The marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than their competitors. Today most firms have adopted the marketing concept, but this has not always been the case. Sometimes finding the right marketing mix could be tasking for most start-ups or smaller businesses thus, the need to adopt a marketing concept.
It is very important for small businesses to get the proper marketing strategy in place so that they can at least get a reasonable share of the whole market while competing with the bigger firms. Marketing is very pivotal and should make a huge part of the company’s strategic plan. For smaller businesses, you need not have a very complicating marketing strategy, but a simple and effective one so as to drive the business to achieve its set goals.
We will be looking at some of the marketing concepts that have worked and are still working.
Marketing Concepts to use
#1. Marketing concept starts with having a plan:
Everything most definitely will start with planning. No matter how good your strategies are, you must plan how best to execute them. You have to map out certain keynotes to use that will give you the best result in the long run.
#2. Be Consistent:
Your marketing concepts must be consistent with the overall organizational ideology of the company. Also, whatever market strategy is chosen must be judiciously followed. If you have to alter anything, then a more effective one should be employed.
#3. Get The Best Marketing Mix For Your Business:
In marketing, there is a mix usually applied. They include; People, place, product, and price. You have to get the best mix for your business to apply your needed target. Getting the right people in terms of employees and customer is very key to the business success. Asides from the people, you need to get the right location for your business, putting certain factors into consideration like proximity to the market, transportation network, and other key factors to having a good location. You also have to get the best product at the right price. All this put together will give you the perfect mix for your business.
#4. Have a Target Market:
It is very important to know the market you are going to be catered to. You should try and get a target market, so you can strive to dominate that particular market. Targeting a particular part of the market makes it easy to focus, once the target has been fixed, all you do is make sure all efforts are channeled toward satisfying them in the best way possible. No one can have the entire market to himself, so carving out a niche for yourself will go a long way to improve your marketability.
#5. Create a Brand:
You have to create an identity for yourself that will last in the hearts of your customers. A brand will give your business its needed uniqueness and make you stand out among your rivals and competitors. A brand helps your customers understand what you stand for and as such you have to make it a great one.
Read also: How apple built a trillion-dollar brand
6. Go Digital:
The power of the e-market cannot be overemphasized. The online market has become so dynamic and also a great tool for building your business. You can only imagine the traffic on the internet space, so putting this factor to good effect will do a long way to boost your business beyond limits you never imagined. Having a website, and making good use of social media marketing are awesome tools for your business growth.
#7. Provide discounts and incentives
This might be a percentage of your products or services or even a free item with purchase. You can also provide loyalty programs that reward clients for their continuous patronage. Whatever incentive or discount you want to provide, be sure it is something your clients will like.
#8. Create an email list.
Creating an email list is simple. It doesn’t take much time or exceptional talents to complete, and once completed, it will save you a lot of time in the future. Here are some suggestions for growing your initial newsletter subscriber base:
- For joining your mailing list, provide something valuable (and usually free), such as a white paper, eBook, free webinar, or coupon code.
- Request that users who fill out particular forms on your website opt in to get email updates from you.
- Use social media to express your excitement about the launch of your new products/services and to share where people can sign up for them by providing links that take them directly to the sign-up form.
- Include a sign-up form on every page of your website and blog article.
#9. Make an investment in search engine optimization (SEO)
The practice of optimizing your website for Google and other search engines is known as SEO. You may increase your website’s rating in search results and get more visitors by investing in SEO.
#10. Write a blog about the newest trends and events in your business field.
Blogging is an excellent way to communicate with clients and provide information about your business. Potential clients can learn more about you and what you provide if you blog about the newest trends, news items, and events in your business field. This can help you attract new clients while also building trust with existing ones.
#11. Create eye-catching landing pages.
A landing page provides a free resource in exchange for submitting a brief form of contact information. When customers receive the resource, they may be even more impressed with your company and more inclined to purchase the whole package.
Because landing pages increase your chances of converting customers, you want yours to seem appealing.
#12. Provide a free webinar.
A webinar allows potential clients to join up for a brief online course that you will host. These courses often last 30 minutes to an hour and allow you to provide advice and answer questions about a topic that your brand is familiar with. This method can help you increase your credibility in your sector while also providing you with prospective leads and sales prospects.
#13. Think about PPC advertising.
If you’re already working hard on SEO but need a boost, consider PPC (pay-per-click) advertising. This search engine marketing approach makes use of Google AdWords or Bing Ads to appear higher in search results and as a promoted listing. Before diving into PPC, make sure your landing page is as optimized as possible. You will lose advertising revenue if you pay per click and people who click on the website do not convert.
Why is Marketing Concept Useful to Small Business?
You can communicate with potential clients through it and let them know about all the services you provide. It increases brand recognition and promotes healthy rivalry among firms. It helps you increase sales, build a loyal clientele, and leave your stamp on the world.
What Are The Fundamental Marketing Concepts Used by Small Businesses?
The four pillars of the marketing concept are the target market, customer needs, integrated marketing, and profitability.
What is A Small Business Concept?
Small businesses are characterized as privately held corporations, partnerships, or sole proprietorships with fewer employees and lower yearly income than corporations or regular-sized businesses.
Which Marketing Concept is Best?
Because it considers the realities of business — even devoted clients may not be enough to keep you going — the selling concept is one of the most widely used marketing principles. With the selling concept, organizations need to be skilled at locating prospective clients and convincing them to make a purchase.
What Are 5 Marketing Concepts?
The five marketing pillars are production, product, selling, marketing, and societal.
What is An Example of A Business Concept?
the idea of business to business. An automobile factory might, for instance, purchase robotic equipment from a robotics manufacturer in order to boost productivity. The objective here is to find a situation where a business might profit from the idea.
Marketing Concept FAQs
What are the 4 concepts of marketing?
The marketing concept rests on four pillars: target market, customer needs, integrated marketing, and profitability.
What are the 4 pillars of marketing?
The 4Ps of Marketing often referred to as the Marketing Mix, are Product, Price, Place, and Promotion. Consideration of these four elements should form the basis of any good marketing strategy.
What is the purpose of marketing?
In fact, the fundamental purpose of marketing is to attract consumers to your brand through messaging. Ideally, that messaging will helpful and educational to your target audience so you can convert consumers into leads.
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