Marketing is a term that is often used interchangeably with salesmanship and branding. However, marketing actually refers to the act by which an organization undertakes to identify its target consumer population, develop effective strategies to engage them in the buying process, and then capture value from them in order to attain maximum return on investment. In business terms, marketing is defined as the use of effective methods and tools to effectively promote products and services to targeted consumers in order to meet their needs and increase customer loyalty.
Elements Of A Good Marketing Strategy
For online businesses, a good marketing strategy should be one that addresses the following four elements: targeted, specific, persuasive, and personalized. Let’s take each of these separately. Targeted marketing refers to the ability of a marketing message to be delivered specifically to those interested in the product or service. This enables organizations to accurately assess and target their audience. For instance, if you’re selling children’s toys, you would want to make sure that what you’re offering is indeed geared towards the age group and specific interests of children.
Targeted marketing also includes specific messages that are sent to specific groups of potential customers. For example, it would not be appropriate to send brochures or catalogs to people who are elderly. Nor would it make sense to buy Twitch viewers if your target market doesn’t use the platform. On the other hand, when your marketing research is conducted, you will need to know exactly who you want to target. The best approach to take when determining whom you’re selling to is to determine your target audience based on past shopping habits. By doing so, you can easily formulate marketing activities and campaigns that will make your products and services more attractive to potential buyers.
Specific marketing concepts refers to those marketing activities and strategies that deal specifically with selling to a particular clientele. These could include advertising and the creation of a catalog. These two marketing concepts are essential parts of selling. Advertising involves the creation of marketing materials and the distribution of these materials to potential clients. In addition, this activity encourages consumers to contact the seller by providing their personal contact information. However, the more effective advertising strategies involve the utilization of societal marketing concepts.
What Is Marketing Myopia?
Marketing myopia is a flaw in judgment where a seller does not consider how his product concept will appeal to consumers. For example, it may be more appealing to consumers if their concept of the product is based on the social context it resides in. If the product concept is based on a product orientation wherein consumers feel comfortable buying the product, the seller’s efforts will be most likely to bear fruit. Moreover, the product concept should be reflective of the type of consumers it caters to. Marketing myopia refers to overlooking these crucial elements of a concept in favor of a broader appeal.
There are marketing concepts that allow for the development of a niche market and marketing strategies for targeting this market. This niche market allows for a greater opportunity to attract more consumers and maximize profits. Niche marketing strategies are commonly adopted by marketers who have an understanding of consumer psychology. For instance, marketing products geared at a particular age group can increase sales and profitability. The same strategy can be used when marketing products intended for mothers, students, seniors and business owners. Such marketing strategies help marketers to target specific audiences and hence, improve chances of making a higher margin of profit.
Selling To Multiple Audiences
Multiple venues include a brick-and-mortar store, online stores, television and radio stations, newspapers and magazines, and other print publications. Selling to multiple outlets helps improve a concept’s exposure and hence, drive greater sales. For instance, selling to individuals who buy products on credit rather than cash enhances the concept’s chances of being adopted by consumers. Furthermore, selling through media outlets such as television and radio helps make the concept more appealing to consumers.
A final marketing concept is influencer marketing. Influencer marketing involves using an influential personality as a marketing partner. Some influencers might provide helpful suggestions to potential customers. Other influencers might endorse a particular product. The product’s manufacturer can use influencer marketing to promote its brand using the celebrity’s influence.