Marketing is a broad term that can encompass many things. It is the process by which organizations use the media and other available resources to communicate with their customers, identify prospects and promote their products or services. Marketing is not just about creating a product or service and hoping that people will buy it.
Marketing And Sales
The term marketing is usually used when describing traditional sales techniques. It also covers marketing research, the way in which organizations conduct market research to determine what their customers need and want, how competitors are marketing, and use this information to be more successful. This involves both internal and external research. Market research is very important. Without it, organizations can’t identify potential needs and issues their customers may have, and they can’t develop effective selling strategies. It is important regardless of the size of the marketing campaign, even if it is limited to finding methods to buy Facebook page-likes for better market targeting.
What is Influencer Marketing?
Influencer marketing is a type of marketing research that involves identifying a person who is an influential influence in your target market. This could be an existing customer, a colleague, a public figure, or an outside party such as a charity. By engaging the influencer, you can create a relationship that can result in a mutually beneficial marketing outcome. You could, for example, use the information gathered from the influencer marketing activity to enhance your own marketing strategy.
Affiliate Marketing
This is a marketing research concept that pertains to promoting a company, product, or service without paying a commission. Affiliates work with affiliates, who are independent contractors, to promote a product or service for them. The concept sounds great, but the reality is that most affiliates wind up selling the product or service that they are affiliated with instead of the company that they are promoting. Companies who make the mistake of thinking that every sale means a sale, should avoid using the concept.
What Is Marketing Myopia?
Marketing myopia is the tendency to focus on only a small number of potential customers when conducting marketing activities. Most companies that practice marketing myopia fail to realize the importance of building and maintaining relationships with all possible consumers. If the company only markets to its existing customers, it is likely that these customers will be disappointed if the company does not respond to their needs in a timely manner. On the other hand, by reaching out to potential consumers who are not yet buyers, the company is more likely to attract new customers. Therefore, a company must recognize the importance of building relationships with all possible consumers. Asking a trusted associate to assist in marketing a product concept or service is a great way to develop these relationships.
Social Marketing
Another marketing management concept that is often misunderstood is social marketing. Social marketing is the concept of using traditional marketing methods such as advertising in a community or magazine to promote products or services in a socially conscious manner. In the last few years, the success of some social marketing campaigns has been impressive. The marketing manager should take a look at successful campaigns such as the one that raised millions for an environmental organization using social marketing techniques.
Value Creation
The concept of value creation revolves around creating value for the consumer and distributing this value through various marketing strategies. A marketing manager should ensure that the creation of value is consistent throughout the different projects being managed. For example, one company may market a particular product or service by providing additional training to employees on how to use the product or service effectively. However, another company might create value by conducting a survey that finds a lower percentage of consumers that will purchase a product or service based upon the information provided in the survey.
Final Notes
Last but not least, a marketing strategy should incorporate relationship marketing. In basic terms, relationship marketing is the marketing strategy that uses a known consumer factor to build a positive relationship with consumers. Successful relationship marketing campaigns include actions like sponsoring a consumer forum and providing discounts to consumers that demonstrate a level of concern for the consumer. Asking consumers for permission to review a product or service before purchase can also build a positive relationship between the marketing manager and the consumer. The bottom line is that the marketing strategy should build a positive relationship between the marketing manager and the consumers they are trying to influence.
