Successful Marketing Strategies
For any business to flourish and ultimately be profitable, a good marketing strategy need to be employed. Every company or business organization undertakes a variety of activities in order to meet their primary organizational goal, that of making profits. Marketing is a process that begins right from the inception of the product design, right till the time the consumer actually buys the product. As a matter of fact, it does not end when the consumer purchases the product, as after sales service and customer relationship are also other forms of good marketing.
What is Marketing
Philip Kotler, the father of modern marketing management, defines it as "Satisfying needs and wants through an exchange process". Another definition is "The management process responsible for identifying, anticipating and satisfying customer requirements profitably".
It is clear from these definitions that marketing needs to be aimed at somebody. It cannot be generic in nature, it needs to have a purpose. When the maker of a luxury car develops his strategy he knows what the age bracket and income bracket his customers are going to fall in. So he alters it to suit the needs and expectations of this target segment of customers. Marketing revolves around one person, the customer, and go to any lengths to firstly identify what the needs of the customer are, and subsequently satisfying those needs.
Marketing strategies today have become very customer centric, and this is very different from olden days. The reason for this is the vast amount of choices and options that the customer has today, coupled with the large amount of disposable income in their hands. This has increased the competitiveness between sellers vastly, and the only way they can entice customers is through effective marketing.
The Marketing Process
Marketing is a process that begins from the very day a product is conceptualized. The features, attributes and benefits of the product have to suit the needs and wants of the customer perfectly, and this has to be kept in mind by the marketer. This is why the biggest companies spend so much money on research and development and constant innovation of their products. The key elements of a good marketing strategy are innovation and competitive advantage. Companies that constantly strive to be better than their competitors by consistently offering new and innovative products are the ones that enjoy the majority of the market share in their particular industry.
Once the product has been developed and manufactured, the customers need to be made aware of the availability of the product. This is done through large-scale advertising and direct selling. Utilizing various mediums like the Internet, TV, radio, newspapers, magazines, journals, billboards, etc. grants the seller the platform to reach out to a mass of people at the same time. Highlighting the product's utility and novelty is the key element. Providing the customers with various kinds of discounts, subsidies and free merchandise is also great to attract customers.
Once the product has been sold, the marketer's job is seemingly over, as his task was to ensure that the customer purchases his product. This is as far from the truth as possible. The name of the game is retention of customers, as rivals are always looking to steal away customers from any business. By focusing on customer satisfaction, a company is retaining its power over the customer and this can be achieved only by good after sales service, prompt complaint solutions, informing about future offers and products and overall customer relationship management (CRM). Before venturing out to get more customers, it is important to build a solid base to retain and satisfy the existing customers.
The Four P's
The concept of the 4 P's of the marketing mix, is a timeless technique of categorizing the various strategies. By keeping these 4 P's in mind any marketer can adopt and reap the benefits. Failure to adhere to these can result in disaster and failure for the organization.
- Product: The most important thing is the product. It has to be useful, and innovative. There has to be a need for this specific type of product in the minds of the customer. Product engineering focuses on making the best possible products in order to satisfy the customer.
- Price: The next most important thing is the price of the product. If a product is over priced, customers will search and opt for cheaper alternatives. The quality of the product should be worth the price and vice versa.
- Place: This refers to the channels of distribution of the product, and developing channel partners and reliable suppliers so as to make the product reach the customer as quickly and as easily as possible.
- Promotion: Lastly comes the promotional activities that are undertaken by the seller. Making their presence felt in the market and using various means to do this is a key element of the most strategies.
