Marketing is the management process responsible for identifying, anticipating and satisfying customers’ requirements profitably.
Marketing is about getting the right product or service, to the right customers, at the right price, in the right place, at the right time. Using the right Marketing Communication Tools to communicate the value of the product or service to customers for the purpose of selling it. Think what you are offering, and what value it has to your customers.
Good Marketing Will Grow Your Business
In simple terms, businesses sell to customers in markets. By definition a market is any place where buyers and sellers meet to trade products or services; it could be a high street shop, premises, event or website.
Any business in the market is likely to be in competition with other firms offering similar products. Successful products are the ones that meet customers needs better than their competitors’ products.
Markets are dynamic, which means they are always changing. A business must be aware of market trends and evolving customer requirements caused by trends or changes in the economy.
The Marketing Mix is a great tool to analyse any sized business, whether a startup or established.
The Marketing Mix – Marketeers call it ‘The 10 Ps of marketing’:
Let’s start with…
1 PRODUCT – Your Product Strategy
A successful business will find out what customers want or need. Then they develop the right product or service, with the right level of quality to meet those needs now and in the future.
When developing and marketing a product, describe its features and benefits.
Ask yourself the following questions:
- Will it satisfy my customers’ needs?
- How will they use the product?
- Where can they buy the product?
- How will it differ from competitors and other brands in the market?
- Will a guarantee be offered?
- Do I have a system in place to measure and regularly check what they think of the product, service or brand?
2. PRICE – Your Pricing Strategy?
A product is only worth what a customer is prepared to pay for it. The price also needs to be competitive, but this does not necessarily mean the cheapest. The small business may be able to compete with larger rivals by offering excellent customer service for example; adding extra services or details that will offer better value for money.
The pricing must also provide a profit. It’s the only element of the marketing mix that generates revenue – everything else represents a cost. Pricing also positions you in the marketplace.
Ask yourself the following questions:
- How much does the product cost to produce, distribute and promote?
- What is the expected demand for my product?
- Look at the competition, what are they selling, at what price and where?
- What brand image do you want to promote?
All of these are important factors when setting the price strategy.
3. PROMOTION
Promotion is the way in which a business communicates both itself, its product or service to its customers – the offer. A promotional campaign must gain attention, promote the offer, tell a consistent message and ensure a customer buys your product and not your competitors’. Good promotion is a two-way communication between product and customers; it should communicate the features and benefits that the customer gains from the product.
4. PLACE – Your Distribution Channel Strategy
Channel Management requires you to achieve the most profitable delivery of your product to your customer and market. There are so many opportunities with regard to retail operations, wholesale, mail order, online, internet, direct sales, partnerships, multi-channel, worldwide. Ask yourself:
- What is the current distribution strategy?
- Where can people buy the products from?
- Where do customers expect to find my products?
- What are the logistics of each channel?
5. PEOPLE – People As Part of the Marketing Mix
People are fundamental to the production and delivery of the service. How they interact with the customers may for example:
- Determine if the customer buys again.
- Drive worth-of-mouth marketing.
- Be a crucial touchpoint in the delivery of the ‘Brand Promise’.
6. PROCESSES
Anyone who comes into contact with your customers will make an impression, and that will have an effect on customer satisfaction. The reputation of your brand is paramount. It is essential to ensure that all employees who have contact with customers are properly trained and the right person for the job. Many customers cannot separate the product or service from the staff member who provides it. This shows the importance of your people.
The level of aftersales support and advice provided by a business is one way of adding value to what you offer, and can give you an edge over competitors.
7. PROMISE
Discuss and review whether or not you’re truly delivering on a unique brand promise; if you don’t have one then get one – this is part of the branding process.
8. POSITIONING
Discuss and review ways in which your customers position you in the market.
9. PACKAGING
An important part of the product decision making process is the design of the packaging of your product. An effective packaging strategy can contribute to the businesses’ competitive advantage. Your ‘packaging strategy’ should exhibit eight functions: unique; functional; easy to remove; promise product features and benefits; informative; follow guidelines and regulations; and reinforce the brand.
10. POSITIONING – Brand Positioning
- Define your market segment.
- Do your analysis.
- Create your brand positioning.
- Adapt your marketing mix accordingly.
