In part two of how marketing works we look in more depth of the role marketing plays in a company. As we established in part one of this blog, marketing is not just advertising and sales, it has many other qualities too. Not only does it provide invaluable market information to a company it also gives insight into what the customer really wants.
Furthermore, the marketing department will study the customers and the markets that they are in, then it will determine how to reach this customer base. It will also work with the entire company to determine new product ideas to satisfy this identified market and then go on to represent the company in a consistent voice.
It is no good having a product that is the best thing since sliced bread if nobody knows about it or you do not know where you can sell it. This is why market research is so important, it is imperative to know what the market wants. Research is critical to your business because as well as identifying a potential market to sell your product, it also identifies the market audience. How strong the market is and what threats to your business that market carries.
If you are aware to the threats to your business then it can help you to set realistic goals and sales objectives. Knowing this will give you all the information you need to know to take advantage of any opportunities as they arise. If you have gathered together strong market research you can then set the appropriate pricing, understand the distribution issues and set associated strategies to conquer the market and have a strong sales position.
To put together a business strategy firstly you need to know what business that you are in. What your business does and what services or products it provides. Does what you do assist others? Do you help others save money? Without the answers to these or other associated questions then you cannot possibly come up with a business strategy that will work. You need to constantly remind yourself of the company’s mission statement and then judge if you are on track or not against your initial business strategy. And to come up with a clear strategy you must be fully aware all about your product.
Your marketing department can assist you with the features & benefits of your offering, if there is a life cycle, how reliable and safe your products and services are, advise about appearance and packaging, give you sales related data, advise on all aspects of pricing and many other aspects critical to your business.
Marketing really does work, and the reason why it works is that it is not a one trick pony. A true marketing strategy will first identify a need then set out to satisfy that need in whatever way it can. This is totally different to sales strategies of the past that simply tried to force products and services on a reluctant audience. If a demand is identified by the marketing department then it is far easier to satisfy a demand than push a product to people who don’t like or have no use for it.