Marketing refers to many activities that a business undertakes in order to promote the sale or purchasing of a certain good, product, or service. In recent times, The New York Times referred to it as the “power of words”. Indeed, marketing is not only an important component of business; it is the backbone of any successful enterprise.
In order to effectively market, one must develop a strategy. This can take the form of an overall marketing plan, but more specifically, involves identifying the target market and developing creative marketing activities designed to influence and strengthen the interests of the target audience. Although the overall objective of marketing is to enhance the sales of a business, the specific activities performed to influence the buying decision make up a critical part of that overall objective. The following article discusses a four-step development strategy to support a better match between marketing objectives and sales outcomes.
According to the McKinsey Online Study, a marketing concept which informs the design and implementation of marketing strategies, customer value creation is one of the three main marketing processes by which businesses gain market share. In this process, companies try to improve the satisfaction and quality of the services or products offered to customers. Customer value creation is integral to the online market, as users are often more concerned with providing feedback than providing reviews. Companies must therefore engage their customers in meaningful dialogue and use technology to facilitate communication. By engaging with customers, companies develop a sense of trust and credibility, and improve customer satisfaction and brand loyalty.
According to the same study, another important factor to consider when developing marketing strategies is the firm’s mission and purpose. According to this marketing concept, firms with the right purpose will be able to align marketing activities with its purpose. Consumers are keen to learn about a business’s purpose and will spend time researching the business. When a business has a clear purpose and delivers on that purpose, it establishes a sense of reliability and consistency within the consumer’s mind.
According to the same study, another key element to consider is the company’s culture. This marketing concept believes that if the culture of a company is dynamic, adaptable and creative, it will attract the right type of consumers. According to the same study, a business’s culture is determined by a combination of factors such as values, beliefs, routines, practices, norms and beliefs. These factors can vary greatly from firm to firm and from industry to industry. For instance, in the healthcare industry, cultural values may focus on wellness, professionalism and innovation.
One of the newest forms of marketing strategies which incorporates social media is digital marketing. Digital marketing involves using technology to create an online presence, reach out to consumers and then use the Internet to engage with them. Through digital marketing, a company engages consumers through the Internet and uses technology to deliver messages to and from consumers via the Internet. Social media marketing tools can be used to reach customers. These marketing tools include blogging, video marketing, social media, text message marketing, podcasting, video streaming and more.