Planning is the most vital part of any
level of marketing. Put the time into
planning your marketing strategy
to ensure success.
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Top 10 Marketing Concepts
06.04.2011
We’ve compiled a list of fundamental marketing concepts which every business should examine, research and implement in order to be successful. Of course, it doesn’t stop here; each business is unique and will have additional components that must be considered, but this list is a useful starting point for adopting a structured approach to marketing.
1. Planning
Planning is the most vital part of any level of marketing. Put the time into planning your marketing strategy, budget and other concepts presented below to ensure success.
2. Strategy
Strategy is the foundation for the rest of your marketing activities. In the process of planning, you must develop your strategy: who you will target, how you will target them and how you will retain their business.
3. Target Market
Defining exactly who you are targeting allows you to focus on specific customers and reduce marketing waste. A well-defined target market will make every other marketing concept so much easier to implement successfully.
4. Marketing Mix
The marketing mix is usually defined as product, pricing, placement and promotion. You should specifically decide on the products and services you offer, the appropriate pricing, where and how you will distribute them, and how will you let everyone know about you and your products and services.
5. Budget
Creating a marketing budget is usually the hardest and most inaccurate part of marketing. However, it is important to establish a marketing budget, which at least gives you a basis to start considering how to distribute your available funds.
6. Branding
Your brand exists in the minds of your customers, and represents how they individually and collectively perceive your company, products and services. Branding is therefore vitally important to businesses, no matter what their size. A brand is built on the logo, design scheme, layout, presentation and imagery used in your marketing communications; and it is affected by every point of contact you have with your customers. Make sure you pay special attention to what kind of brand you are building through each step of your planning and implementation.
7. Promotion and Advertising
Once you have engaged the previous six marketing concepts, you must reach out to your target market to let them know about your company, products and services. Proper promotion and advertising will result in effective brand recognition, and ultimately increased sales.
8. Website
In today's market, it is essential for businesses to have a Web presence. There are many channels for marketing on the Web, from pay-per-click advertising to social networking; but you should at least develop a small website of some kind and keep it up-to-date with genuinely useful content.
9. Consistency
Too many businesses omit the concept of consistency from their marketing strategies, and as a result they are extremely inconsistent in all areas of their marketing. Consistency helps to lower the cost of marketing and increase the effectiveness of branding.
10. Customer Relationship Management (CRM)
Customer relationship management has become a huge industry; there is a plethora of software and services offered to help businesses manage their contacts. Some of the high-cost solutions may be off-putting, but don't be fooled; properly maintaining relationships is essential to creating loyal and consistent customers.
For further information about this or any other item on this website, please contact us or call us on 0845 260 61 61
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