This is our description of Marketing Philharmonic’s marketing analysis process.
“Marketing Philharmonic’s proprietary Octave Analysis looks at eight elements of marketing: product, price, promotion, process, people, place, profitability, and the management’s passion. These attributes must meet consumer needs with clear differentiation and be consistently communicated with one voice. Without harmony you have inefficient short-term tactics and lost opportunities for long term growth.”
Well, that might seem nice but what do you do now to survive? In fact now is the time to look at the basics of your business. You need to adhere to the basics even though you are tempted to just crawl in a hole. You can’t afford mistakes. Firsts let’s look at analyzing your product. These are the types of questions to ask during these unsettling economic times.
- Can you reformulate your product/service in some way to address current customer’s concerns?
- Are there non-critical features with your product that you could eliminate to reduce costs?
- Are their product lines that you could eliminate and still serve your customers?
- Why do customers choose your product over your competitor (your differentiation)? Ensure you clearly emphasize those benefits and not clutter your message.
- Even though it seems counterintuitive to add new products, what could be a complementary product you could launch cost efficiently which addresses these current economic conditions?
So how do you find these answers? Ask your staff members who directly speak with your customers. Your team might have the answers to some of the questions. Plus, you can conduct quick and economical online surveys with your customers. Just ensure you have a professional review the questions and analyze the responses. The last thing you need right now is to be mislead by invalid information.
In our next installment we will look at pricing questions. Answering and acting on the basic marketing questions will enable you to survive and hopefully even thrive.