I’ve been outlining a few new ideas today and as I flipped through a magazine, I saw that there were a lot of lists of 10 principles:
- 10 Principles on Leadership
- 10 Principles on Strategy
- 10 Principles on …
So I wanted to spend a moment to put down a list of 10 principles of marketing success.
Market Orientation: Bring the voice of the customer inside your business. Simple as that.
Do research: qual and quant: We need research to be effective marketers. You should be doing qualitative and quantitative research. You don’t need to do a ton, but you do need to do some.
Segment based on behavior: There are a lot of ways you can segment, but the best way is to segment based on behavior. What people do, not their age, zip code, or some other metric. Actions speak louder than words.
Pick a target: Targeting is strategy. Not choosing is to say you don’t have a strategy. Don’t do that.
Pick a position against your competition: To be successful, you need to position against your competition so that you can give your market a clear choice. Us over them.
Strategy before tactics: This is the core of marketing. You have to know where you are going before you can figure out how you are going to get there.
Brand is everything you do: Good or bad, every contact with your customers is a plus or minus for your brand. So plan your strategy and your actions accordingly.
Pricing is the most important lever you can push: If you can increase your price 1%, you’ll see your profitability increase around 10%. Price is the most important lever you have to pull.
Get your marketing mix right: Product, price, place, and promotion are the marketing mix. There are many variables that you can play with. The key is that there isn’t a one-size fits all approach to take. So spend time on getting it right.
Don’t discount: This is my ultimate rule, but it needs to put in its right place…which is in the tactics area, but just don’t discount. You want proof: for every 1% you discount, it eats up 40% of profits.
This content was originally published here.