The DTG Difference - Observations from Diversity Marketing Strategists
Introduction - Marketing and Selling Truths
You know you have an excellent portfolio of products/services but for whom?
It is not your product or service that will make you successful for the long term
It is who you sell your product/service to and how you sell it that makes you successful for the long (how market reacts to your portfolio of products/services)
How? - The Basics or Fundamentals
Find a market (niche/segment) and adapt a product/service to that market
Be proactive and anticipate your customers needs
Be the first to "attack" this market and you will realize a significant competitive advantage (first to market rules, leaders dominate, followers pick up the scraps)
Who is your customer and what does he/she want or need?
What comes first the market or the product/service? (The market)
Not…..
Trying to adapt a market to your product/service ("Build the temple and they will come")
Much more difficult to try to adapt a market to a product or service
How is your organization performing in new markets (new cities, new regions of the country or internationally)?
Are you an American firm doing business all over the world or a global business that just happens to be based in America?
Classic Mistake - Learn from Others
Biggest mistake Corporate America makes is to create a product/service first and then promote it (market/sell it) to see if it "will fly" - very costly (hit or miss)
Don't think because you believe your products and services are fantastic that your customers will share your same sentiment
Don't sell your product/service until you know your market(s)/customers will want to buy it
Old school: "Build a temple and they will come" - MV
New school: "Guess what, they don't even worship in a temple" - MV
It is much better to be market (customer) oriented than product/service oriented
Diverse or heterogeneous organizations will know how to market and sell to diverse or heterogeneous target markets
Homogeneous organizations will suffer and possibly perish
Your Challenge - Where DTG can help
To find a large group of people (market/niche) who have an unfulfilled need
Make sure this market/niche is a "high growth, "emerging" or "up and coming"
Develop a product/service to meet or exceed the needs of this market
Then market and sell (promote) your product/service to that pre-defined target market (niche/segment) and monitor results (pilot)
THE FUNDAMENTALS - 3 PERSPECTIVES
Diversity Marketing Strategy relies on the very important four Ps.
Product - you must have a product/service that people want or need
Price - your product/service must be made available at a price your market is willing to pay (value - what the customer gets for what they pay)
Place - your customer can find you (location, location, location) and it is convenient
Promotion - unless your prospective customers know you exist, you don't have a prayer - what they don't know they don't know (DKDK)
All four Ps have to be "aligned" and working together for you to maximize your resources and optimize your client acquisition and retention in your respective "target markets."
With an increasingly diverse marketplace, which of the Ps have to be "altered" and monitored
Another Perspective
Successful marketing and selling strategies depend on your "marketing mix"
Your marketing mix……
Creates awareness - people have to know you
Differentiates your product/service from your competition (if you have any)
Creates a compelling reason to choose your product/service over others
Helps you close "the deal or sale" an retain your client base
Remember your marketing mix includes your….
Advertising - all forms of media
Public relations
Direct mail
Internet (www) promotion
Newsletter
Sales force
Customer service force
USP/Statement of Benefit
Image/brand management
"We contend organizations that value diversity in their workplace and marketplace will be industry leaders. Organizations that ignore diversity will suffer at the expense of their more successful competition."
