The Marketing Process
When it comes to marketing, there are many different ways of reaching your target audience. But what is the best way? There isn't a one size fits all answer to this question because every business is unique and will need an individualized marketing plan. In this blog post we'll explore five stages that you should go through when building a marketing plan for your company: Researching, Strategizing, Programming, Engaging and Capturing.
Researching: Understand the marketplace and customer needs and wants.
Businesses must research their market before entering it. They need to understand the marketplace and customer needs and wants before taking any further steps.
Write a paragraph about conducting market researches help businesses gain many market insights, including identifying how a company meets customer needs and using that knowledge to plan sales strategies.
Businesses need to know about their competitors, because that’s the only way they can differentiate themselves from others. It is also important for them to be able to see what tactics are working well for other businesses and which ones should not be tried as much. Knowing about your competitor will help you save time and money getting into a particular market and identify challenges that it may face.
In addition, the Micro-environment and Macro-environment are also factors in a market which a business need to know about before launching a business. The microenvironment is the world inside your company. The macro environment includes everything outside of it, including competitors and customers. Knowing about both will help you identify an ideal target market for your products or services.
Strategizing: Design a customer value-driven marketing strategy.
Customer value driven marketing strategy focuses on identifying and fulfilling the needs of customers. The strategy involves market segmentation, differentiation and positioning. The customer value-driven marketing strategy should be aimed at helping the customers, not on selling them products or services that are of no use to them.
This marketing strategy can be more expensive to implement but the payoff is much higher - you will have satisfied customers who won't want to shop anywhere else because they are happy with what you offer them, which means there's less chances that your competitors' products or services would satisfy their needs.
Programming: Construct an integrated marketing program that delivers superior value.
In general, programming is all about using marketing mix tools. In 4Ps words, it includes:
Product (what kind of product/service that a business provides?)
How does the product look like? What is it called? What benefits does the product brings to consumers?
Price (how much does the product/service cost?)
Does the price affordable to target customers? Is it cheaper or more expensive than ones provided by competitors?
Place (where can customers get the product/service?)
Where can customers purchase the product/service? (Supermarket, stores, websites, tv selling, social medias...)? Is the distribution easy for target customers to access?
Promotion (How do the customer know about the product/service?)
What kind of promotional tools that the business use to promote its product/service (Advertising, PR, Sale promotion, Personal selling)?
Engaging: Engage customers, build profitable relationships, and create customer delight.
A good marketing program will engage customers, build profitable relationships and create customer delight.
It is important to be able to attract as many new customers while keeping the current ones interested in your products or services. The business must also keep their existing clients happy by providing them with great service and high quality products or services.
Capturing: Capture value from customers to create profits and customer equity.
Capturing value from customers is about delivering more than they expect. It includes the company collecting profits from customer purchases. The company can use the profits for its welfare, or to reinvest for higher competitive advantages.
Market share is a number that shows the percentage of customers in the target market that are using the product/service provided by the business. Having a large number of loyal customers will help businesses maintain their market share. Regular market research and new product development will help businesses get many new customers, thereby helping to expand market share. When the market share is expanded, the business will be more sustainable and the profit will be more.
It also kind of equity between your company and your clientele which will keep them coming back over and over again because not only do they get good products but they are appreciated by the staff as well. That is called brand equity.
The marketing process is a sequential process that can be divided in five stages: planning, strategizing, programming, engaging and capturing. These phases must all work together to deliver superior value to your customers so they will come back for more. You should conclude the blog post with an overview of what you just read as well as how it applies or benefits you.