Struggling to know the purpose of marketing? No worries! that’s what we’re going to discuss in this guide. Continue reading to know the purpose of marketing.
Selling products is all about creating a brand through marketing.All entrepreneurs need to market their businesses. No matter how great your product or service is, you cannot jump-cut marketing.Effective marketing is the foundation of your business’s long-term growth. It becomes especially important in industries where there is not much technical differentiation between the products of each brand. A company must prove its product is superior to that of others by using marketing.
What is Marketing?
Marketing refers to the actions taken by a company to get customers interested in its products or services.As an entrepreneur, you don’t have to be a marketing expert, but you must know the basics to run your business successfully.
What is the Main Purpose of Marketing?
The main purpose of marketing is to generate revenue for the company by boosting sales. You must get customers attracted to your products and services by developing a strong brand association. All market experts put the customer at the forefront of their marketing strategy by focusing on telling them how your product creates value for them.
The purposes of marketing can be defined as:
- Driving profitable customer action
- Creating brand awareness
- Retaining existing customers
- Developing new customers
- Strengthening brand association and recall
- Gauging customer reactions before launching a new product or service.
- Finding out the preferences of customers to improve your existing product or service
- Engaging with customers through promotional campaigns, events, etc
- Generating revenue for your business
- Fostering long-term business growth.
Why Do You Need a Marketing Strategy?
Every business needs a marketing strategy to get the required results. Marketing is a highly organized activity in which you meticulously plan and implement a series of measures to attain a desired set of objectives. These are the reasons why every business needs a marketing strategy:
1. You can engage directly with your target audience.
A marketing strategy helps you understand the needs and concerns of your target audience so that you can choose the best mode of communication and increase the likelihood of selling. If you pitch your product to a set of people without knowing what they want, it would not be effective.
2. You no longer spend money in the wrong places.
A defined marketing strategy keeps you from wasting money on random, one-off campaigns or advertisem*nts. You know exactly in which areas your business is lacking and prioritize your budget accordingly.
3. You set objectives and measure your results
You have clear, measurable goals and objectives in place, and this keeps you on track.For example, you want to create a presence on WhatsApp and start using this form of marketing to connect with your customers. The first step is to write this down in your marketing strategy.
How to Create a Marketing Strategy?
A marketing strategy is a business’s overall game plan for reaching prospective customers and leading them to profitable action. It contains the company’s brand messaging, value proposition, and target customer segments. These are the steps to create a marketing strategy:
1. Start by defining your goals
What are the specific things you want to achieve through marketing? What are your strengths and weaknesses? It’s important to have a complete overview of your marketing goals, and they should be in line with your long-term business goals.
2. Conduct market research
You must develop a comprehensive understanding of the market and a detailed insight into its socio-economic context.Determining the market size, conducting competitor analysis, and watching out for possible market gaps where you could provide value, are basic elements of market research.
3. Create a customer profile
Customers are the most important component in order to create a comprehensive customer profile.Answer these questions to define your target audience:
- What are the main features and demographics of your target audience?
- What is the value proposition of your product to the customer?
- How much is your target customer willing to pay for the product?
- Where are the possible places your target audience shops?
- What are the most effective modes of communication with your target audience?
4. Take stock of your products and resources
At this step, you need to evaluate your products and existing resources.What is your budget? How much money are you willing to spend? What are the strengths of your marketing team?
5. Bring it all together
Now gather your information and insights to write your marketing strategy, which should cover these points:
- Overview of the market covering all vital facts and figures
- Your marketing and business objectives
- Customer profile
- Competitor analysis
- General strategy statement about the value proposition of the product to customers.
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