Most people start out their business without knowing the four principle of marketing strategy which might the the reason why many people quite their business, they lack knowledge that why their business is not making any sale check.
This four principle of marketing strategy is a game changer to any kind of business, this are the key principle that large successful business are using to keep their business on top of other business.
4 PRINCIPLES OF MARKETING STRATEGY
1. Specialization
2. Differentiation
3. Segmentation
4. Concentration
1. SPECIALIZATION
This means the products or services you are going to specialize on it also means to be unique you can not be copying exactly what everybody is doing and expect to grow your business no, your business must have something unique that attracts more customers because if your products or services are not unique that means they can go to any other shop or company to get the same thing you are selling.
The reason why coca cola is still making it largely is because no body has the formula for recreating coca cola that why coca cola company is unique because you can not get a duplicate coca cola if it's coca cola you want you must go to then and nobody else.
If you don't know your area of specialization then sooner or later you will soon quite the business.
2. DIFFERENTIATION
What makes you different and better than your competitors, this is your competitive advantage this is what makes you stand out among your competitors, if your difference is clear then customers will come to you because they value your difference, for instance if you sell bread with little to no sugar in it and your competitors sell bread with much sugar in the bread now you are differentiating your own bread by the low sugar level in the bread so by that you will know that it is only people who want to buy bread with less sugar that are going to come to your place to purchase bread, so that is what is called differentiation.
3. SEGMENTATION
Segmentation means people that value your area of differentiation and who will pay more for your area of specialization.
QUESTIONS OF SEGMENTATION
a. Who are your best customers
b. what are the physical things you can observe about your customers for example their age, income, gender, education, location, and occupation.
c. how would you describe your perfect customer
d. what motivate your customer to buy from you
This are the questions you need to ask in the area of segmentation once you can answer this questions then you are good to go with level of segmentation.
4. CONCENTRATION
Once you have determine your best market segment for what you do really well, you focus on them, this is where you focus your time, money and resources, because when you have reached this stage you have known your customers very well and you stop beating around the bush and you focus on the main important thing that matters which is serving your customers very well and make them happy any time they come to you or your products to solve their problems
So this are the four principle of marketing strategy if you use then in your business your chances of success in business will be 90% if not more.
Finally i will like to take this four principle of marketing strategy very seriously and please if you fine this content interesting and you will want more content like this please upvote, comment and follow me thank you for your support.
