On this podcast, we talk about marketing strategies and tactics. Many of our podcast episodes will cover strategic marketing (segmentation, targeting, positioning, market orientation, branding, and offering development), but we will also discuss tactical marketing (Facebook advertising, email market… read more
If I asked you which one of the 2 CEOs below has a better chance of reaching target customers successfully and selling more product, which person would you choose?
A Harvard MBA graduate, or An unschooled twenty-something:
If you answered #1, you are wrong. If you answered #2, well…you are also wrong. You can’t actually arrive at an answer without asking each party more specific questions.
You see, when it comes to knowing your market, paper degrees won’t tell you a thing about what your consumers want. The best marketers are those who can admit they actually know NOTHING about their customers.
We call this concept market orientation.
Market orientation is the first step to constructing a solid long-term marketing strategy. When you’re market oriented, you realize that you need research to learn about your customer instead of relying on assumptions and hunches (which are almost always wrong).
In a recent interview, Mark Ritson—professor of marketing at Melbourne Business School, consultant, and writer for Marketing Week—weighed in on marketing strategy. By his reckoning, he estimates that “around 80% of marketers, and in some countries 90 [percent], literally have no idea what the hell they’re doing” as it relates to marketing strategy.
Most companies are just not market oriented.
Are you market oriented? Read on to find out…
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