The positioning you develop for your business is essentially like the foundation of a house. Any builder will tell you that if you insist on building without a solid foundation, at some point in time, all of your hard work will come crashing down around your ears.
Your foundation, aka your positioning strategy, is a summation of the audience you are targeting, the value you want your offering to be perceived as providing and the way that you will communicate that value proposition through your brand and key messaging.
Your product or service offering is much like the frame of a house – the slab must be in place first and then everything after is built around the frame. In the same way you can’t build the frame and then pour the slab on top, you can’t develop your product or service offering and then try to find a market that might be interested to buy it.
The only way to create really compelling offerings, ones that people can’t help but purchase and share with others, is to really understand your ideal customer’s needs, wants and desires inside and out. Then, and only then, can you develop an offering that fulfils what they are looking for and becomes a ‘must-have’.
When it comes to your marketing strategy, metrics are like the bricks of your house. They’re there to make everything feel safe, secure and solid. When you have metrics in place to measure how your marketing strategy is performing you know your investment in marketing isn’t going to disappear into an abyss.
Metrics allow you to quickly and easily see what’s working and what isn’t and make any necessary changes to avoid wasting resources. Being able to optimise your spend in this way leads to greater ROI, improved commercial outcomes and increased profitability across your entire marketing function.
Your promotions plan is like the roof of a house. It’s usually the last stage in the process and requires everything else to have been done first. A promotions plan without a solid strategic position underpinning it, and no metrics in place to measure its performance, is like throwing money down the toilet. Your ROI will be negligible and the chances of your marketing strategy supporting revenue growth and improved profitability are close to zero.