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 Jack Morgan   August 22, 2022  Student Guide

Marketing

Do you know why the majority of small firms get low marketing returns? It's because they don't have a well-thought-out marketing approach. You're doomed to waste money on marketing and significantly stifle your return on investment if you don't have a robust, well-thought-out marketing strategy.

Hence, this is a guide to help you avoid such pitfalls and understand the purpose of marketing. So, keep reading, as it will assist you in laying a solid foundation on how to grow your marketing skills and use the strategies well.

The Concept of Marketing

What is the core marketing concept?

Any measures a firm takes to attract an audience to its goods or services through high-quality messaging are referred to as marketing. With the long-term goal of showing product value, developing brand loyalty, and eventually increasing sales, marketing strives to create standalone value for prospects and consumers through content.

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When questioned, most people have no marketing ideas and interpret them as selling or advertising. While these responses are not incorrect, they are merely a component of the marketing process.

Product distribution, promotion, designing and generating materials like landing sites and social media content, improving customer experience, conducting market research, forming market segments, and more are all parts of marketing.

The 4 Ps of Marketing

The 4 Ps of Marketing is a simple formula for identifying and dealing with the main parts of your marketing plan, as mentioned by E. J. McCarthy.

  1. Product- All marketing revolves around the product. A product might be anything a firm provides to its customers to meet their needs. The greatest thing to do is build your product or service on the wants and motivations of customers, as well as how the product will benefit them, rather than the object's physical traits or attributes.

 

  1. Place- Strategic merchandising sites might range from an internet store to a network of physical outlets spread over several cities or countries. The distribution strategy aims to give potential customers easy access to your products/services while also providing a pleasant shopping experience.

 

  1. Price- A product's price is the amount customers pay for it. Marketers must link the pricing to the product's actual and perceived worth, supply costs, seasonal reductions, and rival prices. For example, business executives may boost the price to give the goods the illusion of being a luxury item in specific situations. Alternatively, they may reduce prices to encourage more people to try the product.

 

  1. Promotion- This refers to any marketing and communication efforts made to highlight the advantages of your product or service in the marketplace. This is how you boost your sales.

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Get Started with a Marketing Strategy

The first question that strikes a beginner is 'how to create a marketing plan?'

So, let's get started! First, you'll get introduced to the essential steps before diving into the details.

The following are the steps to creating a marketing strategy:

  • Define your objectives and what success entails.
  • Determine your marketing team's capabilities.
  • Define your target audience and create essential personas.
  • Determine your content pillars and strategies.
  • Keep track of what you're doing, review what you're doing, and test what you're
  • Maintain your adaptability.

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How to build a marketing strategy for your business or organization?

Consider it as if you were constructing a home. You might look at furniture before your architect has drawn up the house plans, but you wouldn't buy a couch before knowing the size of your living room, right? So, before you start shopping, you'll need to know that information.

The same applies when you need to promote your business. Go through the steps below, to learn more -

  1. Define your Objectives

Start with your objectives while developing your marketing plan. For example, how many new customers would you like to attract? What amount of money do you hope to raise? How many people do you expect to attend your next gathering? You can evaluate if your plan and tactics are working if you have clear, trackable goals. It will also save you time, money, and a lot of aggravation!

  1. Determine your Budget & Capabilities

How much time your team can devote to your marketing activities will determine the platforms you can successfully employ.

If you tackle a large number of marketing methods and then realize you don't have the time to complete them all, your material will likely become outdated, and your audience will see a platform covered in dust and cobwebs.

Hence, start small. Choose one or two social media platforms that resonate with your target audience.

Create a one-page website at the beginning, send an email once a quarter, and expand from there. Those other platforms will still be available when you're ready to tackle them. 

  1. Clarify your Audience

You must find out who is purchasing your product or contributing to your world-changing business? If you're just starting out, you might not have a lot of data to work with when defining your target market. That's fine!

Check out who your competitors are interacting with, or ask friends and family whether they're interested in what you're selling.

Ideally, you should create a single consumer profile to know exactly who you're marketing to and how to communicate with them. If you believe you have a variety of consumers, attempt to keep your identities to no more than three.

  1. Identify your Content Pillars and Tactics

Begin with a website, a Facebook page, and an email address. Customers and donors can find you online, learn all about you, contact you, and buy your goods or make a donation through your website.

Customers can learn about your brand and communicate with you on your Facebook page. And because it allows you to engage directly with your most devoted customers or donors, your email list is the most valuable asset.

Next, categorize the different sorts of information you wish to present into content pillars. Organizing your material into categories will assist you and your team generate consistent messaging and increase the efficiency of your marketing.

  1. Track & Review

The final stage is to keep track of the outcomes of all of your efforts and make adjustments based on them. Examine your website's analytics, as well as your email statistics and social media data. Where do you attract the most attention? What is the most popular type of material among your target audience? Is there a particular time or week that has the most interaction?

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You'll be able to see how well things are doing and do more of what's working. Check your data regularly and make adjustments as needed to boost your numbers.

Final Words…

You don't need to go through hundreds of theories and concepts to become an expert in marketing. All you need is to get clarified about the functions and learn from the practical events. So, while you plan to execute your brand, keep these guidelines of marketing strategies in hand, as it's always the fundamentals that help you best.

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AANU 0014 Contemporary Marketing MKTG 662 Marketing Analytics BL 513 Law of Marketing
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