I get some “pushback” on this point — the idea that setting your marketing strategy should come a whole lot earlier than “step 3.”  Some of it is symantics — of course establishing a Vision for your business 1 year and 5 years down the road is a fundamental step in refining your existing business strategy.  As for sliding step 2 “Maximizing the Current” into the mix instead of continuing from Vision on to flesh out an overall marketing strategy, think of it this way.

If you decided that you wanted to become a world-class, competitive athlete within 5 years, wouldn’t it be wise to start eating better and exercising right away, even if you hadn’t picked a sport yet?

The point of step 2 “Maximizing the Current” is to get in shape.  No matter what you decide about your target market going forward, what media mix you will be using, and how you will compel your prospects to want to contact you, there is a sale that is about to happen in your business.  Techniques I use in step 2 will help you get more profit from it.  You have customers surrounded by potential referrals, but they don’t ever think of you.  Techniques I use in step 2 will draw out those referrals.  Use the increase in profits that merely “getting in shape” will provide to fuel real lead generation…

But you don’t want to be random about generating new business.  Step 3 = Set the Strategy.  With your customer-maximizing house in order, it’s time to improve the effectiveness of how you go out and get new ones.

Components of your marketing strategy:

• A well-defined target:  geographics (where they are), demographics (who they are), and psychographics (why the buy — the emotional appeals that relate to the benefit you can provide).  Analysis of your customer database will help you — who are the most profitable customers you already have?
• Your Unique Comparative Advantage:  a good description of the problem you solve or benefit you provide and how/why your product or service is uniquely capable of delivering on the solution your target audience needs (we have a formula for developing a powerful UCA)
• Contact methods:  the “portfolio” of media you use to contact those in your target audience at the right time, given the benefit you deliver
• The message:  an attention-getting and compelling message that exposes the pain — the deficit your prospect is experiencing because they lack your solution
• The offer:  the natural, “no-brainer” step toward a solution for your client that you make easily available to them by simply contacting you.
• The follow-through:  your multi-step plan to capture their contact information and nurture the initial interest into a burning desire to meet with you, test your product, order it, agree to your pilot program, etc.

Next week — Generate and Convert.  Putting that strategy into practice and monitoring, measuring, and improving it!