Marketing basics for small business are a vital part of the short and long-term success of the organization. You have the opportunity to see increased revenue and profitability by considering every function of marketing and the benefits reaped by creating a sound marketing plan around all 7 functions of marketing.
Marketing Information Management
What are people talking about, searching for, and clicking on? Marketing information management involves determining customer buying habits, demographics, and attitudes by collecting information about customer buying trends. By monitoring social media, such as LinkedIn and Facebook, you can find out customer attitudes and opinions toward products. You can monitor product review sites and gather information from market research reports. You then use this gathered info to predict customer demand and estimate required quantities of merchandise, service offerings, adaptations required to suit customer tastes.
Pricing
What benefits or perks can you offer that my competitors do not? How can you set yourself apart? Consumer demand directly influences pricing, the value of cost of goods and services. When there is a limited number of a highly desired product, it sends prices way up. Pricing is important in determining profitability and market success. Pricing directly determines whether or not a customer will buy it. The key is to provide your product or service at a low enough price while still remaining profitable.
Financing
What payment options can I offer potential customers to make my product/service more attractive? Your company must budget for marketing activities, in the anticipation that paying money into marketing efforts will build product awareness and loyalty and increase profits. If successful, you’ll create a flow of revenue to pay for business expenses and continued marketing endeavors. Sponsors, for instance, spend big money to increase visibility during major sports events. By giving potential customers more options, you’re increasing the likelihood of more purchases and higher profits.
Product/Service Management
Do customers like the way my product looks? How can I change or update my product to reflect market trends and meet customers’ needs? Products and services must change to adapt to and meet customer’s needs and wants. Extending a product range or launching products into new market sectors are new opportunities to grow customer base and profitability.
Promotion
What is the most effective way to reach out to your consumer demographic? It’s important to make prospective customers aware of your products/services. Getting your name out there will build your brand; communicate your products’ benefits, and build-in customer preference for your company’s preferences over competitors. Marketing techniques can range from telemarketing to direct mail to Internet marketing. Freebies and giveaways create interest and excitement around your brand.
Selling
How will your selling style and method encourage a customer to make a purchase? Selling, one of the 7 functions of marketing that involves both direct and indirect communication can involve activities like door-to-door sales and virtual online selling. When marketing efforts creates preference and increased demand for a product, companies sell more of the product. Marketing efforts also increase leads for sales follow-up.
Distribution
Where is the best place to make your products available? The ‘where’ of marketing, distribution is about deciding where to sell a product and how to get it there. This could involve where to hold an event, what vehicles and venues to make your product available through, and getting your product to the stores or other places (store fronts and/or online).
The 7 functions of marketing encompass everything you can do to put a product or service out on the market, meet customers’ needs, and ensure your business’ success.
Do You Really Know Your Customers?
Going beyond demographics…
It’s important to establish buyer personas for your business so you can segment your audience and create stronger marketing campaigns. But how do you start researching and creating these personas from scratch?
Our free, customizable buyer persona template will let you easily organize your research to create your very own buyer personas.
This article was syndicated from Business 2 Community: 7 Vital Functions Of Marketing For Small Business Prosperity
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