truly resonate with your product. There are several ways (other than price) to compete in a marketplace…
- You can compete with unique features; this means that there is some aspect of what your product is/does that is unique.
- You can compete by doing something more or better than the competition.
- You can compete by narrowing down who you serve and developing an expertise with that field or group.
- You can compete in the marketplace by offering a unique guarantee.
- Lastly, you could compete as the leader in terms of pricing, which, again, is inadvisable in most markets.