Marketing 101: The Heart Of Every Business
Yes, marketing is considered the heart of every business, because no matter how good quality your product is, it will not sell if you have a poor marketing strategy. Marketing is generally the umbrella of advertising, promotions, sales and public relations. As an analogy, try to imagine yourself as a painter, with great and magnificent artworks, but everything is stocked in a closed room where nobody can access or see it. Yes, all your efforts will be wasted, and more importantly your time and money spent on your painting materials. Same is true with any business venture, making the best product or having the best services is not the end of your journey, you need to spice up with marketing strategies for it to succeed.
It is important to ponder on some important points about marketing such as defining your target population, testing your audience, considering marketing strategies and evaluating those strategies. Defining your target population sets the proper demographics to help you select the best marketing plan appropriate for your business. Creating a hypothetical process of purchasing to test your audience is essential, because it is a way to know their buying behaviors and its patterns so you can choose the best and appropriate marketing strategies needed to promote your business. Once you have set and implemented your marketing strategies, it is important to study and evaluate them for you to be able to find the most productive of them all.
Some of the popular and widely used marketing strategies include paid advertising, cause marketing, relationship marketing, undercover marketing, word of mouth, internet marketing and transactional marketing. Traditional methods of advertising such as television, radio and print media advertising are called paid advertising. For the essence of social cause, some companies use cause marketing for promoting various products and services. Relationship marketing is creating customer connection, improving customer experience, and gaining customer trust and loyalty. For undercover marketing, customers are not fully aware that a marketing strategy is applied, so it is otherwise known as stealth marketing. Word of mouth involves customer referrals from your actual customers. Internet marketing is also referred to as cloud marketing, popularly utilized because majority of the world’s population use the internet. Transactional marketing involves the use of voucher coupons, discount cards and huge events. Diversity marketing uses customized marketing strategies basing on specific aspects such as beliefs, culture, attitudes, views and gender preference. Marketing is a valuable tool for a successful business, which allows people to become aware of your products and services, create specific needs and be able to address those needs.
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