We will start by saying that "An Infallible Marketing Guide" does not exist, this is the main myth around it, marketing depends on innumerable variables that make it more than a science an art to promote a product or business towards a certain market.
Marketing can be affected by both internal factors (such as the quality of products and services or customer service) and external factors (socio-political events, weather events, etc.) that is why an efficient marketing team must monitor the statistics and the conversion factor of each campaign you carry out. Let's start by knowing a little more about marketing, strategies and their realities.
Marketing can be viewed as an organizational function and as a set of processes for creating, delivering, and communicating value to customers and managing customer relationships in ways that benefit the organization and its stakeholders.
Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer buying behavior and providing superior customer value.
The set of commitments required for successful marketing management includes:
- Capture market information
- Connect with customers
- Building brand strength
- Shape market offerings
- Deliver and communicate value
- Create long-term growth
- Develop marketing strategies and plans
Each organization has a set of functional areas eg purchasing, manufacturing, finance, human resources, marketing, etc. in which the tasks that are necessary for the success of the organization are performed.
These functional areas must be managed to achieve maximum performance; Marketing differs from the other functional areas in that its main concern is the exchanges that take place in markets outside the organization, for example, customers, competitors, public relations, transportation, etc.
Marketing is the creation, communication and delivery of value, as well as the management of customer relationships for a lifetime.
Customer decision process
The consumer or buyer decision-making process is the method used by marketers to identify and track the customer journey decision-making process from start to finish.
It is divided into five individual stages:
The client's decision process begins with identifying the need.
Whether we act to solve a particular problem depends on two factors: the magnitude of the discrepancy between what we have and what we need, and the importance of the problem, this involves the concept of consumer motivation, which is the internal impulse they experience. consumers to satisfy conscious and unconscious wants and needs.
Once the problem is recognized, it must be defined in such a way that the consumer can actually initiate the action that will bring a relevant solution.
The next step is information research and processing, once a need is recognized, the potential consumer can seek information from family, friends, personal observation, consumer reports, vendors, or the media.
The promotional component of the marketer's offer aims to provide information to help the consumer in their problem-solving process, if the buyer can retrieve relevant information about a product, brand or store, they will apply it to solve a problem or satisfy a need .
The criteria used in evaluating alternatives vary from one consumer to another; one consumer may consider price the most important factor, while another may place more importance on quality or convenience.
The search for alternatives is influenced by factors such as time and money costs, the amount of information the consumer already has, the amount of perceived risk if an incorrect selection is made, and the consumer's willingness to make particular choices.
During the purchase phase, the consumer can form the intention to buy the most preferred brand because he has evaluated all the alternatives and identified the value that it will bring him.
Anything marketers can do to simplify shopping will attract buyers.
Providing basic information on products, prices and location through labels, advertising, personal sales and public relations is an obvious starting point.
Product samples, coupons, and rebates can also provide an added incentive to buy.
A consumer's post-sale feelings and evaluations come into play during the post-purchase phase, these feelings can influence customer retention and influence what the customer tells others about the product or brand.
The marketer can take specific measures to reduce post-purchase dissonance, advertising that emphasizes positive attributes or confirms the popularity of the product can be helpful.
Creating a Marketing strategy
Identifying the right strategy to market your business can be challenging. How do you get your message to the right audience effectively and how do you beat your competitors?
The benefits of a planned marketing strategy are numerous. Business owners often rely solely on their intuition to make business decisions, while this informal knowledge is important in the decision-making process, it may not provide you with all the data you need to achieve the best marketing results.
A marketing strategy will help you define business goals and develop activities to achieve them, creating a marketing strategy generally involves the following six steps:
Research potential customers, their needs and spending habits to understand what type of product, service or idea they want to buy, a specific method of gathering information is targeting, which is the process of finding customers whose needs and preferences match the range of products offered by a company.
Evaluation of the organization's capabilities:
Decide what your organization can and cannot produce based on the organization's specific strengths and weaknesses.
Identify market opportunities:
Research the current market for a product idea without competition or in high demand.
Set the objectives of the marketing strategy:
Decide what results need to be achieved to achieve the organization's goals. An objective is a specific result that an organization aims to achieve within a specified period of time and with available resources.
Formulate an action plan:
List the specific steps the organization must take to implement the marketing plan and assign responsibilities to specific staff members.
One of those steps is product positioning, which is the process by which marketers attempt to create an image or identity in the mind of their target market.
Monitor and evaluate:
Review the marketing plan at least once a quarter to track performance against set goals.
Everyone knows you need a business plan, but many entrepreneurs don't realize that a marketing plan is just as vital.
Unlike a business plan, a marketing plan focuses on winning and keeping customers; It is strategic and includes numbers, facts and objectives, a good marketing plan details all the tools and tactics that you will use to achieve your sales goals.
It's your action plan, what you will sell, who will want to buy it, and the tactics you will use to generate leads that generate sales.
The three main marketing strategies
There are different types of marketing strategies and each marketing director must decide which one is appropriate, this step is important because it has a great impact on the marketing mix.
It is a "push" market strategy, in which segmentation is completely ignored and an attempt is made to reach as many potential customers as possible, this technique is based on the persuasive potential of communication.
The traditional methods of mass marketing are radio, television and print advertising and currently social networks mark an important foothold in this type of marketing.
Coca Cola's original marketing strategy was based on this format, at a time when they offered only one product, which they believed had universal appeal, however, now that Coca Cola has introduced other products, it has changed its marketing strategy. to differentiated marketing.
This marketing strategy is also known as a multi-segment marketing strategy, each customer segment is managed in a unique way so that each customer segment is targeted with a different solution.
This strategy keeps your team more focused and you are more efficient at spending your marketing money.
An airline that offers first, business and economy class tickets, with separate marketing programs to attract customers for each of the ticket types, is an example of a differentiated marketing strategy.
This strategy targets a single well-defined segment of the customer population, the marketing costs are low, but so is your sales potential.
It is particularly effective for small companies with limited resources, since it does not believe in the use of mass production, mass distribution and mass advertising, as well as it is the strategy most used by companies with very high-end products.
Carmaker Rolls Royce only targets the premium segment of the car market.
If you wish, our team of advisors can help you develop and manage specific marketing strategies for your company or product, just contact us through our live chat, or schedule a call with our team and we will gladly help you clear up your doubts.
You can also find good options for professional freelancers on the Fiverr website, they have an excellent selection of opportunities at very low cost, which can help you significantly.