How to construct an effective marketing strategy

Introducing a blog post series on how to construct an effective Marketing Strategy

An effective marketing strategy is one of the major differences between small businesses and big businesses. Learning how to construct an effective marketing strategy is a skill that can be learned. This email series will walk you through the foundational concepts and give you some specific skills that you can use to construction your own effective marketing strategy.

The SBA says that there are 27.5 million businesses in the U.S. Of those:

1. 6 million (78%) have no (“0”) employees… these are solo-preneurs
2. 6 million (13%) have 1-4 employees… these are micro businesses
3. 04 million (4%) have 5-9 employees… these are tiny businesses

In Total 95% of all businesses in the U.S. are EXTREMELY SMALL.

What is the single biggest difference between small and large businesses?

The bigger the business the better they are at solving what I call the Marketing Process Challenge.

What is the Marketing Process Challenge? Simple. Before you can significantly grow your business and create a marketing and sales pipeline that can be automated the following questions must be answered:

1. What problem do I solve?
2. Who are my ideal target customers?
3. Where do they congregate in bulk?
4. What media will be most likely to reach them?
5. What message (or series of messages) will they be most likely to respond to?
6. What kind of response do I want them to make?
7. When they do respond what do I do next?
8. How do I replicate this process?

There are some additional questions that must be asked and answered before you can complete the Marketing Process Challenge. They are:

1. What is the LTV (Life Time Value) of my average client?
2. What is the COA (Cost of Acquisition) that I can support to gain each new client?
3. What are my Gross Profit Margins on my average client?
4. Does my Price support my COA?

Over the next few weeks I will be writing a series of articles that go into greater detail about each of these subjects. My goal is to help you think through your Marketing Process.

We will start with the economics of LTV, COA, Margin and Price. Then we will circle back to the questions that must be answered. I hope you find this interesting… and helpful. Not everyone wants to grow a big business but if you do the Marketing Process Challenge is the biggest hurdle you will have to overcome.

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Got Questions? Call 817-569-0494. Thanks… Lee Thurburn