Why Do Companies Need It?
Marketing is the heartbeat of every successful business, pulsing with creativity, strategy, and a deep understanding of consumer behavior. According to Philip Kotler "the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit". So, Marketing is all about showcasing your product and filling the communication gap between the product and customers about what the company is delivering and what customers are getting. As we know marketing is linked to selling so it creates a bridge between customers and products to ensure that both get benefits, the business makes a profit out of it and the customers get insight and details about the product through that information they can decide that is this product is suitable for their need or not. Overall marketing is a dynamic business function that involves a range of strategies and activities aimed at promoting products, services, or ideas to a specific target audience. It encompasses a wide array of techniques, both traditional and digital, to create awareness, generate interest, and ultimately drive customer acquisition and retention.
An effective marketing campaign starts with a deep understanding of the needs, preferences, and behavior of the audience. It involves conducting market research, segmentation, and analysis to tailor messages and offerings to different customer groups. Ultimately, marketing is about creating value for both the business and its customers. It's a strategic endeavor that requires creativity, data-driven decision-making, and a continuous effort to adapt to evolving consumer trends and market dynamics. When executed effectively, marketing can lead to increased brand visibility, customer engagement, and ultimately, business growth.
There are two types of marketing i.e. Online Marketing and Offline Marketing.
Offline Marketing: Offline marketing is a traditional way of marketing. Every type of marketing that places offline (Internet) and doesn't have any relation to online is called offline marketing. Radio Ads, Cold Calls, Billboards, Newspaper Ads, Magazine Ads, Pamphlets/Brochures, and Business Cards, are some examples of offline marketing. These are Some case studies about offline marketing.
Back in the 1980s, Pepsi had a nationwide taste test to prove that people preferred Pepsi to Coke. It worked to Pepsi's advantage; the majority of taste testers chose Pepsi over Coke, which led to an increase in sales for Pepsi. This is a great example of using Marketing techniques i.e. Public Relations and Customer Relation Management.
Coke has also used an offline marketing strategy by sponsoring the Olympic Games for many years. You couldn't turn on the TV or see an ad for the Olympics without seeing Coke's bright red logo right alongside the ring. This is a great example of using Marketing techniques i.e. Advertisement and Promotion and Branding.
Online Marketing: On the other hand, we are living in the era of the Internet. Every day millions of users spend numerous hours Scrolling, Seeking, and creating information on available Social Platforms. There are 4.65 billion active users on social media, which is 58.7% of the total population of the world. Facebook alone has over 2.7 billion monthly users then Youtube and Instagram come 2nd and 3rd with 2.562 and 1.478 billion users, which are growing every day. 9 out of 10 internet users now use social media every day. This leads to a huge number of the traffic on Internet Online Marketing or Digital Marketing, which becomes the best choice for marketing. Online marketing, also known as Digital Marketing, is the use of digital channels to promote a Company's Brand, Products, or Services to potential customers. Online marketing includes a wider range of marketing elements than traditional business marketing.
Benefits of Marketing
1. Increased Visibility and Brand Awareness: Effective marketing helps in making a brand more visible in the market. This increased visibility can lead to higher brand recognition and recall among consumers.
2. Customer Engagement and Loyalty: Through marketing efforts, businesses can engage with their customers, build relationships, and foster loyalty. This can lead to repeat business and positive word-of-mouth referrals.
3. Market Expansion: Marketing allows businesses to reach new markets and demographics, potentially increasing their customer base and revenue streams.
4. Competitive Edge: Well-executed marketing strategies can give a business a competitive edge by differentiating it from competitors and highlighting its unique value proposition.
5. Product Awareness and Education: Marketing informs consumers about products and services, their features, benefits, and how they fulfill specific needs or solve problems.
6. Revenue Generation: Effective marketing can lead to increased sales and revenue, which is vital for the growth and sustainability of a business.
7. Innovation and Product Development: Customer feedback obtained through marketing efforts can inform product development and innovation, helping businesses meet evolving consumer needs.
Concerns to Marketing
1. Cost: Marketing can be expensive, especially for smaller businesses with limited budgets. It's essential to carefully allocate resources to ensure a positive return on investment (ROI).
2. Ineffectiveness and Risk of Failure: Not all marketing efforts yield positive results. Strategies can fail due to factors like poor targeting, messaging, or timing.
3. Saturation and Competition: In crowded markets, it can be challenging to stand out among numerous competitors, which may require more creative and innovative marketing approaches.
4. Negative Feedback and Reputation Damage: If a marketing campaign is poorly received or misinterpreted, it can result in negative feedback and damage to the brand's reputation.
5. Ethical Concerns: Unethical marketing practices, such as deceptive advertising or targeting vulnerable populations, can lead to legal and reputation issues.
6. Consumer Skepticism: Consumers are becoming increasingly skeptical of marketing messages and may be less likely to trust overtly promotional content.
7. Changing Consumer Preferences: Shifts in consumer behavior, technology, or market trends can render marketing strategies obsolete, requiring businesses to adapt and evolve their approaches.
Marketing Mix (4 P’s)
The Four P’s of marketing, also known as the marketing mix, was initially introduced in the 1960s and is a foundational framework in marketing that helps businesses plan and implement their marketing strategies effectively. The four P’s of marketing are still widely used today by marketers and companies to advertise their goods and services.
1. Product: The Product is what your company sells. For example, maybe it is smoothies from your juice bar or jewellery from your e-commerce store or, it can be a Service, like yoga classes, teaching, or therapy sessions. Product/Service is what you make available to the consumer. Ideally, your product or service should fulfill an existing consumer demand.
2. Price: Price is the amount of money you charge customers for the previously determined product or service. The right price drives up the most amount of sales and the most profit for your company. The price also must be related to the product's real and perceived value.
3. Place: The third P of marketing is Place. This is the place where you will sell your product/service and how it should be delivered to the market.
4. Promotion: The final P of marketing is Promotion. Promotion includes all of the advertising and public relations that make up your promotional strategy for your product. The goal of promoting your product is to show consumers why they need it, what problem it will solve for them, and why they should fork over their hard-earned money for it. What is the best way to reach your target market? It might be a Social Media platform, a PR campaign, an SEO strategy, or Offline Marketing.
Above are the traditional 4 P's of marketing, there are 3 more P's in the marketing mix.
1. People: People refers to anyone who comes in contact as your customer, even indirectly, so make sure you're recruiting the best talent at all levels not just in customer service and sales force.
2. Process: All companies want to create a smooth, efficient, and customer-friendly journey and this can't be achieved without the right processes behind the scenes to make that happen. Understanding the steps of the customer journey – from inquiring online to requesting information and making a purchase – helps us to consider what Processes need to be in place to ensure the customer has a positive experience.
3. Physical Evidence: In services marketing, Physical Evidence refers to the tangible cues that customers use to evaluate the service. This can include the physical environment, equipment, brochures, and any other physical elements associated with the service.
In the dynamic and competitive landscape of today's business world, marketing is not just important; it's indispensable. Everyone needs to choose an effective and resultoriented marketing strategy by keeping services and products in mind. But is it necessary to do marketing for every product? what if the product is very good and it doesn't need any market? our answer to these questions is "YES", you need a marketing campaign for every product no matter how good it is. Let us explain why you need a marketing strategy for every product, suppose you launch a very good product but who will decide that your product is good or not? the answer is "customers". If you don't launch a good marketing strategy then the product reaches customers very late which creates an advantage for your competitors to copy and launch the same product with a good market strategy. Lastly, a good product with good marketing strategies teaches customers all about your product, how it creates an impact on customer's lives, and why your product is good for them because end of the day.
जो दिखता है, वही बिकता है, पर जो महसूस होता है, वही ख़रीदता है।
Author :- Gagan Chaudhary