One of the most vital parts of a successful program for any business is market. You have the chance to see expanded income and productivity by thinking about each marketing function and the benefits of a solid marketing plan can be summed up in seven key areas. Leading businesswoman, entrepreneur and philanthropist Ann Puig explains what those seven areas are, and how they can help a business find success in both the short-term and the long-term.
The first step is to look at the data – what do you people what, what are they searching for and what are they clicking on when they search the web. Marketing information management is an analysis of consumer buying trends, demographics and attitudes. Explains Puig, “By observing what’s happening in social media, you are able to determine consumer attitudes and opinions toward products and even other marketing programs. You can use product review sites to gather information to develop research reports, which can then be used to predict consumer demand and estimate how much merchandise, or what quantity of service, is needed.”
What advantages or benefits would you be able to offer that your rivals don’t? How might you set yourself apart? Consumer demand specifically impacts the value of costs associated with goods and services. If there is a limited number of something that is in high demand, the prices increase rapidly. Pricing is a key component in determining market success and, ultimately, profitability. Pricing is directly proportional to whether or not a consumer will make the purchase, but the key is to determine how to provide the product or service at a price accessible to consumers that will still result in a profit.
Consider the financing, as well. Consider what payment options can be offered to make the products or services more attractive. Says Puig, “The company has to budget for marketing activities, considering that the budget will lead to product awareness and loyalty, which will ultimately lead to an increase in profit. If the plan is successful, you can create a revenue flow that can pay for business expenses, as well as new marketing projects. When you give consumers more options, you are increasing the possibility that they will purchase more which leads to higher profits.”
Take a step back and view the product or service from the consumer’s perspective. Think about what could be changed or updated that better reflects market trends and still meets consumers’ needs. All products and services have to be prepared to be adapted to changing marketing and extending a product range, or launching a new product, can lead to new opportunities to grow the customer base, as well as revive current customer relations.
One of the more difficult tasks in the marketing process is determining how to effectively reach the target consumer demographic. “It’s very important to make consumers aware of what you’re offering,” explains Puig. “Getting consumers familiar with your name can build your brand, educate consumers on your benefits and build customer preference for your products and services over those of your competitors. Use promotions, whether they be coupons, giveaways or bonuses, to build excitement and raise interest in your image.”
Contemplate how your methods and styles will encourage a consumer to pull the trigger and make a purchase. Selling is a function of marketing that involves indirect and direct communication can include activities such as online sales or door-to-door sales, but all of the techniques fall under the marketing umbrella. When a marketing effort leads to the creation of a purchasing preference, as well as increased demand, companies see their sales soar.
Lastly, consider where to make the products or services available. Explains Puig, “Distribution is determining where to offer products and how to get them to those locations. Analyze if selling through an event would work, as well as what other channels or venues would best suit your needs.”
No business is successful without a strong marketing foundation. Employing these tips will go a long way to not only help a new business ramp up, but will also help established businesses to continue to grow and stay competitive in a changing market.