The problem which we face today is unique. We are no longer clueless about marketing or business or finance. We have plenty of information available at our disposal. Countless marketing theories, access to marketing gurus, blogs, podcasts – everything is out there.
There is an information overload. We don’t know which theory to use and where to start. A good start is necessary for success. This coupled with recency effect causes things to go a liitle awry at times.
To avoid this, In any scenario- the following model can be applied to improve marketing efforts and put them in the right direction. It is a very simple model and I call it the – Problem and solution Model
What is the problem the organization is currently facing. This is really the core because problems can come in a variety of dimensions. Some typical problems are:
- Acquisition Problem: How do I acquire new customers ?
- Maintenance Problem: How do I reach existing customers ? Which Channels ? What communications & messaging ? What Promotional tactics ? Price point ? (you see – 4Ps & 5Cs in action here)
- Retention & Loyalty Problem: If the maintenance is all good, how do I ensure that customers are loyal.
- Growth Problem: Stable businesses generally have a growth number to hit. This calls for a unique marketing strategy
The solution is then pretty clear, we engage the right marketing levers. These are plenty.