The three takeaways that I got for this class were marketing strategies, positioning and differentiation.
Marketing strategies are important because they give a company a sense of direction and distinctive plan. A strategy pushes a company to a predetermined goal in sales and hold a competitive advantage against their competitors. In the video above, he talks about four essentials on how to market a company.
- Identify your ideal client or customer.
- Have a concise or compelling message.
- Have the necessary marketing materials.
- Have a circle of friends and family.
With all these steps correctly utilized, I feel that a company has a better chance to compete in their specific market. I think the most important step would be step number two, have a concise or compelling message. Just having a message that has a nice ring to it can greatly increase a company’s ratings in their market. That message can be conveyed through a tag line or through commercials targeted to certain audiences. He also mentions that every company should have the following marketing materials: a website, blog, social media accounts and a virtual business card. These marketing materials are a must in today’s digital age.
Positioning is a marketing concept that guides a company to help market their services or products to their target audience. Usually the four P’s are used to position a company’s strategy. The four P’s are promotion, place, product and price. A company needs to continually do research on their target market and change their positioning strategy to always gather new target consumers. Understanding a target audience and narrowing down on their specifications can drastically change materials and advertising towards an audience. For instance, a company could market to a target audience of young males between the age of 20 – 25 years of age, have an interest in sport cars and make an average salary of $30k – $40k a year. With these stats in mind, a company will know how to produce their car, budget, and how much they plan to sell the car for.
Differentiation is how a company is unique from their competitors. A company needs to be able to market a value with their product or services to their target consumer that makes them feel that they can’t get from any other company. The article linked above state four advantages of a product differentiation strategies.
- Creates values
- Non-Price competition
- Brand loyalty
- No perceived substitution
Without proper differentiation a target consumer wouldn’t be able to tell one product from the next. For instance, if I was looking for a USB jump drive, I would look for a certain size. After finding a size, I would look at the stats for speed of transferring files. Then, it would come down to price. I wouldn’t mind trying out a new brand but I usually buy ScanDisk products because they have been in the industry of creating hard drives for a long time and have a brand image of reliability for me. In the past, I have bought some low name branded memory sticks that crashed and reformatted uncontrollably causing me to lose my photos and videos. They were precious images and videos of my family having fun together. I so disappointed about it, I vowed to never buy it again. After those incidents, I went to write a horrible review on the product giving it a one star rating. Usually, I don’t write reviews but I had to help prevent others from falling into the same pit trap that I fell into. I wouldn’t mind paying an extra buck to know that my files would be secure. Throughout the years, ScanDisk products have always been fairly priced products and I try to buy them at Best Buy when they have good sales on them.