Economic value can be described as a measure of the benefit from a good or service to an economic agent. It is typically measured in units of currency. Another interpretation is that economic value represents the maximum amount of money an agent is willing and able to pay for a good or service.
What is the best way to start defining the marketing strategy of your company, business or activity? My proposal is to start with a bold strategic question! Why?
As CMOs gain more power in the boardroom — and over technology spend — it will be critical that they understand the factors that drive success.
When you work on your commercial strategy for your startup, you can facilitate this conversation with using the Marketing Canvas (more on the canvas here). Please find below 10 steps you should follow:
What is your goal? Big Idea? Define a question that will clarify your projected future like How can we achieve 1M€ after one year of operation? How can we generate 5% growth next year? How can we differentiate our brand in a digital world where predictive technologies driven by AI will become a standard?
What is the problem you are trying to solve? Clarify the job to be done for your customers.
Who is our buyer and user? Define your persona.
If not you who else? Define the category where you are playing and what are the alternatives for your buyer.
How do you want to be remembered? What people will say about you? Your BRAND
What is your answer to the problem your buyer has? What is your value proposition? Do you have USP, ESP, Clear Pricing and Proofs?
What experience people will have with you? Will it generate sales and engagement? JOURNEY
How do you discuss with your buyer? Do you have conversations? Do you listen? Do you have content, stories, influencers? Which media do you use?
Does it make any financial sense? What is your Marketing Budget and Revenue?
If you don't think it all works, iterate one more time
Use the canvas and answer to these questions using all dimension while asking the same question:
Will my .... help me to achieve my goal?
RED: Not at all; GREEN: Definitely
RED dimension must be reviewed or mitigated because that are not helping you to achieve your goal.
Interested in the Marketing Canvas, you can find more information here.
The Marketing Canvas is evolving. We have changed 2 main dimensions as it reflects more the Marketing reality.