Marketing, has proven to be the catalyst for the growth of any business.
It is however, important for every businessperson/entrepreneur to understand what marketing is, and the basic principles of marketing. No business grows under sentiments, you must apply principles to see growth.
WHAT IS MARKETING
In simple words, marketing is the overall activities involved in the transfer of goods from the producer or seller to the consumer/customer.
So far, there are lots of misconception about marketing. Many people believe that marketing and advertising are the same but in reality, advertising is just one of many tools used in marketing.
The success of every business lies in the ability to win their customer’s attention, this is the benchmark for marketing.
Many businesses are unstable these days because of bad marketing strategies, and lack of principles as no business is built on sentiments but on principles.
BASIC MARKETING PRINCIPLES
Marketing principles tend to fall under seven controllable categories, such as:
Product is simply the good or service provided to meet consumers specific demands.
All product goes through logical life cycle and it is important for every business person/marketer to fully understand the cycle of every product. In other words, having a profitable product means ensuring its high performance, as well as its value for money.
Therefore, it is necessary that marketers have a comprehensive knowledge of the product they are promoting. Also, marketers should consider product interactions like:
- What is this product for?
- Who needs this product and why? Will this product solve problems for the consumer or help them overcome already existing challenges?
- Does the product have competitive advantage? If yes, over what?
Carrying out analyses with these questions will help every marketer project the peculiarity of a product with ease.
Having considered your product, it is only normal that you attach a price; that’s the value or worth of the product.
You must understand that the price of your product is the determinant of your profit margin, future investments and even consumers rate of consumption.
Inasmuch as you aren’t running a charity organization, you should make your price tag fair enough for your target customers. Employ various pricing strategies to determine how competitive your price tag is compared to other similar products.
As far as consumer is concerned, price is not a problem but quality, and after-sales service which matter the most. However, the price of a product is an important consideration.
This principle determines a lot, both the nature of a product and the price of the product.
The proximity between place of production and place of sale can limit consumers from locating a product. Also, change in location can boost or lower sales rate. However, location shouldn’t hamper sales, it is advisable that one’s business shouldn’t be limited by location, hence, the need to dispatch salespersons within and outside your locale to help reach a wider range of consumers.
This principle requires consistency because it deals with advertising a product or creating product awareness.
People won’t get to know your product if you don’t promote or advertise it. Nowadays, social media platforms have given us the opportunity to advertise our products with little or no price for advertisement. Every marketer/businessperson should leverage on this opportunity to grow their product. You can create product awareness on Facebook, Instagram, Twitter, WhatsApp, and other paid advertisement sites.
A product promoted online has great chances of meeting a larger audience.
- How appealing is your product to the eyes?
- Is your product attractive?
- Is your product portable and well organized?
- Does your product exude class and simplicity?
These are questions every marketer or business person must answer in order to gain traffic in sales.
Packaging refers to how your product or service looks from outside.
People easily get attracted to things that appease their eyes.
Note that; in business, first impression matters. Your packaging determines who stays and who goes. However, packaging doesn’t only revolve around product/service outward appearance but also, how your office looks like, how you dress, how your employees attend to consumers, how you value your consumers, how you engage your social media audience and many more.
You must package both yourself, product/service, and employees to attract good number of consumers and patronage.
What impression does your customers have about you?
This principle requires emotional intelligence because you’re dealing with human. Therefore, you must find a way into their hearts. Sometimes, you need to be professionally empathetic and careful with your choice of words.
Some days, you could reach out to your customers, relate with them, and build cordiality on a neutral basis. Relate to their needs and help when you can.
You can also have a stable positioning by organizing product Bonanza, giveaways, and competitions on your social media platforms in order to foster familiarity and trust.
Also, you could create a customer interaction panel where you get to talk to your customers and receive first-hand feedback.
Who are the people in your business cycle? How often do you think for the people working with you?
No one succeeds alone, same goes for business. Success in business is achieved through collective efforts.
Know the people you hire to work for you, they can grow or blow up your business. You need to learn to think for people inside and outside of your business who are responsible for sales, marketing strategies, and other activities.
It is necessary to have a marketing team.
Understanding the aim of your business is key because it provides objectivity. These marketing principles can only work in line with your objectives for your business. The business world is a competitive one, and if you don’t know exactly what you stand for, you may miss out.
You need clarity and a detailed description of your business to effectively work with these marketing principles.