book.chapter Fundamental principles of business strategy

In the realm of business, a marketing consciousness should be deeply embedded in every action taken. As companies chart their course for the future, the marketing strategy should be the bedrock upon which all other planning is built. It should influence current operations, customer relationships, service and product expectations, and upcoming promotional efforts. Every request for a customer to invest in a product or service is a momentous occasion, and marketing efforts should be crafted to reflect the gravity of that interaction. The first principle to embrace is the avoidance of expectations for immediate results. Marketing success is a long game, the result of a cumulative effect of various initiatives. A guerrilla marketer sets long-term goals, devises a strategy, and allows time for these efforts to resonate with potential clients and generate demand. In contrast, typical business managers may become impatient without instant results, often changing marketing tactics prematurely, before they've had the chance to take root. Secondly, marketing profitability soars when you can pinpoint your target market with precision. Many companies struggle to define their market sector or identify their core customer groups. Guerrilla marketers, however, know their targets intimately—their reading habits, thought processes, and the challenges they face. This deep understanding allows them to convert prospects into customers more effectively. The third principle is that marketing should cater to the needs of those already seeking your product or service range. It should demonstrate that what you offer is accessible, affordable, and beneficial. Smart marketing engages and educates, acknowledging that people act based on their own reasons. Selling a solution to a common problem often trumps selling a positive benefit. Guerrilla companies position themselves as problem-solvers, highlighting the issue at hand and presenting their product or service as the solution, with other benefits playing a supporting role. The most successful guerrillas focus on solving a singular problem, understanding that customers are looking for solutions, not just features or benefits. Your existing customer list is a goldmine for future marketing success, provided you collect and store comprehensive details on each customer. Their problems reflect the broader market's needs, and they are prime candidates for repeat business. To capitalize on this, maintaining a detailed customer database is crucial. Showing genuine appreciation and respect to customers by keeping in touch and offering new, tailored products or services is the sixth principle. Repeat business is more cost-effective than acquiring new customers, so by nurturing existing relationships, guerrillas can boost profitability over time. The seventh principle is about convenience from the customer's perspective. Marketers should strive to make every aspect of doing business as easy and convenient as possible, from business hours to ordering processes and service times, all with the aim of saving the customer's time and energy. Surveying customers not only builds a connection but also lays the foundation for long-term business and profitability. Treating customers like partners and regularly soliciting their input allows a company to tailor its offerings to meet customer needs and personalities. Effective marketing is structured as a sales approach, not as entertainment. The ninth principle is that marketing should inform and create a desire for the product, rather than seeking applause for creativity. The focus should always be on the product, not on the cleverness of the marketing itself. Introducing new products shapes prospect opinions for the future. The tenth principle advises targeting new product launches carefully to make the right impression with the right people, conveying excitement and the additional benefits of the new or improved offering. Successful companies view marketing as an ongoing process, with profits driven by knowledge and know-how. Continual learning through books, seminars, and newsletters is essential for gaining competitive advantages. The twelfth principle is that the most profitable marketing is completely honest and truthful. Credibility can be enhanced by admitting past mistakes or by positioning your company as a leader through publishing or educational efforts. Lastly, marketing's goal is to increase business profits, not just sales turnover. The true measure of marketing effectiveness is its impact on the bottom line, with the key ratios being cost per sale and profit per sale. Effective guerrilla marketing works to reduce the cost per sale while increasing the profit per sale consistently.