Stronger SWOT Analysis and Marketing 4 P’s (Part 1) by Barry Welford
“Here, Barry Welford explains how to utilize a process of SWOT analysis and the marketing 4 P’s to identify and target a market niche for your marketing plan.” –-Bobette Kyle, WebSiteMarketingPlan.com Network Publisher
The current competitive environment is the most challenging ever. The Internet, Globalization, the speed of change, all contribute to markets, which are tough for sellers. Potential customers have limited time to research and consider purchasing decisions. A flood of information from all sides overwhelms them. Many companies do not survive for long in this frenzied world.
A Marketing Plan is critical in applying company resources in the most effective way to sell to customers. Many companies are comfortable in developing their product/service package but some find the marketing task daunting and tackle it reluctantly. They may start with a SWOT analysis. They consider the Strengths and Weaknesses of their product/service versus the competition. What are the Opportunities? Where are the Threats?
Or they may review the marketing 4 P’s to help them succeed. The 4 P’s are: Product, Price, Publicity, and Place.
However in adopting this 1-2 approach (1) develop the product/service then (2) figure out the marketing 4 P’s, they may already be accepting an approach, which may be very ineffective.
This traditional approach is product-driven or company-centric. We’ll make the best mousetrap in the world. Then we’ll try to find ways of getting customers to come beating our door down.
The alternative is to be focused on the customers, to be customer-centric. In particular, we first select our particular niche of customers. Then we look at the product/service package to be offered through the eyes of a typical customer from that niche. So we use our niche of customers as our mirror to determine whether our product/service is what they want to buy.
Standing in the shoes of the typical customer in our market niche might seem a small change in perspective. If we instead stand in the company shoes and try to figure out how to sell to this prospective customer, won’t we get the same answer? The answer is NO, and in some cases the difference can be the difference between night and day, between success and failure.
This article outlines the customer-centric approach to the Marketing Plan. The steps are very practical and will produce a very different Marketing Plan. It provides the very best launching pad for a Sales prospecting approach, which will maximize the company opportunities.
The nature of the world and the nature of markets have changed dramatically with the advent of the Internet. Information flows freely and purchasers can easily get a mound of details on possible purchases. Change is everywhere and people talk about Internet time. A market change, which might have occurred on a time frame measured in years, will now occur against a time frame measured in 3-month periods. Competitors however small can make their presence known on the web. The playing field is much more level. These are all positive aspects of the World Wide Web.
The down side of the web is that very rapidly there is now too much information there and it is increasing exponentially at a staggering rate. Even the best search engines currently catalogue only one sixth or less of sites. So we are seeing an explosion of information flow that is akin to the Tower of Babel. People are becoming stressed at the demands placed on them by this explosion of information. It is difficult for any marketer to be sure that they can send their messages to potential customers and be confident that the messages will get through.
About the Author
Barry Welford of SMM Internet Marketing Consultants helps you find ways to improve your company’s marketing and selling effectiveness.
Permission is granted to reproduce this article in its entirety in an e-mail newsletter or on a web site provided that the article is reproduced as shown above, with a hyperlink to http://www.smmbc.ca/ with credit in writing to SMM Internet Marketing Consultants. Please send an e-mail notification and a copy of the newsletter or link to email@example.com upon reproducing the article.