CREATE YOUR MARKETİNG STRATEGY

Tips and pitfalls

Before looking at new markets, think about how you can get the most out of your existing customer base - it's usually more economical and quicker than finding new customers.

Consider whether you can sell more to your existing customers or look at ways of improving the retention of key customers.

Focus on the market

Your marketing strategy document should:

· analyse the different needs of different groups of customers
· focus on a market niche where you can be the best
· aim to put most of your efforts into the 20 per cent of customers who provide 80 per cent of profits

Don't forget the follow-up

· Put your marketing strategy into effect with a marketing plan that sets out actions, dates, costs, resources and effective selling programmes.
· Measure the effectiveness of what you do. Be prepared to change things that aren't working.

Pitfalls to avoid

· Making assumptions about what customers want.
· Ignoring the competition.
· Trying to compete on price alone.
· Relying on too few customers.
· Trying to grow too quickly.
· Becoming complacent about what you offer and failing to innovate.