Here’s Step 2 to develop your most effective marketing strategy: Establish a Hypothesis
What you have to do is to establish a hypothesis i.e. your offer to the market. Your hypothesis is the assumption that your research will test. Let me explain with some examples.
Case Study: Domino’s Pizza
In the early days of Domino’s Pizza, owner Tom Monahan used a series of questionnaires, filled in by existing customers, to develop their renowned Master Marketing Strategy.
He discovered that what his customers really wanted was pizza delivered to them – fast. As a result he could satisfy this market with minimal investment and overheads. So then his marketing strategy was not to try to sell to everyone, it was only to sell to the people who wanted their pizza delivered fast, hot and fresh – in 30 minutes or less.
Their actual marketing strategy was to move into a location then to blanket advertise to the people in a certain mile radius. The franchise could locate branches with very low start-up costs and they soon became the largest pizza delivery company in the world, in a matter of just a few years.
This is a prime example of the role of a hypothesis in market research. Tom’s hypothesis was that his customers didn’t need to come in and sit down to eat pizza. They just wanted the pizza delivered to their house. And he was proven right.
You too can achieve similar success:
1) Know who your target audience is and where they are
2) Know your target audience’s wants, needs and desires
3) Establish a hypothesis on what you want to do
4) Test it to see if it works
Knowing your target audience and their precise needs will change your marketing from a cost to an investment.
A few years ago I launched a customer feedback survey for one of my manufacturing clients with equal success. The survey accompanied every delivery receipt and achieved a pretty successful 65% return rate. As a result they have removed the risk from their marketing budget and developed a reputation within the industry for unrivaled high standards of customer service.
When you find a winning hypothesis… the secret to success is to… Implement it rapidly.
The question is –
“How can you position what you are doing in a way that gives your target audience the benefits that they are looking for?”
You need to know what they are looking for and create an offer that is clear, distinct and actionable by your target audience. Remember, if you try to stand for everything, you actually stand for nothing.
5) Incorporate this message into all of your marketing output and see the result for yourself.
Do you recognise the importance of professional market research?
Understanding your customers and having up-to-date intelligence about your competitors is the single most effective tactic in protecting your sales from decline.
More than anything else, a solid Marketing Strategy is what distinguishes the most successful businesses – in terms of growth, revenues, profits, brand awareness, and staying power.
Let me invest my time to help you grow…
With over 30 years marketing experience, I have successfully developed marketing strategies for over 100 businesses – in every sector conceivable.
My experience confirms that understanding the best research methodology, and the correct questions to ask, makes the results more detailed and much easier to implement.
If you feel you’d like to discuss the options for creating your own highly effective marketing strategy, please either email me on firstname.lastname@example.org , or phone me in confidence on 01692 538800 to discover how you can finally remove the guesswork from your marketing.
Alternatively, BOOK YOUR BREAKTHROUGH STRATEGY SESSION HERE. and see for yourself just how easy it is to start out-competing your rivals.
P.S. Please understand that the suggestions and recommendations we will make are not just our opinions and best guesses. They are based on the accumulated wisdom of literally millions of pounds worth of research and testing into what influences customers, and what motivates them to place their order.