What is Marketing All About?!?
Marketing is a process that aims at understanding the needs of the customers and delivering them the right quality product. Further Marketing aims at developing the right product, at the right place, at the right price and at the right time. In brief, marketing is all about focusing on the 4Ps viz. Product, Place, Price and Promotion as given by E Jerome McCarthy.
According to Philip Kotler marketing can be defined as “the science and art of exploring, creating and delivering value to satisfy the needs of a target market at a profit.”
Importance of Marketing in the Business
In today’s scenario where advertising and promotional activities have quite an influential and impactful role in everyone’s life. It is indeed of crucial importance for the businesses to adapt to the dynamics of the business environment.
There are innumerable reasons to be listed saying that Marketing plays an indispensable role when it comes to running a business successfully. Marketing plays a pivotal role in building the image of an organisation and branding;
- Marketing plays an effective role in engaging with the customers;
- Marketing plays a pivotal role in building the image of an organisation and branding;
- Building healthy relationships and customer retention is another aspect covered with the help of Marketing;
- Marketing helps in making the customers more aware about the different products and services, i.e. it acts as a communication channel in keeping the customers well informed;
- With the help of Marketing an Organisation can expect increased generation of revenue;
- The activity of Marketing helps you increase your market share and understand how well is your business performing with respect to its competitors;
- Lastly, decision making is one important facet of every organisation. Marketing helps the senior management take more precise decisions to increase the overall performance of the organisation.
Now the question arises on how to achieve the aforesaid points and make your business more successful with the help of effective marketing.
Marketing Tip No. 1: Content marketing can help you achieve the desired output
This encompasses the creation of a website, blog, vlog, podcasts, or a newsletter for that matter. Using such platforms to disseminate information for free and simultaneously allowing your consumers to buy products or services related to the information shared.
Marketing Tip No. 2: Email marketing
One of the most cost effective means to reach out to your target audience is with the help of Email Marketing. The best way is to ask for email ids of your existing clients and maintain an email database and share with them the daily updates, newsletters and announcements.
So, whenever someone subscribes to your newsletter they also get something more apart from subscription.
For instance if someone subscribes to your newsletter offer them a free E-book.
Marketing Tip No. 3: Influential network marketing to ace your performance
Networking plays a crucial role in building a rapport with the existing and prospect customers. What will help you here is your analysis of figuring out and targeting the most influential people in your contact list who in turn could help you connect with more people, thereby resulting in an increase d revenue generation.
Marketing Tip No. 4: 24*7 availability
To differentiate yourselves from others it is important that you go one step ahead and work towards providing your products and services to your clients 24/7. With the help of a professionally designed website one could very well focus on lead generation and making your business an effective sales machine.
Marketing Tip No. 5: Don’t forget to price your products aptly
Price is one integral aspect that allows your business to create that competitive edge over others. So, adapting the most appropriate pricing strategy will help you increase your customer base.
Marketing Tip No. 6: Always keep a tab of how your competitors are performing
In order to make your offers more attractive for your potential customers it is important to research on how well your competitors are performing. Developing strategies that will help in increasing your market share in comparison to your competitors.
Marketing Tip No. 7: Inbound marketing
Inbound Marketing is all about how attractive or well-presented is your product or service.
Marketing Tip No. 8: Joint ventures
JV is basically about sharing your pool of resources with an entity dealing with the product line same as yours.
Marketing Tip No. 9: Endorsed relationships
Endorsed relationships have 90% assured responses, it is a kind of marketing tool where one person sends in an endorsed recommendation to another, ultimately resulting in valuable contracts.
Marketing Tip No. 10: Shortcuts to success is a myth
Well talking of shortcuts there are hardly any. Like its said there is no escape to hardwork and no shortcut to success.
A business should aim at value addition to act as a differentiator and thereby elevate its brand recognition. So, we conclude that effective marketing is an art and hope that the tips recommended by us will help you in running your business functions smoothly.