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LETS GET DOWN TO BUSINESS.

Question :
Hi there!I am nearing the point of launching however am now fully on to the marketing side of the business so we have strategies etc in place. We are entering an untapped market which means understanding the market is quite difficult as there is no real statistics or numbers or even competitors to go off of… How do you go about doing a marketing strategy in an industry that is new? 

Question submitted 12/08/20 @ 04:19pm
Industry: Brand & Marketing
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  • Hi there – one way is that you engage with your target market – engaging with users, talking to them, understanding them is where you can get the data and insights about your marketing strategy. Engagement is key.

    Another approach can be to look to different but similar offers either in terms of the problem they solve or their target market, and learn some lessons from their parallel experience. Or find a market overseas where your concept is available and take a look at what they are doing and look for some transferable insights.
    Good luck!

    Hi there – well done on getting to this point.

    The issue here is that there is not a clearly defined market, with established competitors, as I understand it. Virgin territory, so to speak…. but there is ALWAYS data available. The people you’re targeting already exist, they already have the problem you’re solving, and they’re hopefully looking for a solution (because, if they’re not, you don’t really have a market at all).

    The key to your marketing strategy is to understand what they’re currently doing to solve the pain of the problem (which may be the “do nothing, live with it” solution, which is fine). Then you need to discover what will make the time, effort and potentially cost of your solution less painful to them than their current solution, and why they should care enough to take the time, make the effort and pay the cost of using your solution.

    And therein lies your marketing strategy…
    I’m happy to help guide you to the data you need, but I’ll need more information about who your target is, and what ‘virgin territory’ you’re planning to occupy. You’re welcome to email me on debra.hallnz@gmail.com

    Hi there,

    Thanks for getting in touch. Congrats on getting the business to the point you’re now able to now focus on your marketing strategy. Building a brand and driving marketing success does take time and in my experience the most successful brands have understood the value of clearly defining their customer value proposition (cvp), positioning and differentiation, pricing, and the customer experience.

    The following is a bit of a copy n paste of previous advice I’ve provided but I do think it’s relevant to your position.
    I’d split my advice into 3 areas; building your brand, finding your unique customer value proposition and marketing your services.

    Depending on the time you have to dedicate to this will determine how far you take my recommended approach below.

    I’d start with the lean canvas which can help you to determine your own angle. How you’ll stand out vs the competition. Who your competitors are. What your unique value proposition is. What your unfair advantage is. How you’ll price your services to be competitive and sticky. https://leanstack.com/leancanvas

    Once you’ve had a crack at the top line canvas I’d then suggest developing a more detailed plan using an old marketing framework: SOSTAC, which stands for Situation, Objectives, Strategy, Tactics, Action, Control.

    * Situation assesses where a business is presently (Where are you now? Who are the competition? What’s the market size? who are your target customers and where are they? Are there any gaps your business could fill? Etc)
    * Objectives sets the mission or goals for the business (Where do you want to be? What are the 3-5 objectives you have for the business? E.g. For this financial year: To grow the business revenues from $x to $x with a profit of x%. To achieve a products sales target of $x. To grow your customer base to x. To drive brand awareness by x%.)
    * Strategy is an overview of how to achieve the objectives (How do you get there? What are the high level strategies you’ll deploy to reach your objectives? E.g. Target customers and drive acquisition through onboarding offers. Raise brand awareness for specific customer types using targeted comms, etc etc).
    * Tactics are the details of strategy (e.g. the marketing mix. These are the specific initiatives you’ll employ to deliver on your strategies).
    * Actions how do you ensure excellent execution of the plan. (E.g. Using simple planning tools you can plot your tactical initiatives across a calendar).
    * Control establishes how you know whether you are getting there (What do you need to monitor? E.g. Put in place simple measurement tools to allow you to understand what tactics are achieve if the best outcome for your business. Use A/B split testing with your ads on FB, monitor if there was a spike in website traffic or sales after an article was published, after a promotion, did you see a significant uptake? Etc etc).

    By systematically working through each of the areas above you’ll land on a clear direction and the tactical efforts you need to take the business forward.

    Further information can be found here;

    SOSTAC® marketing planning model guide

    When it comes to bringing it all to life it’s really down to you and your support team to get creative and think differently to your competitors. What are they doing on the socials, who’s demanding the best position in the market and why, how are they turning up differently. Considering these questions will hopefully lead you to a set of smart strategies and tactics (as part of your sostac plan) to smash the competition!

    Good luck,
    Russ

    Thank you guys very much for your input it has been awesome!!

    So i have done a lean business model canvas however it could be tweaked haha i have also done up a business plan. I guess with the marketing strategy im just nervous i don’t have all the information i need however after reading these comments i think i do!

    Thanks for the SOSTAC i have never heard if this so will definitely look into it!!

    Thanks again!!

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