How to Build a Strong Marketing Strategy
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Running and growing your business seems more unpredictable during these trying times. So what can you do? Knowing and understanding trends can help you uncover new opportunities for business growth. By leveraging market analysis insights, you can create a strategic roadmap to forecast desired and profitable outcomes. In the presentation, Jimmy Newson shares market analysis tips, tricks, and strategies to get a complete picture of your industry and its competitors. Using these insights, you can: - increase your market share, - find new market opportunities, and - uncover new product and service offering ideas. When done regularly, it can be significantly effective in future-proofing your business in our ever-evolving world. Check out SEMrush's 6 step guide to building a strong marketing strategy ➡ https://www.semrush.com/blog/6-market-analysis-steps-to-building-a-surefire-marketing-strategy/
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How to Build a Strong Marketing Strategy
- 1. How to Build a Strong Marketing Strategy Use market analysis and data insights to beat out your competition and find new opportunities
- 2. About Jimmy Newson Founder: Jimmy Newson Consulting | Moving Forward Small Business. Senior Advisor| New York Marketing Association Jimmy Newson is the founder of the consulting firm that bears his name: a business strategy, online marketing, and sales powerhouse for small and medium enterprises. He has been dubbed the “Profit Producer” for the outstanding results he achieves for his many clients. Jimmy is also the Senior Advisor for the New York Marketing Association, as well as the Founder of Moving Forward Small Business, a global effort to leverage the power of marketing, technology, and innovation to reduce startup failure and save 1 million businesses by 2050. Email: jimmy@jimmynewson.com Linkedin:@ jimmynewson Twitter: @jimmynewson1 FB: @jimmylnewson Certifications
- 3. What are the Issues You Face Today?
- 4. Issues We Face Knowing who is the biggest threat to your business today and in the future. 01 Knowing how to take risks and turn it into highly- calculated strategic moves. 02 Knowing how to create a successful growth roadmap from a sea of big data. 03
- 7. Salesforce
- 9. Market Analysis and Data Intelligence
- 10. What Is Market Analysis? • Evaluating the market size • Pinpointing growth trends • Defining and learning about the target audience • Getting an in-depth look at the competitive landscape • Identifying business goals
- 12. Why Do Businesses Need to Conduct Market Analysis? • What products and services are already popular within your target market; • Which competitors are employing the most efficient marketing mixes to offer these products and services; • Whether there are any gaps or opportunities within your niche that will allow you to fine-tune your products and services and get a share of customers’ attention; • What other factors outside of competition and demand can impact your business’s success or failure.
- 13. WHAT WE WILL COVER TODAY • Defining Your Business Goals • Assessing The Market Size • Identifying Market Trends and Growth Rate • Getting an In-Depth Look at Competitors • Identifying the Right Demographic • Accounting for Internal and External Factors
- 14. WHAT ARE YOUR GOAL?
- 15. CSF – Critical Success Factors
- 16. What are the 5 critical success factors? 1. Strategic Focus (Leadership, Management, Planning) 2. People (Personnel, Staff, Learning, Development) 3. Operations (Processes, Work) 4. Marketing (Customer Relations, Sales, Responsiveness) 5. Finances (Assets, Facilities, Equipment)
- 17. WHAT’S THE MARKET SIZE?
- 18. Things To Consider: •Market Size • Market Dynamics •Audience Size • Competitors (Industry and Organic)
- 19. Determining The Market Size & Dynamics Market Size Market Dynamics Audience Size Competitors (Industry and Organic)
- 20. Audience Size • Market Size • Market Dynamics • Audience Size • Competitors (Industry and Organic)
- 21. Determining Your Competitors Market Size Market Dynamics Audience Size Competitors (Industry and Organic)
- 22. IDENTIFY MARKET TRENDS AND GROWTH RATE
- 23. Traffic Volume represents the current audience size, and Traffic Growth reflects the pace at which researched competitors expand within the market.
- 24. What is the Percentage of a competitor’s market share?
- 27. GETTING AN IN-DEPTH LOOK AT COMPETITORS
- 29. The intensity of the competitive landscape • The competition level within the marketplace • Key competitors • A clear understanding of your competitive strategy
- 30. Level of supplier power • The number of suppliers within the market • The range of existing suppliers • The costs of switching to other suppliers
- 31. Buyer’s entry/exit costs • Analyze your competitors’ overall online performance • Get a glimpse at their online advertising strategies • Pinpoint your rivals’ SEO, content and PR strategies • Reveal their activity across social media channels
- 32. The threat of substitute products It comes at a lower price but with a similar function or quality. It offers a similar price but is of higher quality or is more functional.
- 33. Access to the market for new entrants
- 34. BONUS!
- 43. Things To Consider: • Geographic: country/city, urban/rural etc. • Demographic: age, religion, gender, income, socio-economic type, education, family size/status. • Psychographic: lifestyle, interests, hobbies, opinions, influencers. • Behavioral: buyer journey stage, brand loyalty traits, price sensitivity, purchasing style, usage rate. • Media: social media/TV/newspapers/search engine preferences. • Benefit: customer service, quality, and other specific expectations.
- 45. ACCOUNT FOR INTERNAL AND EXTERNAL FACTORS
- 46. Account for Internal and External Factors via WordSteam
- 48. WHAT DOES THIS MEANS FOR YOU?
- 50. Your Challenge
- 51. Your Challenge: Please answer these three questions 1 Create or revisit your business goals and update if necessary. 2 3
- 52. Your Challenge : Please answer these three questions 1 Create or revisit your business goals and update if necessary. 2 Determine what key data metrics are most relevant to your business. 3
- 53. 1 Create or revisit your business goals and update if necessary. 2 Determine what key data metrics are most relevant to your business. 3 Determine how you will use data intelligence to increase YOUR market share ,revenue & profits? Your Challenge : Please answer these three questions
- 54. Jimmy Newson • Email: jimmy@jimmynewson.com • Linkedin:@ jimmynewson • Twitter: @jimmynewson1 • FB: @jimmylnewson ConnectWithMe
Notas do Editor
- I will remove this slide if you plan on doing intro before I actually start the presentation.
- What I want you to take away from this workshop is If you don’t pay attention to your market and the competitors in it, you’re vulnerable to disruption. You need to be able to easily make great business decisions that positively impact your business, your stakeholders (backers, partners, employees and customers), and your bottom line. If this sounds like you, give me a “yes” in the chat box. Examples of disrupters are: Blockbuster and Netflix | Taxi industry and Uber | Brick & Morter Stores and Amazon
- SALESFORCE SAID: Now we’re firmly entrenched in the digital age, and businesses of all sorts are creating clever, effective, and disruptive ways of leveraging technology. Netflix is a great example. It started out as a mail order service and disrupted the brick-and-mortar video rental business. Then digital innovations made wide-scale streaming video possible. Today, Netflix takes on traditional broadcast and cable television networks and production studios all at once by offering a growing library of on-demand content at ultracompetitive prices. I added this: This is what happens when you are constantly monitoring the market and keeping a close eye on the market and ALL of your competitors.
- Now, wouldn’t it be great if you could make your decision based on your crystal ball? Well, there’s a crystal ball out there. It’s call big data. So, let’s dive into the type of big data.
- Market analysis is a procedure of assessing and identifying various internal and external factors and conditions in a market within a specific niche. Essentially, the key insights that are gained from market analysis relate to:
- Carrying out market research enables companies to stay informed on the latest market trends, their audience’s buying habits, evolving technologies, and competitor activity.
- It allows you as a business owner to uncover:
- Section 1 As simple as it sounds, it still amazes me that most small businesses don’t have clearly defined goals both from an overall business and marketing perspective.
- Critical Success Factors, also known as Key Results Areas, are the areas of your business or project that are vital to its success. Identifying and communicating CSFs within your organization helps to ensure that your business or project is focused on its aims and objectives.
- Section 2
- There are many tools available to help you determine this including industry and government reports. Information, data and measurement firms like Gartner, Nielsen and Statista are invaluable sources of in-depth information about the market. And one hidden resource is your public library. They have a tool call Reference USA. But, for the remainder of this presentation I will demonstrate in real –time using the SEMrush Market Explorer and Traffic Analytics tool.
- Overall Market Size
- Using The Market Explorer tool you get a breakdown of where your target audience comes from, pinpointing the share of each traffic source - direct, referral, social, paid, or search. These insights can inform your marketing strategy, helping you to prioritize your marketing efforts and focus on marketing channels that can potentially expand your market share.
- Your industry and organic competitors: Industry: Websites who’s audience share similar categories of interest Organic: Websites that compete with the same entered domain in search Let's jump into SEMrush.
- Section 3 You cannot stop once you identify the market size, as it is never constant. Market growth and market trends are essential steps to regularly revisit so you can take timely action and fine-tune your business and marketing strategies accordingly.
- In the SEMrush Market Explorer tool, the Growth Quadrant feature helps you to visualize the competitive landscape. Traffic Volume represents the current audience size, and Traffic Growth reflects the pace at which researched competitors expand within the market.
- See in real time who are the players, what percentage of the market do they have overall, and what percentage of the market do they have based on traffic sources. See what channels are most important for branding and acquisition.
- Apply the data to the Boston Consulting Group matrix and prioritize your business and marketing efforts accordingly The BCG matrix’s horizontal line represents the market share, and its vertical line stands for the growth rate. What we should do now is place each of our research items within the designated box, reflecting how they rank in terms of market share and growth. BCG’s definition for the terms within the matrix are: Stars indicate that a product has a high market share and a fast rate of growth. Cash cows are businesses with high market shares but lower growth expectations. Question mark stands for products with a small market share but with high growth rates. Pets represent items with both a low growth rate and low market share.
- It will not always be immediately obvious into which box your products/research items should fall. Yet, when you look at each of them in relation to the other, you can see that Tesla is Musk’s Cash cow, SpaceX is a Star, OpenAI falls under the Question mark, and SolarCity can be considered a Pet.
- Section 4
- Porter’s Five Forces analysis Porter’s Five Forces analysis offers a strong foundation for analyzing not only competitors but also factors that affect competition - from new entrants to existing rivals to additional products and services you might not have considered. Porter’s five forces analysis evaluates opportunity and risk based on five essential industry factors: 1. The intensity of the competitive landscape; (dark blue) 2. Level of supplier power; (light blue) 3. Buyer’s entry/exit costs; (green) 4. The threat of substitute products; (purple) 5. Access to the market for new entrants. (red)
- The first thing to look into is how intense the competition is within your niche. The key insights you should gather at this stage are:
- Online or offline, businesses are heavily reliant on other businesses in their operations. This factor examines the power a supplier might hold over your business.
- Now, with consumers, they can also have some bargaining power over your business. While this may seem like a customer-centric factor, you should be looking at your competitive landscape once again to determine the costs of the buyer’s entry and exit. The overall audience size, the number of competitors, their pricing, and quality factors will matter when you are shaping or reshaping your business and marketing strategies.
- On top of keeping an eye on competitors and their marketing strategies, you should also be aware of the fact that you might be competing with substitute products too. An indirect competitor might be impacting your profitability as your customers are switching to a different product or service.
- This factor considers how easy or difficult it is to enter the market for upcoming brands. While you may be all set with your market analysis, this factor requires ongoing market monitoring. Let's jump into SEMrush.
- The 5 type of competitors you should know about. Write these down.
- I want you to classify at least 3 competitors in each of the 5 competitor sections.
- Section 5
- Segmentation of information: These are elements that help you personalize the information you put out for each of your buyer personas or avatars.
- Using Hooley’s Segment Attractiveness and Resource Strength framework, you can assess the appeal of each market segment before setting your priorities to address budget, employee resources, product, or other limiting factors. Create a matrix similar to the BCG one used earlier - with market segment appeal reflected in the vertical line, and the horizontal line reflecting your resource capabilities: Let's jump into SEMrush.
- Section 6 Now it’s time to: Capitalize on your advantages; Eliminate your weaknesses; Seize market opportunities; and Minimize the impact of any threats.
- So, what data is important for a convincing proposal? Let’s review this slide.
- It means a happy team and happy clients: When gathering data to support your marketing decisions, you need to make sure that you are getting exactly the information you need to answer your toughest business questions. The market intelligence capabilities now available can come in handy when you need to evaluate market size, pinpoint growth trends, learn about a target market, get an in-depth look at the competitive landscape, identify business goals, and more. Which is why I use SEMrush to do a lot of the heavy lifting for me and my clients. It’s a great first step.
- Based on what you heard today. I challenge you to answer three questions so you can create an action plan that will allow you to start to gain more market share and increase your bottom line.
- Look up the Critical Success Factor framework and see if it can help you come up with worthy goals for your business.
- “Thank you & goodbye”.