THE BASICS OF MARKETING AND ITS IMPORTANCE
No matter how good your products and services are, without a proper marketing strategy you can not stand at the top in the business world. Marketing is the key to a successful business. And if done right with proper strategies and tactics, it can make your business a big shot. Your marketing strategy is not just a set of objectives to reach a goal, but it involves the basic factors like your method of communication to reach the audience, timing, message and so many other things that influences the growth of your business. Before proceeding further, let us make you understand the basics of marketing, starting with its definition first.
WHAT IS MARKETING?
Marketing is a procedure of making the audience or consumers learn about your brand and making them understand about your product and services and why they should choose your brand over any other brand. Marketing is all about quality and superiority. If you have both the ingredients, marketing is your game. In simpler words , it is a process where you move your products from your business to your consumers, involving a segment of introduction and communication, primarily. Marketing Involves the creation of a product, its need, promoting it and knowing who is likely to purchase it. If you are a newbie, there are many digital marketing agencies that can help you with the question ‘ how to create a marketing agency’.
There are three main purposes of marketing which includes drawing the attention of the consumer towards your brand, convincing a customer to buy your product and giving the customer with a specific , low risk and easy to take.
STAGES OF MARKETING
There are basically four stages of marketing. It is very crucial and important for any business to go through all of them to ensure their products or services are ready for selling.
1. IDEATION
The very concept of marketing begins with the idea of a product or service. Before launching the product in the market, you must ensure certain factors so that your product does not face failure. You must decide what you are selling,what options are available and how the packaging of your product will look.
2. RESEARCH AND TESTING
Marketing research and testing are two very important factors of the marketing strategy. Before you introduce your product in the market, you should perform it. Usually, marketing departments test the concept of new product with focus groups in order to know the direction of the public interests and to determine setting the price of the product. Researching your competitors has always proved to be helpful as it gives an estimate about the existing market.
3. ADVERTISING
Your marketing strategy helps you to create an advertising campaign. The research that you collect helps you to constitute your marketing strategy. The importance of a well prepared marketing strategy can be known by the google’s marketing strategy which helped it to become the giant and most popular search engine. Campaigns may include different forms of media like direct advertising, public relations, events, paid partnerships to let the product reach a greater number of audience, globally.
4. SELLING
The buying process is longer and involves more decision makers. Thus, it is very important to determine where and how to sell your products. Some businesses sell their products globally across the world, some sell it across their whole country and some just sell it locally. The mode of selling products may be online or offline. The impact of your distribution and sales channel is mostly on how the customers buy your product and the reason behind their purchase.
THE FOUR P’S MODEL OF MARKETING
The four P’s of marketing is the most popular marketing model in which the four P’s define product, price , promotion and place.
PRODUCT : In order to get your product purchased by the consumers, it must fill in the gap in the market which means it must fulfil the basic demand of the consumers in the market. You need to make your product high quality so that it stands out in the market. When you ensure this, your product is ready to sell in the market.
PRICE : The price of your product depends on the quality and demand of your product in the market. It includes both the cost which is the sticker price and quantifiable trade-offs that a customer must be willing to make when they buy your product.
PROMOTION : The leading purpose of promotions is to generate leads and initiate the actual purchases. It is the basic information about your brand that you provide the consumers in order to make them interested in purchasing your product.
PLACE : Place implies how and where your product is sold in the market. It affects the marketing strategy on the basis of availability of your product in different areas and among distributors. It is the part of your marketing process.
ADVERTISING AND ITS TYPES
In order to generate leads and reach out to a huge number of audience, there are several types of advertising that you can do to promote your business among the public. Television, Print, Internet Marketing, Social media marketing, Email marketing are some of the different kinds of marketing that you can go for. Some companies also prefer referral marketing to increase their sales. There are many Strategic marketing Agency which can help you out in building a proper strategy for your business.
FINAL WORDS
The cycle of marketing starts from the idea of creating a product and ends when the product is purchased by the consumers. A basic marketing agency mainly helps you to understand marketing and advertising ,which are the keys that can unlock success for you. The sale of your product and the popularity of your brand, both depend on your marketing strategy. Make use of the above information to create a proper marketing strategy for your business and rule the marketing world.
