Marketing refers to actions a business undertakes in order to promote either the sale or purchase of a particular product, service, or asset. A marketing manager will be responsible for evaluating marketing strategies and determining which ones are most effective. As part of their evaluations, businesses will be required to collect and analyze various information regarding consumer behavior, market conditions, and trends in the marketplace. The data they gather will be used to maximize return on investment (ROI) for a given marketing budget.
Growth in technology, globalization, improved delivery methods, and greater ease of access to online resources have resulted in an increased demand for marketing strategies. Businesses must respond to these changes by developing new marketing techniques to reach their customers. Although these changes created many challenges for marketers, they have also presented opportunities for enhanced marketing effectiveness. This article focuses on four Ps for a successful marketing strategy.
One of the primary purposes of marketing is to attract consumers. To be successful, a business must determine what types of products and services appeal to consumers and research the market to identify their purchasing behavior. Market research is especially important for new businesses that lack experience in conducting market research. While the overall goals of marketing can be accomplished through accurate market research, the speed at which market research results affect the growth of a business is dependent upon the responsiveness of consumers to marketing.
Effective marketing requires that marketers determine who their target audience is and how this audience perceives marketing messages. Marketers should make demographic studies on the characteristics of the target audience and educate themselves about the various marketing strategies that will appeal to this audience. As part of their research, marketers will need to develop and implement an effective marketing plan. The key components of an effective marketing plan are segmentation, identification of a target audience, and the means to influence this audience. Properly segmenting the audience will allow marketers to effectively target marketing messages and create an appropriate media environment.
Once marketers have determined their audience and developed an effective marketing plan, they will need to identify potential customers. Different marketing strategies will serve different purposes in relation to potential customers. Marketers will need to test and evaluate the effectiveness of different marketing strategies in order to determine which ones will generate the most sales and which will yield the best return on investment. Marketing tests should be a regular part of the business’s budget. By conducting marketing strategies and analyzing customer response, marketers will be better able to determine which marketing strategies are the most effective and which are not.
Once marketers have identified potential clients, they should identify a profitable distribution channel. The most common way to distribute marketing content and marketing budgets is through mass print. Marketers should evaluate the profitability of each distribution channel by evaluating cost per print distribution and profit margin. Furthermore, the frequency of distribution should be a function of a marketer’s revenue goals and marketing strategy. For example, if a marketer plans to make a national promotional print campaign, the frequency of distribution might be more frequent than if a marketer were planning to distribute a local print campaign only.
Another way that marketers can use modern marketing tools is by using Internet advertising and digital media promotions such as video and podcasting. While these new-age marketing tools have been effective for some businesses, they are not always successful for all business. A major factor in the success or failure of an Internet promotion campaign will be the patience and tenacity of the consumer. Marketers should understand that consumers do not readily forgive mistakes or misconceptions and will continue to scrutinize a business even after a new Internet promotion has been launched. If marketers are willing to learn from their past Internet failures, they should be able to successfully market online with new tools in a manner that will be accepted by consumers.
Marketing strategies should not be expected to be an end all when it comes to generating revenue. Instead, a well-thought out comprehensive marketing plan should be implemented in order to gain a wide range of consumer support. Successful advertising strategies should include both the old-fashioned face-to-face contact and the new face of relationship marketing.