Today we will discuss a little bit about how to market within any industry by applying some generic marketing options. Marketing your product or service can be done through traditional medium such as paid advertising using flyer's, newspapers, web, TV, etc.
An alternative marketing solution is to partner with complementary businesses as well as market to strategic partners that have access to clients. This method of marketing takes more time to see returns however, in the long run it is less expensive and more productive.
Start by identifying complementary businesses. On a piece of paper write your business name in the center and draw a circle around it. Then draw spokes (lines) around the circle. Write the names of industries on the other ends of the lines. Once you have identified complementary business industries then for each industry create a partnership strategy. A partnership strategy should include a list of businesses, an approach method, some value added benefit for both parties, and a way to track progress over the life of the partnership.
Hope this helps. Any questions please email me at skhan@salmankkhan.com
Please visit my site www.salmankkhan.com and check back for the next blog.
Thursday, October 18, 2007
Marketing Options for Targeted Industries
Monday, October 1, 2007
Targeted Market Penetration Strategies
Today I will write a little bit on Targeted Market Penetration Strategies.
What is a Targeted Market Penetration Strategy?
Anytime one embarks on any campaign aimed to increase ones product and/or service awareness, one needs to identify a target. The target demographic is also known as a target market. Once the target market has been identified then one needs to define strategies to penetrate (or break in to) the identified target market. Therefore this process in its entirety is called "Targeted Market Penetration Strategy".
Why is having a Targeted Market Penetration Strategy important?
Each market has different operating dynamics. Therefore a generic market penetration strategy will not be very effective. A generic market penetration strategy will not address the nuances of a particular demographic. In such a scenario it is more effective to design specific strategies that address all the different nuances of the target market. For example, one may deal differently while approaching a prospect in the automotive industry as opposed to approaching a prospect in the air transportation industry. There may be different protocols to follow when presenting proposals, etc.
Next we will talk about how to find and identify industry specific protocols.
