To help our clients better understand Marketing Strategy, we use a structured framework called 9 Boxes™, the nine key elements that any business needs to achieve its strategic marketing objectives. Clients complete a marketing benchmark in order for us to identify what is working and what is not working for their business.
Growthology starts the conversation regarding their position in market. If you check out the 9 Boxes™ below, you will notice that this is a critical area, highlighted in dark grey.
Growthology 9 Boxes™
Regardless if a business rates themselves highly on the marketing benchmark, our team won’t go ahead with their strategic marketing planning until the client can communicate to us the following:
- Vision, Values, and Purpose – why they get out of bed every morning?
- Market, Service, Product, Price – their “sweet spot”
We will discuss the first one at another time in our blog. Moving forward to the second point – Market, Service, Product, Price – Growthology helps clients to define their businesses’ “sweet spot” or in other terms, target their most profitable clients and work on how to get more of them into the business.
We ask our clients to complete the table below in order to help them define and understand their operating position in the market. As an exercise, you may want to try this for yourself with your management team.
By completing the table above, you will achieve some or all of the following:
- Have an internal alignment in your whole organisation (from top to bottom) on who is an ideal client.
- Recruit and/or focus your marketing capability on discovering, converting, and servicing your ideal clients.
- Be clear and precise about who is your right client and who is not – focusing your sales strategy.
- Determine which of your existing clients are “good” or “bad” – and potentially exit the bad?
- Get to know what “products/services” your ideal client are buying from your business, and what they could buy more from you.
- Build a marketing communication plan that is targeted and delivers a return.
By the way, our team also ask our clients to define their competitors and we learn a great deal about their perceived competitor landscape from this exercise.
When this framework it not used, it becomes a spray and pray approach. We were in a audience recently where we heard a CEO define his client revenue range from the lowest at AU$12K per year to the highest at AU$2M. Without any further information to work on, that seems too much of a range – you would have to think a AU$12K p.a client has different product, service and pricing needs to a AU$2M p.a client. Wouldn’t you?