Proper marketing can help make a business successful. In fact, everything in a business relies on marketing. According to Mark Cuban who owns the Dallas Mavericks and many entertainment and media companies, “no sales, no company”. So without further ado, here are the basics of successful marketing:
What Is Marketing?
Marketing can be defined as activities that are associated with selling a product or service. Advertising is the most known marketing activity but is not the only one. Consumer research is also an important marketing activity that can better match a company’s product or service to customer needs.
Product design is also another form of marketing that can match a company’s product or service to customer needs. However, marketing is not the sales act itself as some people believe. The sales act is as a result of marketing.
Marketing includes the following activities:
- Identifying the demand for a product or service through customer research and through observation and quantifying sales patterns of similar goods available in the market
- Creating new products or modifying existing products to match customer needs and wants
- Coming up with a marketing campaign which is based on your determination of the best way to reach customers
- Confirming customer relationships through loyalty programs and follow-up sales
Apart from determining consumer need, marketing also helps in the creation of consumer need. All of this begins with understanding your potential customers. One of the most popular marketing failures of the 21st century had to do with American companies trying to sell deodorants in China.
The reason why this was a failure is that the American companies did not know that the body odour issues facing ethnic Chinese are different from those facing Westerners.
Additionally, these companies failed to consider the fact that Chinese consumers value sweating as they see it as a healthy activity with various health benefits including purifying the system. Americans on the other hand, see sweat as a social problem that has to be dealt with.
It is a truism of marketing education that marketing cannot create a need. Most of the marketing campaigns main goal is to create an awareness of a product and the desirability of being the owner of that product. This awareness is important as it creates the need. Some of the most common strategies used to create an awareness of a product and giving it a context that stimulates people to own the product are:
- Showing scarcity. Apple, for example, did this by increasing Apple 5’s demand by reducing further shipments of this phone for 2 weeks immediately after announcing its release.
- Creating a “we” bond between a product and its consumers often by announcing the product first to the target audience and inviting customers to take part in the development of the product or product launch.
- Social media interactions such as responding to both favourable and unfavourable customer comments
Responding to Customers with Ongoing Development of Products
Successful companies do not release products into the market and then proceed to other new products. They involve themselves with the products they just released, modifying and improving them continually.
Apple often uses this strategy to market their products. Its regular updates include information regarding existing software and any new releases to keep their customers involved. Apple is among the leading companies when it comes to loyalty and customer satisfaction.
Finding the Shortest Path between the Brand and the Customer
Successful companies have come to realise that social media can be a very important part of customer experience and have used it to their advantage. Such companies are continuously investing in digital marketing jobs and are involved in social media taking part in timely campaigns targeting potential and existing customers.
For example, Oreo, which is highly ranked by AdWeek for use of social media has campaigns tying into major social events like their Vine video series which featured Oreo cookies starring in classic horror films.
Developing Campaigns That Quickly Respond to Customer Preferences
A company that quickly responds to consumer preferences raises customer awareness and increases loyalty and brand satisfaction. Netflix, for instance, utilises other media such as The New York Times to spread and increase customer awareness with lists of upcoming films and series.