Marketing is crucial for growth, in recent years companies have had to significantly develop their marketing efforts to adapt to this digital marketing era. But, many business owners have struggled to keep up with the competition. So, what does a business coach do for your marketing?
An effective coach will have the experience and expertise to assist you with the marketing of your organisation, they’ll be able to offer valuable insight and take away the stress of trying to understand confusing terminology leaving you to concentrate on the bigger picture. But, how exactly can a coach help with your marketing? In this article, we’ll be exploring what a marketing strategy is, what coaching can do for you in relation to this and why it’s so crucial in the ever-changing modern-day market you work with a knowledgeable mentor to strategise.
What is a marketing strategy and why do you need one?
A marketing strategy is simply a business’s overall game plan for reaching new potential leads and converting these into customers. Generally, it involves the company’s brand messaging, target audience demographics and core values alongside a range of other high-level elements.
You’ll be targeting a customer and highlighting why exactly they need your product or services. But, to reach these potential customers you need to ensure your company is visible and reputable – and, in addition, you must have a focus on the client journey as a whole, not just a focus on one specific area.
It’s important to note the differences between a strategy and campaign, you may think they are the same but they are actually very different! A strategy focuses on a long-term plan, one that may be perhaps repeatable or experimental – essentially, it will develop over time but should serve you into the future. Whilst a campaign is typically very focused and looks at short-term initiatives set out to achieve a very specific goal. We can say the marketing strategy is used to help inform your campaigns.
What does a business coach do for your marketing strategy and why is it so crucial you work with a coach?
One of the most difficult parts about being a business owner is defining exactly what your organisation stands for and where it is you want to go. A coach can have a major impact and direct your business down the right path, they’ll be able to offer insight into areas you may not have otherwise considered. So, what does a business coach do for your marketing strategy? Let’s delve into some of the areas a coach may assist you with:
- Clarifying what you are really in business for, what your purpose is.
- Selecting niche markets you can compete in that may have been otherwise missed opportunities.
- Identifying your ideal buyer persona and determining the lifetime value of this client.
- Creating compelling messaging and tag lines.
- Choosing the most profitable revenue generation strategies.
- Establishing proper pricing and promotion strategies.
- Creating a sales plan and marketing schedule.
- Building an online presence through social media and content marketing.
- Implementing a well-designed sales process (customer journey).
- Tracking and monitoring all progress to ensure goals are met.
You may find that alone you don’t have the time nor the expertise to actually successfully implement a marketing strategy that will get your results. And, in this case, a business coach is no longer just a luxury, but a necessity. If you wish to continue to thrive, you’ll need to develop a long-term plan that can serve your business into the future seeing you obtain new leads and stay ahead of the competition.
The 7 P’s of marketing your coach should be utilising when creating your plan
These seven are product, price, promotion, place, packaging, positioning and people. To stay ahead, you need to constantly revisit these seven different factors to achieve maximum results. This marketing theory came to light in the 1970s initially and continues to be one of the best modules, ensuring you stay on track with your marketing strategy. So, what exactly are they and what does a business coach do with these seven P’s?
Product is simply the goods on offer that are for sale, ranging from a physical product like a handbag to an experiential product such as a ticket to a concert, or even a service like business coaching, for example. Whatever is on offer to the prospective customer comes under the category of Product.
Researching the market in which your product will sit will allow you to determine whether it appeals to the masses or if your focus should instead be more niche. The quality of your offering is crucial alongside your communication and description of the Product. If you mislead customers with false advertising, you’ll be damaging your reputation (and this is also illegal) so ensure you concentrate on these details.
As the name may suggest, Place encompasses all things related to the location, where you choose to sell them or distribute them. This could be a physical store, or perhaps a website e-store dependent on what your product is and the scale of your company. Think right Place, right time – where are your customer’s shopping?
Research is therefore vital to discover the right location for you and your customers. Remember to consider your competitors, failure to do so may seem them overtake you in certain locations.
The Price of your product is a huge factor and will have a major influence on how your product is perceived by your audience – the price must match your customer’s expectations and correlate with your own budget (i.e. you must be making a profit).
Price carries through different connotations; a high price tag can imply luxury and exclusivity but this depends on the brand’s reputation and tone of voice. However, do not purposely over-price your products as this could have a negative impact if the good does not live up to the price paid. Similarly, a low price tag suggests a budget item, which may imply your product is of low quality. Creating the right Price takes research and trials to ensure accuracy.
Promotion refers to the marketing tactics, these could range from the more traditional routes such as television and radio, or the more modern tactics like social media and email campaigns. Again, research plays a major part so that you understand the channels on which you are most likely to reach your target audience.
Whatever channel you choose to utilise, you should ensure your branding is multi-channel and remains consistent throughout. Creating a consistent customer experience throughout the entirety of the buyer’s journey is important for your brand’s reputation. Every user touchpoint counts.
We all want to trust a company before we make the decision to purchase from them, and Physical evidence enables this relationship to form. This could include invoices, order confirmations, a legitimate website or even a social media presence – each reassures the customers and instil confidence in your reliability.
Customer reviews are incredibly important within the modern market – prospective clients want to hear from those that have previously purchased your product or hired your services. Positive reviews should be visible, and remember to include Google and Facebook. Should you receive negative feedback, ensure this is answered in a timely fashion to avoid it having a lasting impact.
Your workforce is your greatest asset and they are a reflection of your business. From you as a business owner to your intern – and even your external suppliers, everyone involved is a representation of your brand. It’s, therefore, essential company values are upheld. To ensure this though, you will need to provide adequate training, leadership and support.
Taking care of your staff will see them become your biggest promoters, an invaluable marketing tool. Customers want to purchase from a company that respects its employees – effectively, they want their money to be spent on the right people.
The final P is for Processes, what actionable steps are required to deliver your product or service? What does a business coach do to reveal this? They’ll ask you to list the activities, functions and tasks that must be completed, and in what order, to ensure this process is as efficient and smooth as possible whilst still delivering to a high standard. This may require investment on your part in tools such as CRM, but in the long term, this will aid your customer’s experience as you streamline your sales funnels.
In addition, updating existing systems can help you maximise the budgets of your business and may mean you stay ahead of the competition too. It may feel like a risk, but innovative solutions often lead to the best results.
Are you looking for a business coach to help you with your marketing strategy? It’s crucial you work with an experienced coach that can ensure your organisation remains visible in the ever-changing and developing market, utilising proven methods alongside innovation. Contact me at firstname.lastname@example.org or complete this contact form, and reach your business’s full potential now through a new marketing strategy.