Two shoe salesmen find themselves in a rustic backward part of Africa. The first salesman wires back to his head office “There is no prospect of sales. Natives do not wear shoes!” The other salesman wires “No one wears shoes here. We can dominate the market. Send all possible stock.”
- Akio Morita, Sony
The purpose of marketing is to get the word out about your product and in turn to make sales of your products or services. Every business wants to make more money by getting more customers and surely advertising your products is one effective way of promoting your business. The entire reason is to build your reputation. If a single customer has a good experience with you then they may tell another person, but if they have a bad experience, then they will tell everyone.
Generally, there are two known types of marketing. The first is the generally defined as corporate marketing. In such marketing, you’ll focus over the branding strategy, positioning statements and the demography. The other type of marketing is entrepreneurial marketing. Here, instead of concentrating on brand recognition, you focus on sales.
One of the most basic and most important concepts in marketing is known as the Four P’s. The four P’s are:
You’ll quickly succeed in making a lot of sales, only if you can develop a good product at the right price, position it in a place where buyers are, and promote it well to create desire in the customers’ mind. If the price of your product is too high, you will not be able to make more sales as not enough people will be able to afford it. Whereas, if your price is too low, you will not be able to make any profit. Also, selling at a significantly low price will also let the people think that you sell an inferior product.
Promotion is the most important part of marketing, in any business. It includes decisions related to communicating your message, public relations and advertising. The representation and reputation of your business makes you prominent among the other competitors in the market. Therefore, a unique logo that conveys the message of the company is essential.
Customer relationship management must be excellent to ensure a better sales graph. There must be a distribution strategy and a representation of the distribution model based on the value added by each type of business. Each level must be considered as an important aspect of marketing. Apart from these, a company must have complete data on customers and prospects such as gender, location, birth date, past purchases, income level, marriage status, and birth date. A promoter can better target their promotions with good graphically presented data.
If the sufficient marketing is not there, your business will not succeed, even if you can develop a wonderful product or provide high value-added services. The cause of the failure of many businesses mostly is a breakdown or lack of marketing.