Is your company's market position helping you flourish or flounder?

Posted by Amy Fitzgerald on Jun 23, 2014 1:00:45 PM

Market PositionGlobal competition, OEM pricing, delivery and quality demands, and other threats to a profitable market position require more strategic marketing plans that focus on the right products and services reaching the right customers in the right way at the right time. Without planning, success can be a result of luck.

Companies need to have a balanced distribution of profitable customers, products and sales methods focused on value to the customer, and a position in the marketplace that supports their strategic plan.

Successful marketing plans include an identification of internal champions, timelines and measurements for success. Marketing plan elements can include:

  • Product Plans: identifying those products and services that make up the core offerings of the company.
  • Targeting/Segmenting: tying products and services to characteristics of each customer group such as demographic qualities (region, industry, etc), as well as other qualities such as purchasing behaviors, approval processes, values, etc.
  • Customer Relationship Management Strategies: including key customer maintenance, satisfaction and needs assessment plans, lost order analysis, etc.
  • Pricing Strategies: establishing pricing strategies by product and customer segments that support the product/service market position, maintain profitability, and account for discounting strategies.
  • Distribution Strategies: an identification of which distribution channels will be used for each product and customer segment.
  • Sales Channel Management: a description of which sales channels will be used to reach each customer segment and how those channels will be measured, evaluated and supported.
  • Strategic Partnerships: an account of relationships that support the company’s entry into new markets or better serve existing markets through co-branding, offering complementary or support services, etc.
  • Branding: strategies that will create a recognized visual and/or emotional response in the marketplace, often requiring highly coordinated media strategies, consistent messaging and visual appeal, etc.
  • Promotions Strategies: a description of the variety of tools and media that will be used to bring awareness and understanding to the competitive advantages of products, services or business relationships.
  • Web Site Strategies: beyond a web presence, web site strategies are focused on meeting the information gathering and eCommerce preferences of your customers.
  • International Trade: strategies specific to doing business overseas including overcoming language and trade barriers, identifying sales or production partners, etc.

Marketing is a growth investment when it is planned and organized based upon solid research, is customer-focused, and is implemented and evaluated consistently. IMEC provides the experience, resources and structure companies need to develop a practical plan that can meet your needs.

Get started today by walking through a Marketing Assessment to determine if you’re on the right path and we’ll recommend improvements to make sure you’re getting maximum returns on your marketing investment. Starting with a complete review of your existing marketing plan and materials where the team will evaluate overall market visibility, understanding of target audiences, branding and messaging guidelines, advertising and collateral materials, communication outreach (social media, direct mail/email, newsletters, etc.), website use and effectiveness, and sales training.

Don’t have a marketing plan? We can use the information gathered during the audit to document the current state and help set you on the path to establishing a formal marketing plan. By identifying gaps and opportunities for growth, companies can create a new marketing framework and set themselves on the path to progress and a desirable market position. IMEC will customize solutions to meet your needs, use training to transfer knowledge and skills to your employees, and serve as a mentor and coach to help you sustain success.

For more information, please contact IMEC Manufacturing and Growth specialists at 888-806-4632 or by emailing info@imec.org.

Amy Fitzgerald

Written by Amy Fitzgerald

Topics: strategic marketing, sales, business growth

    Subscribe to Email Updates:

    Stay Connected:

    Posts by Category