Bob Sherlock: Drive profits with Marketing, Segmentation Episode 009
Bob Sherlock works with executives who recognize that they’ll need to do something different in the marketplace in order to generate sales and margin growth. He helps them research opportunities, develop market strategies and tactics to stand out, and find low-risk pricing improvement opportunities.
What can we do from a marketing perspective to improve profitability?
- Continually looking for ways to:
- Increase unit volume (sell more)
- Increase selling price for given piece / service
- Enrich the mix of products / services you sell
- Marketing strategy: Re-imagining Reality
- Sweet spot triad:
- who you serve
- what are the ‘value bundles’ you provide
- deliver and monetize the value bundle
- Special Note: dig into this topic of ‘value bundles’. It’s a great way to think about your organization’s offerings.
- Sweet spot triad:
- Tactical
- Who you serve: differing preference for price v. quality. Over time, you need to invest time with the people your company serves best and are likely not viewing price as a top component
- Figure out something special to bring to the marketplace. Examples: Warrior Dash, Red Frog Events
- Identifying the gap: ‘all markets are under served’
- Market research – professional and amateur
- Controlled experiments
How important is segmentation, or identifying your target clients? Can you walk us through a thumbnail sketch of how we can identify our proper targets?
- If the decision is big enough, there will be a ‘buying group’ involved in the decision. Technical, practical, legal, functional, etc…
- Demographic: Company size, etc.
- What would change the buying behavior across those 20 companies? What would help them ally with us.
This podcast is for the hustlers (in a positive sense), the people who grind out great work everyday. Some of them are up and comers, others have great careers and continue to grow. What piece of advice do you have for these folks?
- Clyde Lowstuter, Develop endorsement, that others in the organization look to you and say ‘good person to know / work with’. Good decisions = Good endorsement; good info = good decisions; go get more information through tests, research and experiments. His books include: In Search of the Perfect Job: 8 Steps to the $250,000+ Executive Job That’s Right for You
, Network Your Way to Your Next Job…Fast
(both are affiliate links)
- George Gilder, Economist and Author, forwards this concept that all knowledge is a surprise in a great book: Knowledge and Power: The Information Theory of Capitalism and How it is Revolutionizing our World
(affiliate link)
Please reach out to Bob; let him know what you are taking away from this conversation and putting into practice today.
Best contact info for Bob Sherlock:
- Look up Bob on www.marketwerks.com