PLANNING THE MARKETING STRATEGY by jw8490k

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									Planning the marketing strategy        1999 WMA         Wedgwood Markham Associates Ltd


PLANNING THE MARKETING STRATEGY
 1999 Wedgwood Markham Associates Ltd

Millions of words, thousands of books and articles, hundreds of courses and dozens of
institutes and associations cover marketing.

The first item on the marketing agenda is : what is our strategy.

The following tips might be useful.

The following extract was the basis for a presentation given to a group of small
private practices. The principles are, however, relevant to all organisations.

FIVE STEPS TO PREPARING THE MARKETING STRATEGY

STEP ONE

Assess your professional strengths and weaknesses and your most profitable skills.
Relate these to your competition to discover your 'unique selling points' (what makes
you different/better than anyone else).

You first need to know what you are good at, those skills and services at which you
excel and those with which you struggle.

You also need to be aware which services generate the most profit and thus, those you
should concentrate on marketing and selling.

Your first task is to identify as many "unique selling points" as possible - you need to
be able to answer the question, "What can you do for me that no-one else can?"

To do this you need to look at those who you are competing against, related to each of
your skills or services.

You need to be honest. Give yourself marks out of ten. The higher the number the
better.

Remember your competition will be those other practices in your own profession -
whether or not they are based near you - and those operating in other, yet related,
areas.

Step One - 1

List the services you offer

Step One - 2

List your most profitable skills:
(in terms of fees charged for time taken)




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Planning the marketing strategy         1999 WMA     Wedgwood Markham Associates Ltd




Step One - 3

Our practice strengths and weaknesses are:

        Strength                  Weakness

        10 9 8 7 6 5 4 3 2 1
        Record number in box

        Qualifications

        Experience

        Contacts

        Market profile

        Track record

        Efficiency

        Manpower support

        Cash resources

        WP equipment

        Office space

        Range of skills

        Fee scales/charges

        Public speaking ability

Other


Step One - 4

List your professional strengths and weaknesses: mark out of ten as above




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Planning the marketing strategy         1999 WMA         Wedgwood Markham Associates Ltd


Step One - 5

List your competitors and identify their strengths and weaknesses: as above


Step One - 6

List the improvements that must be made to your knowledge of these skills
(based on market/target requirements)




STEP TWO


Assess the needs of your existing clients and see if they require additional services
that you can provide.

In most cases, a client will require a number of related services all of which you could
probably supply and, given, of course, that he is happy with the service you are
currently giving, he would be willing to accept.

There are, however, four key points that should always be borne in mind:

1. Never assume that the client is fully aware of the full range of skills and services
you are able to provide - stage one will have helped you itemise them.

2. The onus is on you to inform the client as to how you can help him solve other
problems - the promotion section will help you determine how best to communicate
these other services.

3. Ask the client what other problems or tasks he has that could be solved or carried
out by you - you can do this directly or indirectly through general consultation.

4. Even if it is a low fee commission, carry it out as efficiently as is possible. If the
client feels happy with the service you are providing for a 'little' job, he will feel more
confident in giving you larger sized jobs.


Step Two - 1

List your existing clients and alongside each client's name, the services you currently
provide and those he could require and which you could provide.


STEP THREE




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Planning the marketing strategy        1999 WMA         Wedgwood Markham Associates Ltd


Review past clients and identify which other services they may require and which you
can provide.

Just because a commission has finished does not mean that an old client may not
require the service originally provided again, or indeed that he does not need other
related services.

You can discover what old clients are doing by asking to see them, via a telephone
call or a letter. The promotion section will give you guidance on this.

Step Three - 1

List past clients and against each name, the service provided in the past and those
which you could supply.

STEP FOUR

Identify the common areas of activity of your existing and past clients to discover if
you have, or could legitimately claim to have, experience of particular markets or
target groups.

Every client likes to feel they are unique, that no-one else has that problem. They also
like to feel that the professionals who advise them understand their business.

It may well be that you do indeed have knowledge or experience of particular sectors;
knowledge which can be used to open doors.

Step Four - 1

List the knowledge/expertise you have of each target market/target groups.


STEP FIVE


Relate your skills, services and expertise to the requirements of other markets, sectors
or target groups.

The many differing skills and services that you are able to provide will be relevant to
varying types of organisation and individuals.

Identify other markets/targets - by nature of business or, indeed, by job title or name,
and, regardless of whether they know of you or whether you have had contact with
them in the past, relate one to the other.

This will help you more readily identify potential clients for each of your skills.

The objective being to identify professional clients for each of the skills and services
you are able to provide.



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Planning the marketing strategy         1999 WMA           Wedgwood Markham Associates Ltd


Step Five - 1

List the skills/services required for each target sector.



MARKETING MATRIX

Using information contained in the previous questionnaires and the lists that you have
compiled, produce a marketing matrix

This will enable you to see at a glance two things:

               *       which services you should be offering to which target
               *       which services are required by each target
This information is required when planning and implementing the promotional
campaign.


SUMMARY


            Assess your professional strengths and weaknesses and your most
             profitable skills, and relate these to your competition to discover your
             'unique selling points' (what makes you different/better than anyone else).

            Assess the needs of your existing clients and see if they require additional
             services that you can provide.

            Review past clients and identify which other services they may require and
             which you can provide.

            Identify the common areas of activity of your existing and past clients to
             discover if you have, or could legitimately claim to have, experience of
             particular markets or target groups.

            Relate your skills, services and expertise to the requirements of other
             markets, sectors or target groups.

            Constantly use and update your marketing matrix




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