The Growth Collective, delivered as part of the Wiltshire Fit for Growth programme, is designed to help businesses stay ahead in an ever-evolving market. Through a series of free workshops and webinars, we focus on driving success by embracing planned innovation and leveraging the latest in digital technology. Our goal is to empower business owners and managers to enhance their competitiveness, whether by streamlining operations or boosting growth through digital transformation. By staying ahead of the curve, your business can thrive and remain agile, even in challenging times.
Marketing isn’t just about ordering branded pens or running Google ads. It’s about anticipating and meeting customer needs in a profitable way. Finding the right customer, speaking to them at the right moment with the right message, and converting that into a sale—that’s the heart of marketing.
So, what are the three essential components? Let’s break it down:
1. Segmentation: Knowing Your Audience
The first step in marketing is defining who you want to talk to. What characteristics make them part of a cohesive group? They may seem like a random collection of individuals, but there are always common threads.
For example, if you’re an equine food supplier, your target market might include people who own 4x4 vehicles with tow-bars, as they may also own horseboxes—and most importantly, horses! Identifying these shared traits helps you focus your efforts on the right audience.
2. Targeting: Reaching the Right People
Once you’ve defined your audience, the next question is: how do you reach them? What channels do they use? Maybe they read certain magazines like Horse World Weekly, participate in niche Facebook groups like “Hard-to-Hitch Trailers,” or belong to equestrian clubs.
By knowing where your audience spends their time, you can focus your marketing efforts more effectively, delivering tailored messages and offers through the most relevant channels.
3. Positioning: What Makes You Different?
Finally, it’s about setting out what makes your product or service stand out. This is called positioning—differentiating your product in the marketplace. What makes your offer better or more valuable than your competitors’? It could be a specific feature or a unique benefit that appeals directly to your audience.
Keep in mind, competition isn’t always just direct competitors. Sometimes, you’re competing for the same spending power. Think of the Harley Davidson example: A gentleman with money to spend on a new motorbike may find his biggest competition isn’t another motorcycle manufacturer, but the family’s desire to spend that money on a conservatory, kitchen renovation, or school fees instead.
Ready to Dive Deeper?
Now you know the essentials, but there’s always more to learn! Sign up for The Growth Collective to explore these concepts further and discover how to apply them to your business for sustainable growth.