The CIM (Chartered Institute of Marketing) defines marketing as "The management process responsible for identifying, anticipating and satisfying customer requirements profitably."
They also state that "Every product we buy, every shop we visit (on-line or on the high street), every media message we receive and every single choice we make in our consumer society has been influenced by the forces of marketing..."
It's often assumed that marketing is just about advertising or selling - this isn't the case. Marketing is a key discipline that enables producers of goods and services to understand consumer desires and meet or exceed them.
The marketing process should be central to all businesses as it addresses the most important aspects of the market. Marketing is about understanding your competitive marketplace, enabling you to engage with current trends, reaching consumers with the right product at the right price, place and time.
Throughout history there have been many reminders of how successful vs. unsuccessful marketing has affected businesses large and small. Without strong marketing, you can’t get close to your customers to satisfy their needs – and if you can’t, a competitor most likely will. Examples of business not listening to their audience are giants such as BHS, Blockbuster Video, Comet, Thomas Cook and Toys R Us- simply put, they got left behind by failing to acknowledge changes in market behaviour.Get help now
(AKA, the Marketing Mix)
The 7 Ps of marketing used to be the 4 Ps - Product, Price, Place & Promotion. In more recent times, however, the following were added as marketing became more sophisticated - People, Process & Physical Evidence.
Whether it's physical product or service, or indeed a combination of both, 'Product' refers to what a company produces. The product is developed to meet the core needs of a customer - for example, the need to take clothes on holiday is met with a suitcase. The challenge here is to produce the right mix of benefits that meet will meet the customer needs. Needs continually change for a number of reasons - maybe a different type of holiday needs a bigger case, for example. Add competitors into the mix and the need suddenly arises to modify, increase a product range or add value to your product.
Unlike all other marketing activities, which represent a cost, this is the only revenue generating element of the marketing mix. Going to market with the right price is absolutely critical, as you not only need to sell your product at a price to cover your costs, but also to generate a profit. Before you can set a price, factors such as demand, price tolerance, competitor pricing, product quality etc need to be carefully considered.
The is 'where' a purchase takes place - there are many places a transaction could take place, such as online, in a shop or even walking along the beach. Some business sell their product direct to their customer, some sell through resellers or distributors. The decisions here are down to the logistics of your business, factors such as volume of anticipated sales, size of market (number of sales and geographic regions) and how much expertise is required to sell the product etc
Just having a great product isn't enough - you need customers to buy it, and if they don't know about it they won't. Your product needs promotion, which is the stage in the marketing mix that's all about communicating messages to your customers in order to generate awareness, desire and action. Now more than ever, there are so many tools available to promote your product - such as advertising (e.g. Online, Print, Socials, Radio, TV), Telemarketing, Direct Selling etc.
People associated with a product are the front line when interacting with customers - handling enquiries, transactions, complaints etc. It's often the case that how a person interacts with a customer has a lasting impression on them and can sway the future purchasing decisions, in a good or bad way. People are the face of a product and with the right attitude and proper training, can become one of the most valuable assets to a product or brand.
As with promotion, just having a great product isn't enough. There needs to be a fluid and well considered customer journey, which needs planning and logistics behind the scenes. When considering the steps of the customer journey - from initial enquiry, to placing order and associated lead times, there should be processes and systems in place to manage customers expectations along the way. Get this right and you'll produce a positive customer experience.
Physical evidence is separate to advertising and what sales people may tell you, it's a tangible indicator of the actual quality of the product on offer. This is a very useful 'gut' feeling, particularly if a customer is new to your product. In the case of a car purchase, how shiny is the car? How well presented are the sales people? How clean is the showroom? In the case of an online purchase, how good are the product reviews? How easy is the website to use? How much is the delivery cost?
The marketing mix is exactly what the term suggests. It's the mix of tactics that are applied in varying measure, depending on the product, to position the product at the forefront of the mind of the customer. This helps a brand to elevate above the competition, with a product that that meets or exceeds customer needs, at a price that has perceived value.
Old but Gold. Whilst Social Marketing is on a steep rise (particularly with Generation Z), when done correctly, Email Marketing remains a fantastic way to engage with your audience and grow your sales - particularly when reaching out to older age groups (Baby Boomers, Gen X & Y).
Due to how our team of Email marketing experts plan, design, build and execute Email campaigns, the open rate we achieve for our customers is incredibly high at an average of 45%. This is triple the industry average.
A gentle nudge is often all it takes to get your customer to buy from you. A well targeted Email can do exactly that.
If you feel you're missing on marketing opportunities and need some help with your Email Marketing, let's have a chat.Get help now
Social media platforms are now an important part of marketing for your businesses, but with so many on offer, how do you decide which platforms are right for you? As of Q2 2022, the 5 largest platforms are as follows:
Surprisingly, Twitter is currently ranked at 15, but watch this space...
This said, TikTok is growing at a huge pace (particularly amongst younger consumers), and Facebook appears to be shrinking. It moves pretty fast, which is why it's really important you choose the right platform for your audience.
We're here to help you with your marketing - we can either charge by the hour or have a range of Marketing Support Packages that meet the marketing support requirements of most businesses, from small local business to larger SMEs. In some cases, we do all the marketing for our clients.
If you need marketing support, just click on a link below.
As per On Demand, plus:
As per Marketing Support Lite, plus:
Some of our clients employ us as their actual marketing department where we undertake all the work that a full time marketing team would do.
Would this work for you? Get in touch for a chat.Get in touch