The 3 Most Important Marketing Questions

The details and complexities of marketing can be very difficult, especially as a business grows. However, any business small or large must answer three basic questions when beginning or reviewing their marketing efforts. These questions can save thousands of dollars and hundreds of hours of wasted effort. Anyone that cannot answer these three marketing questions about their business needs to figure them out, fast.

Marketing Question #1. Who is my competition?

With any brand, whether you sell electronics, events or second hand braziers – knowledge of your competition is key. Know thy enemy. Discovering who might be swiping away your customers, or conversely whose customers you are swiping away, allows you to focus your efforts more effectively. If your product field currently has a market leader, who are they? Are you competing with a large scale corporation with millions of dollars in backing and product development? Or  are you competing with Ma & Pa Underpants’ Second Hand Brazier Emporium? Find out, today. A simple Google search, a call to your local city administration office and a couple quick conversations can help you discover exactly where you should position your brand.

Additionally, any research done for your brand or product should use both the general public and your closest competitors as barometers. For example, if you are researching local interest in high quality used braziers – you should find out what interest exists in the general public (via polls or third party services such as Scarborough) as well as if a competitor is already marketing to that group.

Marketing Question #2. What do they do well?

When a business is successful, it is generally because they offer a strong Unique Selling Proposition. In other words, they have a few things that they do very well. Once you have discovered your primary competition, find out their strengths. Do they offer a product that is of the highest quality, do they offer a great price, do they offer the best shipping options, or are they the premiere choice for non-invasive pet grooming? Whatever those strengths are, discover them and know them by heart.

When building a marketing plan or ad campaign, knowing where customer opinions might currently be slanted based on competitor strengths is key to creating an effective message. If you know what customers currently believe in regards to your product field, you can better decide whether you should attack an unoccupied position or do battle head-to-head in your competitor’s position of power.

Marketing Question #3. What do I do better?

Now that you know who your competition is, and what they do well – decide what you can do better. What is your Unique Selling Proposition. Often, marketers and business owners feel they know what they do well, and feel they have an understanding of their businesses strengths. However, this questions isn’t just about what you do well, it’s about what you do better than your competition.

If your position and advertising is that you offer a  great price, but your competitor offers a similar product for a better price, then you aren’t positioning by strength. Discover your strength in comparison to your competition to find your best opportunities for success.

 

Have any other thoughts about these three questions or additions we missed? Have any successes or failures in your marketing experience that relates? Comment below and share!