Marketing the Fundamentals
Marketing relates to much more than simple advertising. Marketing is the Production, Pricing, Promotion and the Distribution of the goods and services that your business offers for sale in the market place. For marketing to be effective and successful it must suit the market.
Business will prosper when marketing successfully achieves this simple premise ; that the marketing “ meets and delights the customer’s needs”. Only then can business expect customers to be loyal, pay the price charged and refer business to their friends.
Marketing achieves results when your product is packaged to suit the customer. An example of this is ladies perfume. The box , label , name and shape of the bottle is designed to suit and appeal to the feminine eye. The same packaging would not have the impact if the contents were pitched to sell to young males. Production and Promotion factors.
The decor , colours and style of your shop must suit your customer. Check out a surf wear shop and notice that the music , the staff and decoration is all attractive to teenagers and young natured customers. Consider the hours when you customers wish to buy. This is part of the Distribution factor.
A usual misconception that new start-up business have revolves around pricing when entering the market. If the cost of the product or service is slashed below the competitors up the road , customers will automatically buy your reduced price product. Here’s the catch, only 10% of customer change or buy totally on price. If our exotic ladies perfume pitched at $80 in the appealing bottle and packaging was instead offered in a plain package at only $2 a bottle would it sell. Definitely not. The price factor here creates exclusiveness .
Considerations of Marketing to suit your Customers;
- The premises or shop style
- Hours of operation, when the customer expects you to be open for business
- Choice of product range, don’t only be led by the sales rep or supplier
- Service level , are they of a standard or the same as your competitors
- Payment terms, think here what the likes of Harvey Norman achieved with offers.
- Location , convenience and attraction of where you do business.
- Delivery systems, is this easy or a hassle for the customer, is the packaging suitable.
- Your opinion , this is important to you-but understand the judgement is with the customer
- Getting the customer involved.
- Needs beats wants
Marketing considerations to suit the Retail Customer
- Needs beats Wants , do you stock what the customer needs, customers with shopping lists are focused and make less impulsive purchases
- Value beats Difference , I know what I want so please give it to me at your best price.
- Destination beats Impulse, I’m going to my regular isle in my usual store and I’m not trying to be distracted.
- Convenience, where I am beats where I’m going. If i see an item in your store that is usually purchased elsewhere I’ll but it now to save time.
- Financial Conservatism beats financial Adventure. Retails and manufactures are focusing on the goods they know drive sales rather than risky sales forecasting or worse keeping excessive inventory. Store refurbishment is less risky than new store openings.
Marketing is about planning the various components and the steps that bring customers together with your business.
Marketing is the whole pie. The various slices or components of that pie are advertising, market research, product, pricing ,public relations, distribution, promotions, customer support, community involvement.
Marketing is everything business undertakes to facilitate an exchange between the business and the consumer as a potential and genuine customer
Advertising is a component of Marketing. It is the story and announcement, the message from and identified business promoting its products and services to potential and existing customers.
Rod Richards
Posted by Rod Richards on 20 Jun 2010