Becoming Marketing Active: The Fulcrum Guide to Getting Started with Business Marketing – In the first part of our guide to becoming marketing active retail Store Marketing companies in navi mumbai, we looked at some of the reasons that drive a business to start marketing (if you missed part one, check it out here). But once you’ve made the decision to embark on a marketing strategy for your business, what next? Where do you start and what steps should you take to ensure a smooth and successful process? As is so often the case in business (and life!), preparation is key. So before rushing into any kind of marketing, it’s important to take the time to plan, research and strategise for success. In order to create an effective marketing strategy, you need to develop a thorough understanding of your market, your competitors and your business itself. This means getting back to basics and equipping yourself with all the information you need to identify marketing activities that work for your brand. 1) Research your target market How much do you know about the target audience of your product or service? We’re not just talking about age, sex or occupation (though, of course, you need to know these too). To have the best chance of reaching your target market, you need to dig deeper and find out exactly what drives them towards purchase. What kind of triggers are they most likely to respond to? Which elements of the marketing mix have the most impact on them? How will your product or service benefit them? Understanding these aspects of your target audience will enable you to position and market your brand accordingly, so comprehensive market research is essential. It’s often easier (and more cost-effective) to outsource this type of research to a professional agency who will be better placed to obtain the information you need. 2) Analyse your competition In order to stay ahead of your competitors, you need to know who they are, what they’re doing and how they’re doing it. Once you’ve identified who your key business competitors are, look into the marketing methods they’re using and the way in which they have positioned their brand. What channels and platforms have they chosen to market their business? How are they promoting their brand and its products/services? Consider which elements are crucial to your own business and how you can position your brand in order to get ahead. 3) Define your objectives What do you want to achieve from your marketing activity? Whether it’s to increase your revenue, establish your business in a new market segment or improve brand awareness, setting clear, measurable marketing objectives is vital in understanding what steps need to be taken in order to achieve these goals. Make sure that each identified objective is specific (how much do you want to increase revenue by?), achievable (is it realistic?) and has a timeframe for accomplishment (are you aiming to achieve this goal in three months or a year?). You also need to make sure that your marketing objectives tie in with your overall business objectives. 4) Understand your business You may think you have a pretty good understanding of your business, but it’s surprising what insights can be achieved when you conduct a thorough SWOT analysis (strengths, weaknesses, opportunities, threats). Be rigorous, be meticulous, and above all be brutally honest. Is a lack of staff training letting your business down? Are your prices too high to compete in today’s market? Arming yourself with this knowledge is invaluable in developing a marketing strategy that leverages your company’s strengths and addresses those areas which need to be improved. In the next instalment of the Fulcrum guide to becoming marketing active, we’ll be looking at the raft of marketing channels available and helping you to identify which ones are best for your business. If you have something to share on this topic, why not get in touch? Leave your comments below…

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The Four P’s of Experiential Marketing

Marketers that have been in the business long enough can recite the “Four Ps” of marketing off of the top of their heads: product, price, place, and promotion. These Four Ps refer to a marketer’s responsibility to create the right product, price it correctly, distribute it to the consumer, and promote it to the target audience. But according to Scott Schenker, a senior-level executive at Microsoft, there are four other Ps that marketers need to consider when planning an experiential marketing event. Here are the four P’s of experiential marketing:

Place

Anyone who attends your events should know that your brand is sponsoring the event the moment that they walk through the door. This is true of all guests, even those that are not extremely loyal customers or very familiar with your brand. But, this doesn’t necessarily mean that the space should be filled to the brim with logos and branding. Of course, every event should have branding, but guests should still be able to tell it’s your event even if the logos and slogans were all removed.

For example, imagine walking into an Apple store. If the products were no longer on display, would you still be able to tell you were in an Apple store? Most people would immediately recognize the clean, all-white aesthetic and associate it with the Apple brand. Try to do this at your event so guests feel as if they are immersing themselves completely into the brand experience that you have created for them. If you can pull this off, then you will have mastered the first P of experiential marketing.

Purpose

The second P of experiential marketing according to Schenker is purpose. A successful experiential marketing event serves some sort of purpose. Many brands make the mistake of assuming the purpose of an event is to reach a goal that will benefit the company. For instance, they may define the purpose of an event as “raising brand awareness” or “generating leads.” But, the purpose of an event should be defined with the consumer in mind. What is the purpose of them being at the event? What are they getting out of attending the event? They don’t care whether you are successful in raising brand awareness or generating new leads, so define their purpose instead of focusing on yours.

Schenker suggests that it doesn’t take much to give guests a sense of purpose once they arrive at the event. In fact, he mentions that even displaying the brand’s tagline throughout the event is enough to help guests understand their purpose. For instance, the international cosmetic company L’Oreal has a tagline that states “Because you’re worth it.” Posting this tagline throughout an event would make it clear that guests are there to explore ways they can pamper themselves with L’Oreal’s products. This isn’t the only way to create a sense of purpose, but it may be the simplest way for brands to master this “P” of experiential marketing.

Pride

Everyone who represents your brand, from your employees to your brand ambassadors, should show pride in what they are doing at the event. Guests will be able to tell when someone who is representing your brand doesn’t truly care about the event or its purpose. This indifference will rub off on anyone who this person encounters, which could affect the atmosphere of the event.

Make sure the brand ambassadors that are working your event know how to greet guests, engage in friendly conversations, and give off positive vibes. Brand ambassadors should also be warned that they are always “on” even when they are not talking face-to-face with a customer. This means they should know it’s never acceptable to roll their eyes or give off a bad attitude when they think no one is watching. In today’s world, someone is always watching, and if it’s a guest, they will pick up on the brand ambassador’s lack of pride for your company. If you want guests to be excited about your brand, then the people that are working for you should be excited, too.

Promote

You may think that this “P” has to do with promoting the event to ensure that people attend, but that’s not the case. When Schenker refers to promotion, he means the opportunity to cross-promote. As you are planning an experiential marketing event, look for opportunities to cross-promote other products or services that you offer.

However, make sure you keep the audience in mind when deciding how or if you should cross-promote other products or services. In order to master this “P” of experiential marketing, the cross-promotion must feel natural. You should only choose products or services that the guests at your event will benefit from, otherwise they’re not worth cross-promoting.

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