We should think of marketing as everything we do to promote our business, to encourage customers to buy goods or services. The basis of marketing is understanding the target market, it will be important to analyze the competition , create offers and design attractive experiences thanks to which we will gain customer loyalty.
To acquire customers and increase sales, you need marketing that takes into account every stage of delivering a product or service to the customer. Even at the stage of creating a product or service, it is worth using the concept of the marketing mix.
4P Marketing Composition
The “Four Ps” of marketing are an essential part of building an effective marketing strategy. They include product, price, distribution, and promotion, and describe how marketing interacts with each stage of the business process. Let’s take a quick look at each of them.
Marketing mix - Marketing Mix 4P
Product
If you have an idea for a product (or service), it’s worth considering conducting market research to see if it aligns with your target market and their needs. We can use these questions as a guide:
Who are the customers?
Is the product tailored to their needs? What are the customers' expectations of the product?
What platforms do they use?
How can we increase the likelihood of success?
Does the focus group (a group of people representing your target market) have any concerns or questions about the product?
Marketing answers these questions by helping companies better understand product demand and improve its quality.
Price
Marketing research is used to determine the price for the ideal customer. If our products or services are too expensive, we may not find customers for them. On the other hand, a low price is a signal that the product or service is of low quality. Therefore, it is important to determine the price correctly.
Distribution
Marketing helps you figure out how and where to sell your products based on research and analysis. Let’s consider whether e-commerce works better than a retail store or vice versa. An effective marketing strategy can help you identify the best locations to sell your products domestically or internationally.
Special offer
The promotion process refers to any advertisement, event, or discount that the marketing department creates to increase product awareness and sales interest. Public relations campaigns, advertisements, and social media promotions can be used at this stage.
What is a marketing strategy?
A marketing strategy is a long-term proposal that outlines the steps that the marketing team will take to achieve the goals set. Let’s think of it as a plan to execute. Remember that in order to achieve the goals, the steps should be clearly defined, which will allow for the implementation of the most effective marketing methods and practices.
How will a company’s marketing strategy help?
A marketing strategy, tailored to the specifics of the product or service and the needs of the target group, can significantly affect the success of your company. A well-developed strategy will help you increase brand recognition, gain a competitive advantage, reach customers more effectively, select communication channels more carefully, maximize sales results or build customer loyalty.
Informing consumers about the company, product, service
Consumers in a competitive market need to understand why homeowner database they should choose our company over another. One of our marketing goals should be to inform customers about what we do and how we solve their problems.
It is important to differentiate your brand from the competition to give customers what they want. Through marketing activities, we provide detailed information about our product, brand, mission, values and how we can improve the lives of customers.
Increasing consumer engagement
The idea of marketing is to build lasting relationships with consumers at every stage of their interaction with the company, from the moment of interest in the product, through making a purchase, to post-sale activities. With its help, we strengthen relationships with customers to not only influence their purchasing decisions and encourage them to make their first purchase, but also to turn them into loyal, long-term customers who will return to our brand.
Social media is a great place to start your marketing efforts, especially when it comes to building brand awareness and making initial contact with potential customers. Followers who have been following a brand on social media for a while are more likely to visit its website or app. Social media marketing allows you to stay in touch with your customers through various forms, such as ads, posts, or reels, targeted at people who have previously interacted with the brand.
Building brand awareness
Marketing is important in the context of building awareness of a company among consumers. Brand image is often the deciding factor whether a consumer will choose your product or direct their steps to the competition.
It is important to remember that building awareness is not so much about selling products or services here and now, but rather about "anchoring" in the consumer's mind so that when the need arises, our company comes to mind as one of the first. We can achieve this effect through consistent communication of brand values, storytelling or consistent advertising campaigns .
Increased sales
To effectively increase sales, it is important not only for the product or service to be known, but also to use specific techniques that directly influence the purchasing decisions of consumers. Email marketing can be a great way to generate revenue, especially by sending personalized emails highlighting new products, promotions, or special offers. In addition, online offers and promotional campaigns increase the visibility of the brand and can directly encourage local and new consumers to make a purchase. Additional techniques such as upselling, cross-selling , and loyalty programs can effectively increase the value of the shopping cart and increase the frequency of purchases, which will directly translate into an increase in sales.
Company development
Marketing strategy plays an important role in business growth, helping to increase revenue by acquiring new customers. A successful business first attracts customers, then educates them, keeps them engaged, and builds a good reputation, which translates into loyalty and repeat business. Marketing not only helps a business acquire new customers, but also effectively manages relationships with existing customers, which is essential for long-term, sustainable growth.
