Nowadays, it is more important than ever for businesses to have a well-oiled marketing machine. The reason is simple: in order to survive and thrive in today’s competitive marketplace, companies need customers. And in order to get customers, businesses need to market their products and services effectively.
Though often reduced to five phases, the marketing process actually involves eight distinct business functions. And while it’s easy to get lost in all the moving pieces, understanding these eight functions is key to developing an external growth business strategy. Let’s take a closer look:
1. Planning and research
The first step in any effect of growth for a business is planning and research. This involves developing a clear understanding of the market, the competition, and the goals of the campaign. It also includes researching customer needs and desires, as well as developing target markets and customer profiles.
2. Product development
Once you have a firm understanding of the market, it’s time to start developing products and services that meet those needs and desires. This can be a challenging process, but it’s critical to creating a successful marketing strategy. Plus, it’s always important to keep in mind that products and services should be tailored to meet specific customer needs and wants, not just general trends.
3. Marketing communications
After you’ve developed your products and services, it’s time to start spreading the word! Marketing communications involve creating a cohesive marketing message and then delivering that message through a variety of channels such as advertising, public relations, direct mail, and online marketing.
4. Sales promotion
Sales promotion is all about incentivizing customers to purchase your products or services. This can involve anything from discounts and special offers to contests and free samples.
5. Pricing strategy
Pricing is a critical part of any marketing strategy, and it’s important to choose the right price point that will maximize profits while still appealing to customers. There are a variety of different pricing strategies that you can use, and it’s important to tailor your pricing to meet the specific needs of your target market.
6. Place or distribution strategy
Once you’ve decided on what products or services you’re going to offer, you need to think about how you’re going to get them into the hands of customers. This is known as your place or distribution strategy, and it involves deciding where and how you will sell your products.
7. Public relations strategy
Public relations is all about building positive relationships with the public, and it involves using various marketing techniques to create a positive image for your business. It’s important to have a well-developed public relations strategy if you want to successfully promote your business.
8. Marketing research
Before you launch any marketing campaigns, it’s important to do some market research to determine what your target market wants and needs. Marketing research will help you understand your customers’ behavior and preferences, which will help you create effective marketing strategies.
Important things to consider in the Marketing Process!
A promotional strategy is a plan for how you will market your products or services to the public. It includes the various marketing technology for small businesses you will use to promote your business, as well as the goals you hope to achieve with each technique.
Evaluation and measurement
Once your marketing campaigns are underway, it’s important to track their progress and evaluate their effectiveness. This will help you determine which campaigns are working and which ones need improvement. It’s also important to regularly measure your overall marketing performance so you can make necessary adjustments to your strategy.
How much money you have to spend on marketing will have a big impact on the types of campaigns you can undertake. A limited budget might require you to focus on lower-cost techniques, such as online advertising or public relations. Conversely, a larger budget could allow you to engage in more expensive campaigns, such as television advertising or email marketing best practices.
The marketing process is important for any business that wants to promote and sell its products or services. By carefully planning your promotional strategy and tracking the effectiveness of your marketing campaigns, you can achieve the desired results for your business. Thank you for reading this article!