As the world moves forward and business expands so too will the need for marketing increase.
Today’s Marketing departments are very different from their roots. Before the industrial revolution we used to invent goods and marketing’s role was to simply get the word out about said item – selling the benefits, value, lifestyle etc. Today businesses are (or should be) built around the Marketing function primarily – today’s Marketeers work with Research and Development teams to conduct market research to identify a problem and create a solution. Marketing is now the source / concept of product creation, not the end bit of the process.
Marketing is not about simply making a product attractive or designing artwork to promote it. But true Marketing functions are multi-faceted and at the heart of a business. Marketing covers all aspects of a brand lifecycle from ideation to promotion, service and information management, distribution, selling, pricing and financing.
So are you targeting your audience correctly?
Audience targeting is critical to marketing/business success. You can have a great product but without the right marketing aimed at the correct audience, it’s like selling ice to an Eskimo!
Planning is extremely important, when it comes to marketing there are no quick solutions to getting the right plan specific to your brand.
A commitment to marketing is a long-term investment in your business. Like any good investment, it takes planning and patience to see a solid ROI. – McDonough
Marketing always starts with in-depth planning. Here’s the essential steps to follow:
- Begin with analysis of consumer needs to find that all essential gap in the market.
- Analyse competitors who are already developing similar solutions/products in this market.
- Develop your plan from your insights and define your goals.
- Create a strategy and ways of implementation.
It’s essential to include market segmentation in your Marketing strategy.
What is segmentation?
Think of it as taking all consumers (the market) and sub dividing them into groups who share commonalities.
Your target market is one of these subdivisions of the segment. So, a particular group of consumers with the same needs and desires.
To keep your planning on track make sure you revert to the four P’s:
- Is your product or service priced right?
- Does your product meet the consumer need?
- Are you creating awareness through promotion?
- Are your products easily accessible to your consumer in the right place?
The way you market an organisation is the same process to market a brand/product. Each requires a Mission, Vision and comprehensive plan that strategically positions the business or brand in the right way to the right people at the right time and place.
While the idea for most small businesses is to think locally, do not limit your business, think outside the box and put your business on an online platform to create more reach and expand your horizon. Overall it is important to remain flexible without steering away from the core of your brand. Small leaps often make for great success!