Understanding The Pragmatic Marketing Framework
The pragmatic marketing approach addresses one of the key challenges a business faces: How to take a marketing a= theory and apply it in a way that produces definable results. All businesses understand the necessity of developing a marketing strategy for attracting customers and developing their brand. But taking high-level ideas down to the ground level and implementing them in day-to-day business practices can be problematic. That’s where the pragmatic marketing approach comes into play. Pragmatic marketing provides actionable and practical strategies that businesses can implement into their business immediately. Below you can learn more about the key fundamentals of the pragmatic marketing framework approach. An “outside in” approach is critical The pragmatic framework incorporates an “outside in” approach to designing a marketing strategy. Essentially this means that companies need to start by studying customer trends as a guide to developing products and services. This contrasts with an “inside out” strategy which instead focuses on what the company can do with the resources that it already has. An “inside out” approach will typically focus on controlling spending and streamlining operations rather than capitalising on external opportunities. An example of the outside in approach and be seen with Best Buy. At the time their competition were focused on cutting back on services and reducing costs. Best Buy instead took a close look at trends in the market and saw that there was a demand for support services. As a result they developed Geek Squad to address this demand. Positioning Drives Execution and Growth Positioning is a key part of the pragmatic marketing framework. Companies that embrace this framework need to define who they are so that they can maximise sales. By positioning the businesses brand and products they will be able to write compelling marketing content that stands out. Failing to focus on positioning results in a weak messaging and an ability to command sustainable profit margins. Focus on Urgent Problems That the Market Will Pay to Have Solved The pragmatic marketing approach is a very market orientated strategy. Before a solution is developed the market is to be carefully researched to ensure that the problem that is being solved is urgent and pervasive and that consumers are willing to this page to solve the problem. This house to avoid the problem of developing a product that no one is looking for. Under the pragmatic marketing approach the opinion of people inside the business is considered to be interesting but not important. What is considered to be important is the opinion of the consumer. Only their needs and challenges are relevant when developing a product and marketing strategy. This approach is recognized by the “lean methodology” which is currently very popular in Silicon Valley. This involves bringing a limited version of a product to market as fast as possible so that demand can be tested. Additional features are then added in response to customer demand. The pragmatic marketing approach focuses on what customers really want and trends that are occurring in the market. By embracing the pragmatic framework approach businesses minimise the risk of developing unwanted products while responding quickly to unmet demand.