The most concise marketing definition is “satisfying needs.” Marketing is all about identifying the needs of consumers and satisfying those needs in a profitable manner.
It is important to identify the level of demand for your service in the market you have decided to target.
Your Marketing Strategy
Without a marketing strategy, your business will not find customers who are likely to buy your products or services.
A marketing strategy will help you build profitable, lasting relationships.
It has to be flexible enough to change according to customer needs and perceptions.
You may even identify new markets for successful targeting.
A Marketing Plan
A marketing plan helps execute your marketing strategy, by setting out clear objectives and listing actions that should be taken, so as to achieve your goals.
A marketing strategy allows you to:
- Win ongoing customer business
- Keep customers happy post-sale
- Continually review and improve processes that can put you ahead of the competition
Marketing does not produce sales directly, but, by having a solid, well-thought-out marketing plan it will support sales, by building profitable, prolonged relationships.
Cost-Effective Marketing Definition
Marketing need not cost mega-bucks if you think outside the box.
- It is also imporant to maintain regular customers, while attracting new ones.
- There are low-cost, value-oriented marketing and public relation strategies you can employ.
Direct marketing means unsolicited outreach by your business to potential or existing customers, in order to increase awareness or generate sales.
- It is cost-effective and takes the form of: distributed leaflets, mail solicitation, telemarketing, and email marketing.
- It allows you to target customers fairly accurately.
- In order to be successful, you must prepare these campaigns carefully.
- You will need to become aware of industry best practices and legislation, regarding direct marketing.
Telemarketing is often preferable over other forms of direct marketing, since, while conversing with a customer, you can evaluate their level of interest and adjust your pitch accordingly.
- You can accurately assess their needs with questions, and answer technical questions.
- You do need to be aware of regulations surrounding telemarketing.
Exhibitions & Trade Shows
Exhibitions and trade shows are specialist market places, where exhibitors can promote services and products, and generate sales after reaching new customers.
- They also give you a chance to see what else is on display and what the competition is up to.
- These venues are great for networking.
Free Gifts, Coupons & Vouchers
Everyone loves free gifts, including millionaires, meaning even they still have a child within. Take full advantage of this human trait and promote your business with free gifts and handouts.
Try to distribute them and any or all focus groups, community gatherings, and other functions. Always embed your website address and phone numbers in all your items.
Get a Professional Website
A professional website is essential and honors your business. Together with the presentation of relevant information about your business, services, and products, a well designed website instills confidence and lends credibility.
Know Your Competitors
Knowing your competitors and what they offer, helps you improve the way you market your services and products.
- Through a clear marketing definition, you will understand their marketing campaigns and respond with initiatives of your own.
- You may step into the space left by a competitor’s weakness.
- You can assess threats posed by newcomers.
Market research helps you understand your business environment and its players: customers, suppliers, competitors. It also identifies new opportunities.
Competitive Markets & Dominant Big Players
Competitive markets and dominant big players require a focused market definition on your part. They dictate that smaller businesses need to be savvy and get their approach right.
Small companies can be lean, flexible, and agile, enabling them to successfully challenge the big brands with their huge budgets.
Confidence, Passion, Knowledge
Confidence while you market your business and services is very powerful.
Customers are more likely to choose your product, if you are passionate and knowledgeable.
Networking is becoming increasingly important for small businesses and is a key part of the marketing process.
Take an inventory of all your contacts and relationships, seeking those who can help your business.
Become a Speaker
Take every opportunity to speak at meetings related to your business or industry.
You can also organize focus groups that can offer feedback on your products, so you can improve their marketability.
Some of the Most Exciting & Satisfying Components of Business
Marketing definition: Marketing is a wonderful occupation, with never-ending advancements and possibilities for learning.
It is likely to become the most satisfying and exciting portion of your business.