Marketing – The Ultimate Value Proposition
Marketing should be integrated into every aspect of the product life cycle and customer experience. When executed correctly, marketing builds brand awareness, engages customers. increases sales which leads to business growth. Marketing is always a key consideration when developing and delivering a product or service to consumers: from choosing what you will sell, where to sell, to how to price and promote.
Let’s quickly address a few common questions:
What is marketing? How does it differ from referrals?
Marketing is the actions of communicating, promoting and selling products or services. Marketing includes advertising, selling, and delivering products to consumers or other businesses.
Referral marketing is the process of obtaining new customers via current customers who share their experience and opinions with their friends. Referrals are one activity of an overall marketing plan.
Is marketing really valuable? – YES
Without marketing, your business may offer the best products or services but none of your potential customers will know about them or you. The heart of your business success lies in its marketing.
Does marketing actually need a separate budget? - YES
Start with a strategic plan and a manageable budget for where your business is today - work the plan and build up to your ideal tactical state. Don’t be afraid to get professional help developing your strategies to ensure you have a solid foundation for your plan.
What elements of marketing are most important?
Marketing boils down to being SMART!
✓ Segment – who will you target
✓ Monitor – how will you measure your tactics
✓ Action – what tactics will you take to achieve your goals
✓ Reassess – determine what's working and what isn't - adjust plans using metrics
✓ Target – define segments - communicate value proposition targeted to specific needs
Always remember to be SMART – develop a marketing strategy and execute, execute, execute.