Marketing is a process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual or organizational needs. Marketing involves the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Understanding the concept of marketing helps you to plan what to sell, whom to sell to or how people might know what you are selling, thus enabling you to plan, create, design and produce what is needed in the right market. It touches the real need of the customer that meets the expectation of satisfying than the physical mean of your product or service. It looks at a broadway that does not only satisfy the need but contains the unique appearance, durability, applicability and that cures the problems of customers and meet the needs of consumers or clients as well, to be able to identify certain types of people who would like to buy your product and to be able to specify what are the beneficiaries of what you are offering, you must know marketing!!!
Marketing is one of the most vital tools in business and entrepreneurship that a business can apply to massive sales. Not only does marketing build a brand and recognition to customers but it leads to the desired customer engagement which in return increases sales, grow businesses and make customers permanently part of your sales.
There are so many core business functions that make marketing necessary for a business searching for bulk sales. From a good marketing plan, any entrepreneur would wonder about a sudden increase in sales.
A Tenachew team has speculated and come out with six key reasons why marketing is so crucial and that any modern business should be advised to give priority. Marketing plays a great role in business achievements as :
>It gives information:
From the grassroots level, marketing is very useful for customer education. To have a long customers engagement needs to give a clear understanding to your customers of the qualities of what you sell or produce. Sure, you know the ins and outs of your product but do your consumers know? To buy into a product, your audience needs to have a solid understanding of what your product or service does and how it works for them. Marketing is the most effective way to communicate your value proposition to your customers in a fun and interesting way. If consumer education is on your priority list then marketing should be too.
>It brings equality:
Doing bulk sales may be too expensive, but modern marketing is a less expensive game than ever before. Social media platforms and email campaigns have made reaching out to consumers a much more finances-friendly possibility. Smart marketing can help even the playing field when it comes to competing against big-branded seller competitors marketing may even give equal opportunities to sellers to reach and attract consumers than just having the brand. Due to social media which have expanded and simplified marketing communication, any seller regardless of the brand name has the same chance to explain his or her products more closely to consumers, marketing often gives much more time for sellers to pay attention to every client individually via the various marketing platforms. Modern consumers value experience overpricing, so this kind of one-on-one interaction could push customers in your direction over bigger brands.
>It maintains the status of a business:
Marketing is there to ensure a close relationship between sellers and customers, marketing is meant to sustain a company’s presence- not remedy a lack of engagement. In this sense, marketing is something that businesses need to create and manage every day to maintain a healthy relationship with their consumers. Marketing is important because it allows businesses to maintain long-lasting and ever-present relationships with their audience. It is not a one-time fix, it is an ongoing strategy that helps businesses flourish and build a trustful bond that bound them together for all the lifespan of the product or services.
>It creates producer-consumer engagement:
Customer engagement is just like the pumping energy of any successful business. Marketing solves the question of how to keep a conversation going once your customer has walked out the door. In the past, face-to-face interactions made up much strong engagement. You walk into the shop, talk to the hostess, laugh with the waiter, wave hello to the owner etc. While that in-person engagement is still alive and well, it’s no longer enough. Consumers want to be engaged outside the store. This is where marketing comes in, and whatever the medium, you can send your customers content to keep them engaged beyond store hours. Your audience wants to form a relationship with your brand, and marketing can be used to do just that.
>It increases sales:
Marketing creates and opens a channel to connect sellers and buyers, when you successfully win to create this customer path towards your products or services, it will help you much to sell your products or services. The bottom line of any business is to make money and marketing is an essential channel to reach that end goal. Successful entrepreneurs explain that without marketing many businesses wouldn’t exist because marketing is ultimately what drives sales. Sure, you need to have a good product but if people don’t know about your it then how can you generate sales? You need to create fresh and inviting content to draw customers in and lead them to purchase. Marketing helps sales and sales help your business – what more could you ask for if not bulk sales?
>It grows your business:
Marketing contains various techniques, methods and strategies that when applied lead to the intensive growth of your business. Marketing is important to ensure the growth of your business. While your current customers should always be your main priority, marketing efforts can help you expand this base. Little efforts like social media posts and email campaigns can not only engage existing consumers but spread the word to new potential customers who will later bring a great impact on your sales.
>Marketing secures your business’s future:
Marketing is all about the sustenance of your business, through new and old customer engagement creates a live longer relationship that you will control in the direction of your businesses in future.
HERE ARE THE OTHER WAYS TO IMPROVE SALES APART FROM MARKETING.
You can grow your business by finding ways to increase sales or by looking for new markets. To increase sales you may have to introduce new products or services, expand your market, increase your marketing activities or improve customer service. If you are a manufacturer, this could mean increasing your productivity to meet demand.
INTRODUCE NEW PRODUCTS OR SERVICE
Provide a broader range of products or services for your clients. You'll need to research your market to see if there is a desire for your proposed offering. Consider using some of your existing clients as a test group. Getting feedback from a test group can help you manage some of the risks and learn how the product or service can be improved. Pay special attention to marketing and promoting your new products or services so that people know about them.
EXPAND TO NEW DOMESTIC MARKETS
Expanding into new markets can be costly, but it can increase your client base. Market research will help you understand the potential new market and help you devise a strategy. You'll also need to consider marketing, sales, distribution, and increasing your production to meet the new demand.
ENHANCE YOUR SALES CHANNELS
Evaluating and optimizing your sales channels could help you reach more clients, increase your market control, and improve profitability. For example, you could:
- Provide your sales staff with enhanced training
- Contract independent sales representatives or hire your own
- Add retail outlets
- Use resellers
- Implement an e-business strategy.
MARKETING ACTIVITIES
You may be able to improve the efficiency of your marketing activities. Track the outcome of your current marketing or advertising and be prepared to change your strategy if you are not seeing your desired results. Study your intended clients to know how best to reach them, and plan your marketing strategy accordingly.
CHANGE YOUR PRICE
Changing your prices, terms, or conditions of billing could stimulate market demand for your products or services. Be aware of what your competitors are offering and what your profit margins are to determine if you can reduce your cost. If lowering your price isn’t an option, improving a deal with favourable terms can often influence customers.
BE AWARE OF THE COMPETITION
Always be aware of what your competitors are doing. This information helps you understand their behaviours, capabilities and limitations. If you have this knowledge, you will be better prepared to defend your market position, react to changes, and find new markets.
IMPROVE COMMUNITY RELATIONS
Increase your presence and visibility in your community. Activities such as sponsoring community events, speaking at engagements, or supporting a local sports team can raise awareness of your business and stimulate sales.
DON'T NEGLECT CUSTOMER SERVICE
Be aware of the customer's perception of your customer service quality or responsiveness. Positive word of mouth from a happy customer is valuable to your business.
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