We’re willing to be there are a dozen things you’ve been told to do as a business owner that are ‘vital to success.’ Some of them will be,, and others will be less important. Today we wanted to talk about something that many businesses dismiss in the early days because it’s ‘too much work’, but can be the difference between success and failure down the line. Something that every established and thriving brand will have in place, and review regularly.
A marketing strategy.
Specifically, a marketing strategy that’s built on marketing models. In this article we help you decide which marketing model is best for you.
What Is A Marketing Model?
Marketing models are systems that have been developed to understand the market, their business and how to better reach their customers. There are some marketing models that have been around for a very long time or new models that are being created today for the more modern market and its challenges. But all of them have the same purpose – to help your business succeed.
These models exist because most of us didn’t go to business school. Instead, we’re learning as we go, and that means we might need some support. Marketing models have been developed by experts and scholars over years (sometimes decades), researched and tested thoroughly before they are put out into the world. It’s about as close to ready-made marketing blueprints as you can get, and gives you a very solid base for any marketing effort. And because they’re models, you can tailor them to your industry and business to get the results you want. Even if you’ve been in business for years, it can be a great way to refresh yourself on the basics and see opportunities you might have otherwise missed.
Top Marketing Models For Developing Your Strategy
Over the last year or so we’ve gone into detail on a range of marketing models, with each article designed to give you an overview of what the model is, the benefits to using it and when you should use it in your business. But since going back through all those blogs might take some time, here’s a comprehensive list of our favourite marketing models, and where you can read more about them.
7 P’s of Marketing
A great baseline formula to start off your marketing strategy. This model will make you think about your product, place, price, promotion, physical evidence, people and processes both in your marketing and your business as a whole, giving you the foundations for marketing success. Even the biggest household brands still use this formula, so it’s definitely the place to start! Read more about it here.
STP stands for Segmentation, Targeting and Positioning, and is all about being strategic and analytical when marketing your business. It’s a great tool to help you understand your target audience in detail, allowing you to deliver highly targeted and relevant content. Because the better you know your customer, the more successful your marketing. Read more about it here.
A promotion mix is something you use a little later in the marketing planning process. Once you’ve worked out what you’re selling and who you’re selling it to, you need to know where to promote it. A promotion mix is the unique way you promote your business, and can be tailored to your needs – which means there’s no template! But there are some common elements you should use, and you can find out what they are here.
This model is very specifically about the copy for your business, and how to use it to increase your conversion rate. It provides a clear framework for writing targeted and compelling copy that stands a better chance of converting your prospects into customers. It can be used anywhere in your marketing, so it’s a handy little tool to have in your kit. Find out more about it here.
A marketing funnel lays out the journey your customers takes with your company, from their first interaction to making a purchase and even your post-sales care. This funnel essentially becomes your roadmap for new customer acquisition, and gives you a clear idea of what kind of content you need to produce and where to put it to move prospects closer to buying. Click here to read more.
AIDA stands for Attention, Interest, Desire and Action, and is most often used to create marketing campaigns that will perform well and deliver consistent results. It hinges on your understanding of the customer decision-making process and your ability to create content that your customers want and need at each stage of their journey. Read more about it here.
If your business already has some marketing efforts in place but is looking for ways to grow, then this model is a great place to start. It’s a simple 4-step model that will help you draw up new growth strategies for product development, market penetration and more. There are even templates you can use online! Find out more here.
PESTEL is one of the lesser-known marketing models, but that doesn’t make it any less effective. Going through the process helps you identify the factors outside of your organisation that could affect your performance. So rather than looking inward as the other models do, this model looks outward and helps you identify the risks and opportunities in the macro environment of your business. Read more here.
SWOT analysis is one of the most common and powerful marketing tools – and it’s something most of us learn the basics of in school. It’s a simple 4 part system that helps you develop your business and marketing strategy and make informed decisions. Find out how it works here.
Maslow’s Hierarchy of Needs
A psychological model, Maslow’s Hierarchy of Needs is all about learning what it is your clients need and want, and how to tap into that knowledge to get them to part with their hard-earned money. This model helps you understand how your product or service will serve your customer’s needs at every stage, giving you the best angle to market it to them. Read more about it here.
We hope that our blogs on the various marketing models are useful to you, and no matter which you decide to use they yield amazing results. At Lion Spirit Media we use all of these models when working with our clients so that we can get a better understanding of their business and their clients before we even start designing a marketing strategy for them. After all, you can’t roar the loudest if you don’t know what you’re roaring for! If you’d like to know more, just get in touch with the team to book your free consultation today. And if there’s a marketing model you want us to cover in the future, let us know!