Without marketing, the best product ever produced or the greatest service ever conceived will remain unknown. As a matter of fact, marketing should precede the actual manufacturing of a product or the launching of any service.
The following are key elements that form the core of any good marketing strategy:
- A well-researched knowledge of what customers need,
- Delivering that need in a qualitative way
- Putting structures in place to let your target customers know that you have what they need
- Having a feedback mechanism from your customers to ensure you are satisfying their needs
- Being sensitive to and keeping tabs with changing trends and upgrading or modifying your brand accordingly
Having a high quality product or service to meet the needs of consumers is good but it is not enough. Gaining and sustaining acceptability in the market place is impossible without a good marketing plan or strategy.
Putting the customer first in implementing your marketing strategy, pays huge dividends in the long run because you are giving them what they need, they become loyal to you over time. A well conceived and implemented marketing strategy has the following benefits:
- Brand Recognition:
Your brand gains recognition and could over time become standard for products in its category. This is because a good marketing strategy goes a long way in helping to imprint your brand in the minds of people.
- Customer Loyalty:
As stated earlier, because you put the needs of the customer first in developing your brand, they in turn become loyal to your brand. With good and constant communication, they may even become ambassadors for your brand helping to recruit new customers. This gives your brand a solid footing and an edge over existing and potential competitors.
- Targeted Reach: A Marketing strategy that is well thought out and implemented enables you to easily identify and reach your target customers. This saves you the cost of advertizing or pushing your brand to the wrong audience.
- Brand Knowledge: Effective marketing makes your brand to become known to more people thereby increasing the possibilities of converting more customers.
- Quicker Profit: Having done the ground work properly you are able to reach your target customers on time at less cost. Therefore you are able to break even and make profit faster.
- Increased Sales: A customer centered marketing strategy will ensure that sales continue to rise because your promotional strategy is effective and your loyal customers are helping to spread the word.
- Good Customer Relationship Management: Because you have a good feedback mechanism, customer complaints and other issues relating to your products and services are quickly resolved. Also, customers are able to offer useful suggestions that could further help your brand positioning.
- Continued Relevance: Your brand does not become obsolete because you are in constant communication with your customers and are able to proactively satisfy their changing preferences.