Use Eternal Marketing Principles ...#10
- Adrian Dionisio - business737 owner
- Nov 23, 2020
- 4 min read
Updated: Mar 27, 2024
Every person and business has their own media and marketing channel. Facebook, LinkedIn, Instagram, YouTube etc has changed the whole dynamic of marketing communications. Today there is an abundance of information. This has lead to the scarcity of attention. This in turn has made attention a valuable resource. A resource definitely worth fighting for.
We are all constantly bombarded by messages, promotions and offering. As a result we have programmed ourselves to switch off and ignore all this outside noise.
The goal of successful marketing communications is to break through this barrier and get people's attention. Get noticed (read).
Marketing basics
Digital , social media and communications are all fundamental parts of marketing. However, it is the basic principles of marketing which will determine the overall effectiveness and profitability of these activities. Often these principles are ignored, with devastating consequences.
An effective and profitable marketing plan can be based on the answers of two simple questions:
What are your target markets (in order of priority)
What is you competitive /differential advantage
What are your target markets
Knowing your target markets will involve market segmentation. This is the process of dividing a market of potential customers into groups, based on different characteristics.
These groups are made up of customers who will respond similarly to marketing strategies and product / service offerings because they share similar interests, needs, wants, location etc.
Effective segmentation requires a deep understanding of the nature and functioning of the market in question. Understanding the needs and wants of each group will lead to accurate and efficient segmentation. This in turn will allow the development of targeted value propositions and offers, which the customer will regard as valuable and desirable.
Any business that has what people want...... is on the road to success. Understanding what each group wants, and making them aware you have that, is a winning formula. It’s a simple and logical principle so make sure it is implemented throughout all your marketing activities.
What is your competitive advantage
Tell your customer why they should choose you. Why out of all the similar choices available is it in their interest to pick you. What value (read) can you offer over and above any of your competitors?
Today most products are good and have multiple similar competitors, but you can have differential advantage through the way you speak to and relate to your customers.
You have ascertained what you customer needs and wants. You have told the customer that you can solve their problem and quench their thirst so to speak. Finally, you seal the deal by highlighting the reasons why they will be best off by choosing you. All the angles have been covered for an effective and efficient marketing campaign. Simple in it’s nature, excellent in its design.
Modern Day Marketing essentials
Traditional marketing operated on platforms such as TV, radio, magazines and essentially involved interrupting the audience with your message. However the focus now has changed because every business can own multiple media channels at practically no cost.
Also there exists an almost endless option of supply. We now live in a buyers world. Therefore the most profitable strategies involve building and retaining an audience (read more). This is the most effective objective in a world where attention is such a sought after commodity.
The acronym “Value ACE” can be used to summarise modern day marketing in an expansive and dynamic way. Marketing strategies can be defined using 4 concepts all of which involved building and retaining an audience:
Value
Access
Communication
Experience
The concept of value has been discussed at length in other posts. It is all encompassing and includes elements such as cost, status, reliability, efficacy and emotion. Value is everything your customer is willing to pay for and the more value you can offer, the more customers you will attract.
Access refers to how or where the customer can purchase the offer. The traditional place of purchase such as a store or office has now evolved into a multitude of choices such as websites, delivery, click and collect etc. Accessibility, preferences, convenience and face to face inclination all come down to individual choice.. The more options available mean increased revenue opportunities.
Communications has progressed far from basic promotion. It now involves information, tips, hints, advice, suggestions and support. The aim is to provide value in order to attract customers and ensure that they return. This is why it is so important to have relevant and useful content. Marketing in such an expansive and progressive way increases the effectiveness of these processes.
We have moved initially from a product economy to a service economy and now we have evolved into an experience economy. Customer experiences and value added has changed everything. Businesses focus on how the customer is involved and how they want the customer to feel . The engagement, conversation and added value is now the foundation for growth and profitability.
How you make the customers feel is extremely important. Nowadays successful companies are very proactive in engineering this. Delivering the customer experience contributes to the overall impression and hence added value of the business. In a day and age where most products are good and have multiple similar competitors, you get differential advantage through the way you speak to and relate to your customers.
“Marketing is the process of determining communicating and delivering value in order to obtain and retain customers”.
In today’s world where the customer has so much choice it is advisable to look at things from their perspective. Effective marketing always involves looking at the world through the customer’s eyes. Looking at things from this viewpoint will subsequently aid innovation and value proposition. It will also ensure staying current and culturally relevant and help in recognising emerging markets. Most business activities are directly or indirectly marketing related and using the appropriate marketing strategy will result in all round growth and profitability (read more).
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