If you’re a business owner, chances are that you’re not an expert in marketing. In fact, most people who start their own company have no idea what to do when it comes to advertising and marketing. That’s why we’ve compiled all the basics of good marketing practices so that you can feel confident in your decisions and get more customers for your products or services!
But first, Let’s define what marketing is!
1.Define Marketing
is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, or society at large. Marketing is a larger concept which includes management of the demand chain, from research and development (R&D) through manufacturing to sales. Marketing can also be defined as “The management process that identifies the customer’s need and wants, and then develops offers that will satisfy them.” Marketing is not just a department or job, any person from the top of an organization to the bottom can contribute to marketing. It can be done as part of one’s job as well as through specialized firms called Marketing Consultants. The fundamental goal of Marketing is to create exchanges that benefit both buyers and sellers, or in other words, Marketing aims at improving the buyer-seller relationship. Marketing’s key role in creating value for customers while managing customer perceptions. Marketing practice involves the application of analytics (quantitative techniques) to understand customers, so as to enable companies to target their products and marketing efforts on what the customer really needs. Marketing also deals with the effects of a given marketing mix.
Marketing Mix
The Marketing Mix is widely used in Marketing Strategy and refers to the combination of product, price, place, promotion, and distribution that an organization uses to pursue its marketing objectives. Marketing objectives are primarily financial such as gaining market share or increasing revenues. Marketing Mix is often referred to as the marketing equation. It was first introduced in Marketing Theory by Harry V. Sinclair in 1953. He refers to the concept of offering products and services that are “offered” at a specific location through different sales channels. Marketing strategy is concerned with setting overall Marketing objectives for the organization and includes looking for opportunities.
2.The Importance of Marketing
Marketing has become important to the success of a business because it is concerned with building and maintaining long-term relationships between consumers and companies.
3.Advertising Strategies (Paid vs Organic)
Paid Advertising Marketing
Is concerned with building and maintaining long-term relationships between consumers and companies. Paid marketing entails purchasing advertising that enables you to target certain audiences rather than waiting for them to discover you organically. Paid marketing is typically presented on search engine results pages (SERPs) and social media platforms.
Organic Advertising Marketing
Organic Marketing can be defined as non-paid or non-promotional Marketing efforts that a company utilizes to promote its product or brand. Rather than relying on paid advertising or sponsored posts, an organic marketing plan gradually increases visitors to your organization. Anything that does not require direct financial investment – blog entries, case studies, guest pieces, unpaid tweets, and Facebook updates – falls under the category of organic marketing.
4.Marketing Tactics (Email Marketing, Social Media)
Marketing practice involves the application of analytics (quantitative techniques) to understand customers, so as to enable companies to target their products and marketing efforts on what the customer really wants.
Email Marketing
The act of sending a commercial message via email, usually to a group of people, is known as email marketing. Every email sent to a potential or current consumer might be considered email marketing in the broadest sense. It entails sending advertisements, soliciting business, or soliciting purchases or donations by email.
Social Media Marketing
Is important to a business’s digital marketing strategy’s success. Today, social media requires a distinct set of talents, as businesses must completely understand their audience’s needs. To assist you, I’ve compiled a list of four social media methods you should use this year, regardless of whether you’re a budding business or a well-established brand.
Start using chatbots.
Chatbots are quickly becoming a popular marketing tactic for businesses in all industries. While still a new Marketing tool, bots closely resemble Marketing customer service agents with their ability to respond to customers on social media and over the web. In fact, 59% of consumers would prefer to speak with a Marketing chatbot because they’re easy to use and available 24/7. You can integrate Marketing chatbots into your Marketing strategy by partnering with a company such as Luka or Mogreet.
Create a personalized experience for your customers.
Marketing personalization is one Marketing tactic that works especially well for businesses in any industry. The best way to approach Marketing personalization? Create a Marketing strategy based on your customer’s behaviors and preferences. Here’s why Marketing personalization is crucial to all Marketing strategies: 67% of B2B buyers say personalized emails, content or ads have a positive influence on their purchase decisions, while 44% of consumers say personalization makes them feel like the brand understands them.
Create a community for your audience.
By providing an opportunity for your audience to interact with each other. As a brand, you’ll learn more about your customers by listening and responding to their conversations. You may also be able to contribute valuable content based on what they’re discussing. When 80% of shoppers read reviews before making a purchase, Social Media Marketing takes on its importance. People want to know what other people like them are saying about your brand. Building a Marketing community is important because you’ll be able to use it as a platform for customer service and feedback purposes, learning more about your audience in the process.
Use brand advocates.
Marketing Brand Advocates are your social media Marketing frontline. This team is comprised of loyal advocates, which will respond to negative comments and adapt messaging based on the way audiences perceive it. Companies can empower their Marketing team by creating a helpful marketing forum where customers can ask questions and leave comments.
5.Who Is a Good Fit for Marketing?
Marketing is a broad field that includes elements of planning, communication, promotion, and technology. Some sectors of the economy are heavily dependent upon marketing, while other areas (such as manufacturing) do not use it at all. Careers in marketing require an understanding of business fundamentals such as finance and accounting because it is about growth. Marketing professionals typically earn undergraduate degrees in Marketing and business administration; many continue on to graduate school to obtain a Marketing Master’s degree or MBA.
Marketing jobs are available in all Marketing facets of the economy, as a measure of how important Marketing has become to success.
6.The 4 P’s of Marketing – Product, Price, Place, Promotion.
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Product (goods and services, product line, quality/features.)
A product is any item that is intended to meet the demands and desires of a certain customer. It can be a material item, such as clothing or software, or an intangible one, such as a service or experience (think legal services or a cruise).
Marketers must always have a firm grasp on what their products stand for and how they vary from the competition in order to promote them successfully. Today, the internet can be thought of as a means for purchase, as with e-commerce, or as the product itself, as with a social networking site. As a result, it is critical for marketers to have a thorough understanding of the product they are selling, how it satisfies the demands of their target client, and what differentiates their product from the competitors.
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Price (pricing strategies, market value analysis, price levels.)
The product comes first, followed by a determination of its worth among target audiences. Pricing strategy is both an art and science since it requires both market data and meticulous calculations, as well as skillfully balancing between excessively high and excessively cheap pricing, while also recognizing how skewing, either way, might harm the brand.
Price does not just refer to the monetary value of a commodity, but also to the time or effort required to get it. This is a vital aspect in determining the brand’s revenue because it affects profit, supply, and demand, as well as how much marketers should spend on promotion or marketing strategies. This, in and of itself, is why this ‘P’ is so important. If a product is overpriced or underpriced, the product and brand may fail.
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Place (distribution channels) How to get the products?
The internet era has created new hurdles for businesses seeking to contact their clients. Place refers to providing customers with access to the product and also to the customer’s convenience. Marketing, whether digital or traditional, is about placing the right product in front of the right customer at the right time and at the right price.
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Promotion (promotion methods, advertising/marketers)
Now, how can we educate the public about the product? Within the four Ps concept, promotion generally relates to marketing communications.
These communications take the shape of public relations, advertising, direct marketing, email marketing, social media marketing, or sales promotions; consider them as any method through which marketers communicate important product information to their target customers.
Promotion is undoubtedly the area that has witnessed the most growth and change as a result of the digital revolution. With the unprecedented access provided by B2C marketing solutions, marketers can now advertise products more easily, effectively, and personal than ever before, resulting in increased results and ever-increasing expectations.
7.The Role of SEO Marketing
SEO Marketing
This Is the process of improving the visibility of a website or web page in a search engine results page (SERP) as part of an organic search. It can be done through enhancing either its relevance to specific keywords – known as Search engine optimization (SEO), that relies on well-written content and well submission or manipulating the process to gain better rankings in SERPs – known as Search engine Marketing (SEM), that relies on paid advertising, for example, PPC.
Inbound Marketing
Is a brand new trend that has been attracting marketers over recent years. It uses SEO as its main tool and serves as an alternative to outbound Marketing more commonly referred to as traditional Marketing.
Outbound Marketing
This is when the brand actively tries to gain customers, while inbound marketing is about giving them what they want whenever and wherever possible. In other words, instead of seeking customers out and bombarding them with ads, you offer your services or products over a period of time and let the customer discover them for themselves.
Marketing is one of the most important aspects to running a successful business. It’s crucial that marketers understand the basics and how they can be applied in different scenarios, but it also takes patience and time to master these skills. With this guide as your foundation, you should be able to make sense of marketing terminology and strategies for yourself or anyone on your team. If you want more help with understanding marketing fundamentals or specific tactics like SEO strategy, feel free to reach out! We would love to work with you to create an excellent plan for driving sales through digital media channels!
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