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It is through effective marketing that you can stand out of the crowd, while setting your own standards. The public is always supportive of the innovative leader of trends, and not copycats. However, there are many companies out there that waste thousands of dollars with ineffective marketing. So instead of following their footsteps in wasting money though advertising, it is better to follow these keys to increase marketing IQ.
The first key is to find your advantage by finding what it is that your organization does better than the competition. Marketing means communicating the advantage of your business over others and so to compete in the market place, it is necessary that you know what your company offers that is better than the competition. You can find out what makes you better than your competition through a SWOT analysis. However, while finding out what is advantageous in your company, don’t base it on a unique product.
Today, it is difficult to remain having an advantage over competitors because of modern technological know-how. It was easy to maintain an advantage in the past as others found it rather difficult to copy products. However, today products are, and can be copied within a few days or weeks. Today, you find many software applications that are copied immediately, which make it rather difficult to maintain a competitive advantage on competitors. This is the reason there is now emphasis on customer service and other components in the marketplace. Don’t consider low price a competitive advantage as this can be very easily and quickly copied by the competition. Today, competitive advantages depend on service, longevity and reputation.
Realize the purpose of your business and service. Define what exactly it is that you intend to achieve, and how you intend to measure success. The answers to these questions are important in defining your purpose as you need a clear mission to determine the goals of your organization. On developing a clear purpose, make all levels of the organization stand in alignment to go in the same direction. This can be done by getting stake holders involved in developing the mission, instead of having a few decision makers decide on what is best and handing it down to be followed.
Aim at creating an image that promotes image and awareness through your advertising. You have to first create an image to implement any promotion. You can define an image as both a physical visual representation and a concept. It is necessary to have the right look to compete today. Having a good product is not sufficient; you should also have the capacity of attracting the attention of the audience. So create a look that not only enhances the image of the product, buy also maintains alignment with the mission. The look should also promote the competitive advantages of the organization.
The important parts of an image are logos, colors, style and branding; and it is the symbol of your company and product. So it should be very pervasive in communications. Use the right colors to promote the right messages, as it is these colors that provide recognition of your brand.
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