Marketing Fundamentals: Definitions, Strategies, and Core Concepts
Any business owner knows that marketing is the backbone of success. However, many still underestimate the true value of marketing.
Take a look at Nike's "Just Do It" campaign to grasp its importance. In the 1980s, Nike faced stiff competition from other athletic brands. However, with a strategic marketing plan that included effective communication and a pivot in their target market, they turned the tide in their favor.
Now, many companies follow suit and look to them as trendsetters in many marketing basics.
In this intro to marketing, we will lay the foundation for a strategy that you can implement for success.
Intro to Marketing: Definitions
The term marketing encompasses many aspects of a multi-billion dollar industry. It can refer to the digital landscape or the classic billboard marketing we still see today. However, regardless of the medium, concepts and processes remain mostly the same.
The first step is to research your customers' needs so that you position yourself as the solution to their problems. The next step is to communicate the benefits your product provides. You should highlight the features of your products or services that set you apart from the rest.
Are you a sustainable company? Great. Make sure your customers know this.
Do you have an innovative piece of tech that makes your product shine? Highlight this.
These are called unique selling points, or USPs.
Finally, you need to build and foster relationships with those who show interest. Engage with them through their preferred communication platform. Your willingness to meet their needs at every turn will build trust and confidence in your brand.
Find Your Target Market: Strategies to Succeed
Currently, we live in a world of data. Data is the lifeblood of a good marketing strategy because it tells you exactly what works and what doesn't.
With data, you can analyze your customer's buying behaviors and patterns. For example, if you see a significant rise in cart abandonment, perhaps you need to streamline your purchasing process or lower your shipping fees.
Another strategy is delivering valuable, quality communication. Based on the data you collected, you should know exactly who your target audience is. True communication reflects active listening and relatable language that your audience can understand.
Bringing value to your customers through articles, videos, or interactive social media posts are excellent ways to engage with your audience.
Marketing for Businesses: Core Concepts
While we are just scratching the surface with our marketing concepts, there are four core elements that you need to include in a basic marketing strategy.
These are:
Product
Price
Place
Promotion
Tell them what you offer, how much it costs, where they can find it, and why they should buy it. If you can communicate this effectively, you are well on your way to a successful marketing strategy.
Learn More About Marketing for Businesses
This intro to marketing serves as an important foundation for building your skills as an entrepreneur. While there is still much more to learn, these basic building blocks can set you on a path to success.
Are you looking for more information? At Business Watch Global, we offer content exclusively for business owners.
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