The golden goose is an analogy in your marketing plan which works and that draws the revenue. A lot of Malaysian businesses suffered from various issues when it comes to marketing.
Getting to the root cause
The balance between your marketing plan and the products you offer makes a huge difference in your approach. You can have a good product or service but your marketing might be poor. In some cases, you could have a great marketing plan but your delivery is below-par which ends up with poor customer satisfaction. If you have implemented a marketing plan, then chances are your customers would know about you before even knowing about your product.
Getting to the solution
Hence, the approach here is simple. There are brands out there in the market which are known for their names instead of the products that they deliver. There is no pot of gold at the end of the rainbow and you need to:
- First, the effort – You need to have a workable and practical marketing plan. For instance, Daniel Wellington is not a name associated with timepieces like Rolex or Omega but it has built a brand so strong, customers are not too particular about how well the timepieces work but to be associated with the brand.
- Positioning is key – Your brand’s positioning strategy is crucial here. You might not want to overclaim and place your brand in the upmarket if you are new. On the other hand, you might not want to price your products too low to an extent that it cheapens your brand image. Ensure that you have reached out in the market segment where your customers are and not the masses.
- Optimizing your resources – Ultimately, you do not want to be too rigid with your marketing activities. With data analytics now available, you must discover what channels work for you and which ones don’t. Tweak your plan to suit your needs. Work out the best way to get to your objectives. The idea here really is to make sure that you have the tools that you need in order to get your plan out and that they are available for you when you need them to.
