How much thought have you given to marketing in your business? What is marketing? Is it as simple as advertising and selling your products and services? There are several things to consider when it comes to marketing your business.
Marketing begins with fulfilling a customer need. Anticipating and understanding what your potential customers want and need, working with internal departments of your business to develop these products and services, and then designing packaging, prices, delivery, warranty, storing, advertising, etc to get your products to market and into the hands of consumers.
Getting the initial customer is part of the process, retaining the customer is also a role the marketing department is responsible for. Building long lasting relationships with customers is essential in sustaining a successful business.
The concept behind marketing is to aim your efforts at satisfying your customers. Customer satisfaction guides the whole system of marketing. Customers look at the value of the good or service in two ways – either by the benefits gained by having obtained the product or service or by what the customer must give up to get the benefits of the product or service. When the benefits received exceed the costs a high degree of customer satisfaction is achieved.
The idea of satisfying customers is simple but important and when your business aims all its efforts at satisfying its customers at a profit instead of trying to entice consumers to buy what the company is producing your company will produce products and services that customers want and need.
It`s not enough to produce what customers want or need as there are other factors to consider. What about your competitors? You can`t afford to ignore the competition. What do you offer that adds more value or benefits to your customer. It`s not always related to a lower price. How do consumers rate your business in comparison to your competitors, what perceived value does you competitor offer?
Marketing is not a function it is a way of doing business it is an attitude. Marketing requires vision, creativity, imagination, and anticipation. Making things happen requires good marketing planning. Marketing is an investment and involves creating maximum value for your customer. Think of your products or services as a bundle of benefits. Building relationships is also a key component in marketplace success.
A business cannot be all things to all people. Every company makes choices about which segments to pursue, which products to produce and at what price. Successful marketing is all about improving your business profitability by satisfying customers better than your competitors. How well does your company perform in relation to your competitors?