Linda Lawrie 01 Apr 2022

Marketing

An introduction to basic marketing concepts for startups

How to Define your Market

Marketing is the channel companies take to grab the customers attention & bring them to make a purchase.

A market has a broad definition, and it is necessary for business owners to find the customers in the market who will purchase their products

The process of identifying potential customers is finding a target market.

Target markets generally consist of individuals who may or may not interact with each other, but they do share many common characteristics, such as values, interests, or buying habits. It also requires the business to identify potential customers who have the interest and income to make the purchase. This is why defining and building a market for any company requires extensive market research.

Effective Ways of Communicating with your Customer

Sometimes the marketing process can take multiple touch points over a period of time, which is why marketing is not for the impatient.

Since marketing is based on what will bring the customer to your company, it is only natural to consider the customers needs and wants- questions to ask are.

1. What does the customer want?

2. What does the customer need?

3. What is something that will benefit them?

4. What makes the customer want to buy from you?

Before you can begin to market your company's product or service, you must define what it is and what it can do for the public e.g your products values, benefits and unique characteristics of your product.

It can be confusing to determine which methods of marketing will work for your product, but if you familiarize yourself with the different ways of marketing available, you can make the best decision. Some examples are: Direct Marketing- phone, billboard, website,catalog distributions , Active Marketing- cold calls, in person networking, online forums, Incoming Marketing- website,expo,blogs,social media Outgoing Marketing- TV ads, magazine ads, telemarketing calls, internet ads.

Customer surveys will help determine which methods are the most effective for your business.

It's about getting the right product, at the right price, at the right place into the market and to do this you as a business owner need to focus on the marketing mix which is your- product, price, promotion and place. Each element of the marketing mix is linked to the others, and they all need to be carefully integrated and coordinated to be effective.

If the marketing mix is handled correctly, it will satisfy the target audience and create support for the brand.

Know how to set marketing goals and strategies

The goal of marketing is to leave an impression on the consumers, making your brand more recognizable and memorable to them.

Some marketing goals to consider.

1. Repeat customers are essential to your business.

They make up a majority of your sales, and you can count on them to share your brand with their friends. NB remember repeat customers on your marketing campaign, especially since you spend less money engaging repeat customers.

Repeat purchases require you to build relationships.

2. Brand loyalty is the loyalty that customers show to your brand.

This can be seen through actions such as repurchases, & paying more for the products than competitors charge, & investing time in the purchase.

Loyal customers can be turned into brand champions for the company.

Brand champions provide the word of mouth marketing that will improve the brand & increase the customer base.

3. Marketing must do more than appeal to emotions, certain marketing methods need to inform and educate customers. The best way to inform customers and educate people about your product is through content.

5 Ways Content is Provided through Different Media:

1. Blogs

2. Webinars/podcasts

3. Social media

4. Newsletters

5. White papers-become an expert

The content needs to be relevant, interesting, and well written (or well edited in the case of a webcast).

Recognize common marketing mistakes and know how to avoid them

1. Not Taking Social Media Seriously-without it, you will not be able to maintain contact with customers, not responding to customers harms customer relationships,

needs to be updated & monitored carefully.

2. Not having a USP is a common marketing mistake. Fortunately, you can create a USP by answering a few basic questions. This is the message that shows consumers how your product is unique and satisfies customers

3. Cross cultural and international translations-the risk comes with the translation of names and content which may be translated incorrectly and is offensive once translated.

4. Not Building a Relationship-your marketing will never be successful unless you manage to build a relationship with your customer. Without a relationship, it is not possible to earn trust.

3 Ways to Build Relationships in Person

1. Get to know the customer

2. Have conversations with the customer

3. Keep regular contact

3 Ways to Build Relationships Online

1. Dialogue through social media and answer questions

2. Respond to emails

3. Treat each customer as an individual

4. Not having a plan-Before embarking on a marketing campaign, you must have a plan. Many business owners just throw money at different marketing methods, which is ineffective. This mistake can be remedied by creating a plan.

5. Aiming at everyone-It is impossible to please everyone, but some marketers insist on trying. Realistically targeted marketing campaigns are more effective at drawing in customers.

6. Not tracking metrics-Marketing success should not simply be assumed.

True marketing success will be apparent in the metrics. Many marketers, however, do not bother to track metrics. This mistake prevents marketers from adjusting the marketing plan that would increase ROI and improve sales.

7. Not listening to your customers-by now you should know that understanding customers is essential to marketing success. Many companies still make the mistake of not listening to customers. Listening requires taking the time to know what customers want and value. Solving problems for customers requires understanding the problem

Engaging in marketing activities on a daily basis is vital for ensuring the growth and success of any company