Understanding the Business: Why Marketing?
If you just start your business; you might also be a bit skeptical about marketing. Not many new firms take consideration to focus on marketing their business. Often the idea is distorted by the big companies spend millions on their advertisement, and you might think that is just not for you, and your firm has decided just to do the job.
However, whether you realise or not, no business could ever escape and survive without understanding the customer. It is not an overstatement. Every type of business exist, from the smallest shop on the street corner into fortune 500 companies are capable of taking advantage of the reputation to the increase of sales each marketing campaign they launch. Without getting to know your customer, there is no way that the company could move forward to improve and earn targeted profit.
Although it is a very broad term, marketing is not rocket science. Understanding marketing will be easier when we put it as a bridge to deliver our value to the client. It includes understanding your customer, defining your business segmentation and position, determining how to enter a new market, distribute properly, and build your reputation among your target market.
More sales, more revenue.
No sales, no income. The blunt truth is no one will ever come to knock your door to get whatever you sell if no one knows if it exists, as simple as that. The world is big enough to increase your customer portfolio potentially. If you think your company is still too small, any marketing campaign will do when executed in a correct way. Even a simple Word-of-Mouth will do the trick, and soon the sales will increase.
The current popular trend is to advertise your company on an online platform using social media, which are the easiest and cheapest way available to market your product online to reach the greater market. If you are thinking a bit in the advanced stage, then you can start building your brand portfolio online using website and search optimisation to make sure you get enough traffic, and then you can easily track your consumer engagement rate. In this way, slowly your business can analyse performance to optimise sales.
Build your reputation
Quality is always better than quantity.
It is good to have your brand name everywhere anyone can see. Nonetheless, will they ever actually purchase your products? Most of brand exposure will result in a future reference until then it leads to purchase the product. So you better make sure what they remember about your company is a good thing.
Building a positive reputation means that you are giving your business a chance to grow further with a more potential customer. A brand with a good reputation is more likely to get references and build customer trust far more quickly. The process will not be perfect overnight; reputation is something that you grow slowly for years starting at the early stage of business. Thus, over the years, customers will associate your brand with the reputation that you targeted to become. Whether to be reliable, honest or perceived high quality, it depends on how you maintain the brand image since the beginning.
You’ll know what is right for you
“What gets measured, gets managed.” — Peter Drucker
A right marketing approach will allow your business to use right tools to analyse your customer, business performance, competitors market, and internal/external analysis maintaining marketing campaign profitability. With marketing metrics, you can decide the amount you need and can afford to spend on investment and to project the actual return on investments.
Through this, you soon will understand which form of promotion method works best for your company to the right target audience. It creates effectiveness and proper measurement for your future marketing campaign. The important point of advertising your product is to create something that triggers the audience’s emotion towards the ads. In this way, they will remember your brand although the feeling that you create through the ads is negative, but the importance is to make the ads memorable and worth sharing.
Remember, a bad advertisement is better than no advertisement at all. Learn to take the risk you have calculated.
Know where you belong and where you should go
Right at the beginning of the business stage, you might have an idea that you could sell your product as much as possible and could reach every market you want to. However, don’t be so excited yet, in reality, every marketplace and customer are different, no size fits it all in business.
Once you start to analyse your business using the right marketing metrics, you will begin to acknowledge the distinction between each segmentation, society, buying behaviour, and cultural differences. Additionally, the marketing metrics assists businesses to differentiate themselves with other competitors, analyse competitors’ strategy and more importantly, to know what are doing in the market and how you can do better. It allows you to establish proper marketing campaign for a particular target audience and focus on better segmentation in the competition.
Get to know your customers, better!
An excellent marketing strategy will allow your potential client to discover your business. As you gather and process all the knowledge of your consumer demographic to build an ideal customer profile, it will be easier for you to target them based on their characteristic and purchasing behaviour.
Many tools such as surveys, focus group, Google analytics, and polling will contribute to your database and figure out what exactly the market demand and spot the current trends. Alternatively, even will help you to create demand in the market by forecasting and developing a new product to the market with a better campaign.
Deliver your product and service on time, efficiently
Not to forget, marketing is not only all about branding and promoting. Another important aspect of marketing that most business overlooked is Supply Chain or Distribution. For those who are not so familiar with marketing will often ignore supply chain as a key element and forget the last bit of 6P’s (Product, Price, Promotion, Place, People, Process).
Great branding, customer analysis, advertisement, will not complete without the proper establishment of a distribution channel. Distribution Channel bridge the gap between producers and consumers, it supposed to be the most suitable approach to delivering goods and services to consumers in an efficient way. When you learn the building your distribution channel and supply chain processes in the right places, it will alleviate and optimise a business process, lower the cost significantly, allowing the customer to reach to your product in no time and to be reliable. Therefore, you will be able to compete better in the market with a competitive advantage in an efficient supply chain.