Ken Wood joins me in this episode to discuss having a proper value proposition, having a competitive advantage and how to understand your target market. Ken is the CEO and founder of Roar Marketing Concepts in Raleigh, NC.
I met Ken at a meetup and we then met a few days later and had a great discussion about marketing, which sparked his appearance on the show.
Ken opens up by saying companies need to have a marketing strategy. Start by defining your business goals and what it is that you want to achieve. We talk about how Ken helps his clients formulate strategy.Offering value to your audience, even when they are not ready to buy yet is a good strategy to use.
The goal of a well-defined marketing strategy is not revenue. You need to look at how your target market achieves their goals and develop your marketing around that. You need to convey how you will provide value to customers. We talk through a couple of examples and how to formulate a good value proposition. Remember to ask yourself, who your customers are, where are they, where to they congregate, what do they care about, how do they get their information. Also, look at how your prospects buy a product or service.
We also discuss the client first vs employee first and client second mentality.
Another thing that we talk about is gauging the size of your target market. You want to look at the total addressable market and also your served available market. There is a difference and you need to identify the market size you can handle. Start small and smart, then grow from there. Hope is not a marketing strategy.
Why should customers choose you? That is the question at hand. You need to understand your competition and how you can sell against them. make sure to have focused differentiators for when you speak to potential customers. You can outsource the work for competitive intelligence by using services like Fiverr.
Ken can be found at www.roarmarketingconcepts.com
Find them on Facebook and Twitter @MarketingRoar