Marketing Strategies 101, Transitioning in a Post Covid-19 World

Marty Edwards

• Publisher: Yakoke Consulting
• Year: 2020
• eBook ISBN: 9780578812601
• Edition: 1
• Topic: Business
• Subtopic: Marketing
• Index: Business

The COVID-19 pandemic will forever change how business is conducted. This is true whether you offer a service or sell a product. "Social distancing" will ease at some point, but it is my belief that virtual connection with employees and customers will continue to skyrocket.

Although we have all these exciting emerging technologies and trends, we should not forget basic marketing principles: Marketing Strategies 101. As we transition or pivot in our Post COVID-19 world, let's maintain this good foundation of marketing fundamentals.

Part One:

Great Marketing Is All About Great Listening

For sure, great storytellers make great marketers. You have to communicate your brand in a captivating way. However, you should remember that you attract a listening audience by first BEING a great listener. In other words, you have to really know your target market or potential customer. You only know someone well by listening to them. I know I can hear the wives out there saying, “YES! LISTEN!”

If you fail to understand the likes, personality, and ingrained habits of your target audience, your message can totally miss the mark. The understanding of those likes, personalities, and habits emerges from relationship, and relationship is nurtured by listening. Want to be a powerful storyteller? First, be a great listener.

The obvious goal of every promotional effort is formulating strategies that diminish risk and maximize profit. You want cost-efficient strategies with expeditiously maximized results. That only occurs with careful planning.

Intuitively attacking the marketplace and just selling yourself is admirable, but the old saying “Failing to plan is planning to fail” is also true. While “paralysis by analysis” is a potential pitfall, long-term success is found by carefully drafting a strategic road map with defined objectives. A focused plan will expedite the desired results.

We need to ask the following basic questions and then listen. When I got my degree in marketing forty years ago, they called it market research. This is the first step in Marketing Strategies 101.

What is my target market, or in other words, what is the macro environment in which I am marketing?

These are the big-picture markets, or the oceans, lakes, rivers, and ponds, where the fish are caught. To continue that analogy, the waters that you should look for are “protected coves,” where your uniqueness can shine the brightest or competition is less.

If applicable to your business, government regulations can provide a protected cove, or unique opportunities, for minority-, woman-, and veteran-owned firms. These government programs serve as a type of incubator for these firms to grow. As a long-time participant in government programs of this nature, Yakoke Consulting can advise you on advantages and disadvantages of utilizing these strategies.

The federal government is not the only one supplying assistance to minority-, woman-, and veteran-owned firms. Many very large corporations diligently seek to increase purchases with these firms. They have diversity

policies and buyers tasked with growing and diversifying their supply chain. If applicable, you need to certify with the National Minority Supplier Development Council (NMSDC) (https://nmsdc.org/) or a similar certifying body that verifies your status and eligibility.

These are just a couple of examples of protected coves. With thoughtful analysis you can find your protected coves. As you prioritize target markets, find those market dynamics that let your uniqueness stand out. Your personal experience prior to business formation can play a role as you select your top target markets. Those past relationships can be a factor in that market becoming your protected cove. It also could be that one of your key personnel has prior experience in that particular market, and letting that staff member take the lead creates a protected cove. Another potential avenue for finding a protected cove is using your strong relationship with a vendor. This can be the seed from which you build relationship in this market. It is always best to enter a new market with all the allies you can find.

The following list of target market types has too many subsets to list. However, this is the general framework of commonly identified market segments.

•Federal Government

•State Government

•Municipal Government

•Tribal Government

•Private Sector

o Residential

i. Single Family—Low Income/Affordable

ii. Single Family—Average

iii. Single Family—Upscale

iv. Multi-Family Housing/Property Management

o Commercial

i. Retail—Clothing

ii. Retail—Office Supply

iii. Retail—Grocery

iv. Retail—Convenience Store

v. Retail—Restaurant

vi. Retail—Pharmacy

vii. Retail—Electronics/Appliances

viii. Retail—Footwear

ix. Retail—Dollar Stores

x. Industrial—Manufacturing/Warehouse/Distribution

As we have stated, it is imperative to prioritize the targeted markets to achieve maximize growth in the shortest period of time. This prioritization will let you make the most of your limited marketing budget.

For a startup business, the following questions are just a few examples of what to ask before making entrance into a market. The same questions are pertinent if you are established in one market but launching into a new one. In that case, it is equally imperative to perform market research by asking the same questions. For a market expansion, consider the skills and expertise developed in one arena and ask how that translates to the new market. Those same skills can help position you for superior performance in the new market. Once again, ask and then LISTEN. This same routine will pay dividends. Don’t rush in your excitement and fail to do your homework.

Whether an initial entrance or market diversification, the following are examples of questions you should ask:

•What is the nature of the target market?

oWhat is typical regarding the length of time it takes to get paid?

oAre product or service warranties expected? If so, how long?

oWhat are the “points of discovery” that uniquely fit this market (social media, yard signs, billboards, newspaper ads, radio ads, etc.)? Are they different than market outreach in my established market?

oFor those expanding to new market types, what are the differences between these new targeted customers versus customers in your established market?

oWhat is the historical demand, or estimated sales, for my products or services in my city, state, or geographic region?

oCan I efficiently service customers as I expand regionally, and what are the implications in regard to shipping or mobilization cost?

oWho are my potential competitors, and how might their offering of services be different? Where are we comparative in price point? What additional services or products do they offer? Does it warrant being added to my service or product profile?

oWhat, if any, additional equipment or capital expenditures are required to make entrance into my initial target market or diversification into a new market?

oWhat is my projected cost and revenue in this new target market? Are there differences compared to my established market? Perform a detailed analysis of projected cost and blend these results into your carefully prepared projected cash-flow statement. Yakoke Consulting has cash-flow templates that can aid you in this analysis.

•Who are the target persons, firms, or government agencies found in t...

Table of contents

• Cover
• Title Page
• Copyright Page
• Acknowledgments and Gratitude
• Preface
• Contents
• Introduction
• Part One: Great Marketing Is All About Great Listening
• Part Two: You’ve Listened and Now You’re Ready to Talk
• Part Three: The How and Where of Telling Your Brand Story
• Part Four: Brand Story Delivery—What Other Places Is This Great Content Going to Land?
• Part Five: Transition and Market Expansion Strategies
• Conclusion: Random Musings and Cool Virtual Marketing Ideas