Understanding Why Marketing Is Critical To The Success Of A Business

It is important to understand that marketing is not just something that’s important for a business but it is an essential part of its success. Everything else that takes place in the business will in some way depend on the marketing. Many business leaders have been quoted as saying ‘if there are no sales’ then there is no company’. Here we’ll take a look at a guide by FatFreeMedia.co.uk at some of the basics of successful marketing.

What Exactly Is Marketing?

Marketing is a term that covers a lot of different activities that all center around selling a company’s services and products. Advertising is what most will think of first when thinking of marketing activities but other things like consumer research can help you understand how your products or services can meet consumer needs. How you design your products is to a degree, a kind of marketing because it is used as a way of giving your customer what they want. Marketing isn’t the actual sale but rather the sale is a result of marketing.

Marketing Strategies

1. Perform consumer research in order to understand sales patterns for similar products already in the marketplace

2. Make necessary changes to products or create new ones to meet consumer needs & wants

3. Find out how to reach more potential customers and make them aware of your products in a persuasive way that makes some want to buy

4. Establish good customer relationships by running special follow-up campaigns that create loyalty and get additional sales

Meet Consumer Needs

Marketing is not just an act of meeting consumer needs but rather creating them by bringing awareness to your products. It is done as an effort to reach potential customers. In recent history, a major marketing failure happened with some US companies who tried to sell deodorant in China. Why this became a problem is because these companies failed to research and learn that the very people they were trying to sell to were biologically different than US citizens in that local Chinese didn’t have an issue with body odor.

They also didn’t understand that the Chinese often feel sweating is healthy. They feel it purifies their body. Marketing doesn’t create a need but rather brings awareness and creates desirability of a particular product. Bringing awareness to something that exists is what creates a need for it. Here are some strategies for creating that need.

Create Scarcity

Apple is famous for building up a dialogue with its consumers and creating scarcity. This builds demand for the product. Often when a new version of the phone comes out consumers will have to wait for a few weeks to get the newest one.

Connecting With The Consumer

One of the ways in which a company connects with their consumer is by creating what is sometimes called a ‘we bond’. One common way of doing this is to introduce a product only to a selected audience. You then invite that audience to participate in further developing it before its full launch.

Use Social Media

Use this type of platform as a way to communicate with consumers and give them a chance to comment. Regardless of whether their comments or favorable or unfavorable, it gives you a chance to connect with them and respond.

Stay Involved With Product Development

The most successful companies will not just launch a product, they will continue to develop it. They remain involved with those products and they speak with their customers to determine how to best improve or modify them. Apple is one of those companies that have this strategy down pat and they make updates frequently. This keeps their customers engaged and keeps them looking forward to updates and release information. Because of this, Apple has become well known for having some of the highest loyalty among its customers.

Building Your Brand Awareness With Your Consumers

Social media has become an important aspect of your consumer’s experience. Because of this reason, successful companies will continue to involve themselves in social media and they will regularly offer campaigns that are specifically aimed at their audiences. Oreo has been rated highly by Adweek for their use of social media. They have special campaigns that tie specifically into certain major events on social media sites like their series on Vine.

Learn To Create Campaigns That Focus On Consumer Preferences

Consumer awareness is raised when companies respond quickly to preferences expressed by the consumer. Netflix is a good example of a company that uses media like the New York Times to raise consumer awareness. They do this by putting out a list of TV series and films they have coming up in the paper.

Understanding Why Marketing Is Critical To The Success Of A Business