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The 8 Questions Every Business Needs To Address    

 

The following 8 questions are the focus of Marketing Engine group's work:

  1. What do you need to know? Target market insights through both quantitative and qualitative research form the basis of your decision-making.

  2. What do you do? The answer isn't found by simply naming your products. Great companies manage a core competency or a unique capability that's the result of combining several strengths. Think of your core competency as the roots of a tree and your products as the leaves. Managing your competency drives your product development, distribution choices, operations, and marketing communications.

  3. Who are you for? Unless you have an unlimited budget, you can't successfully be all things to all people. Obtaining and creating loyal customers requires a commitment on the part of your whole organization to work against a defined target – one defined through consumer demographics or business function description AND attitudinal descriptors.

  4. How are you different? If your business closed tomorrow, what would your customers miss most? Practice the art of limitations and own a benefit that allows you to win the ties and compete on something other than price.

  5. What needs to be done? There are four behaviors that companies need to manage. All four tie to a behavior that directly affects sales.

    • Acquisition of new customers.

    • Acquisition of lapsed customers.

    • Getting existing customers to spend more.

    • Retention of existing customers.

  6. What's your plan of action? Company-wide understanding of the key strategies that allow you to win is the key to cross-functional effectiveness.

  7. What's your story? Great companies tell great stories internally and externally. For you to be successful, you need to be a storyteller and develop a brand message strategy that resonates with your key target market and segments.

  8. Can we win? Evaluating results through measuring awareness, attitudes, and behavior toward your company compared to the competition. Exploring return on marketing spend and other key metrics allows you to dissect your strategy, find areas for improvement, and evolve your business model within the continual circle of improvement.