Four Frameworks For Building Your Startups Marketing Plan
Founder of Prosh Marketing , a fractional CMO and marketing agency that helps startups and SMBs develop their marketing practices and go to market.
Many founders and entrepreneurs with no marketing experience jump right in to start their business. While most entrepreneurs are self-employed people, marketing endeavors such as product launches and branding may not be part of their experience. This is where marketing executives can be of great help.
Frameworks can help you organize your marketing efforts to better connect your marketing team and cross-functional stakeholders, agencies, partners, and teammates. As a marketing executive who has designed and implemented marketing strategies for startups across multiple industries in global markets, here are four proven frameworks I've used to help build an integrated marketing foundation:
1. Seventh Ps marketing mix
The Seven P's marketing mix is one of the most popular marketing models. It takes many elements to consider when developing a marketing strategy.
So what are the seven Ps of marketing? The first two P's are Product and Price, which describe what your business sells and how much it costs. The next two P's are Place and Promotion. They focus on where your business sells your products and how you communicate with your audience. People, process, and physical evidence are the last three Ps. As such, these Ps focus on who is in charge of product, promotion, and sales in your startup; What the buying process looks like for the customer; and what evidence you will provide to support your claim.
By explaining the seven Ps of your business in full, you can clearly understand the key areas your marketing team should focus on.
2. Porter's five powers
Porter's Five Forces is a classic marketing framework Harvard Professor Michael E. Developed by Porter, which helps companies identify competitive forces affecting their environment and industry
Porter's five strengths are:
• Competitive rivalry : How intense is the competition between existing firms in the market?
• Supplier supply : How many providers are there in the market? What control do they have over resources and prices?
• Purchasing power : What is the influence of customers on the market?
• Threat of new entrants: Is it difficult for competitors to enter the market?
• Alternative threat : How does your product compare to others on the market? Is it difficult for consumers to switch to competitors?
This framework is very important because it takes into account profitability and competitiveness, which are important for the success of new businesses. You may need to raise capital in the early stages of launching a startup. Understanding the external forces that can impact your company's ability to raise capital is critical to protecting your bottom line. Similarly, in a market full of new products, it's important to know how tough the competition is, who the competitors are, and how you can differentiate your business from them.
3. Map out the customer journey
You can't create a marketing plan without first understanding your target customer. Who do you want to buy your product from? What is your thought process? What are your pain points and when do they occur? A customer journey map visually depicts a customer's experience with your company and its products, taking into account their needs, concerns and motivations.
A simple way to create a customer journey map is to visualize how your customers move through the marketing funnel. What steps did they take at the conscious level? Maybe they visited social media and found your Facebook page. In the thought phase, they may sign up for your email newsletter. How did you complete the buying phase? Would they prefer to buy through the app, through the website, or in person?
Continue to consider the touchpoints your customers will encounter along the funnel and consider how their motivations, habits and emotions can influence their actions. The better you understand their journey, the more you can personalize your marketing communications.
4.STP models
The segmentation, targeting and positioning (STP) model also focuses on your audience and helps ensure your marketing communications are relevant to your customers.
Segmentation divides your audience into small groups based on similar characteristics. This process helps clarify who will benefit most from your product and how best to reach them with your message. Segment your startup customers by the following categories:
• Geography : Where are you located?
• Demographics : What are your demographics, such as age, gender and occupation?
• Behavior : How do they behave? What is your preferred communication channel?
• Psychographics : what are the values? What are their hobbies, interests and lifestyle?
With this information, you'll have a better idea of how best to personalize your message.
The next step is targeting when you decide which segments are worth tracking. When narrowing your category, consider size, differentiation and accessibility. Make sure your target segment is small enough to personalize your message, but large enough to justify your marketing efforts and budget. Lastly, make sure your target segment is reachable. Are there any technical or legal hurdles that could prevent your message from getting there?
The third stage of the STP model is positioning. This is where you take the information you got in the previous two steps and decide how to communicate your startup and its product to your target segment. Positioning is slightly different from segmentation and targeting in that it focuses on how customers perceive your product. There are many ways to position your product. Is it cheaper, more exclusive, or better quality? Ultimately, you want to look within and see what makes your startup and its product unique. It gives you a great positioning statement and a basis for following a marketing plan.
A solid marketing plan can contribute to the success of your startup. While it takes time and dedication to develop, this framework is a great way to build a solid foundation for your plan, based on proven fundamental marketing principles.
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