Marketing Basics for Non Marketing Professionals.

1. Introduction: I'm sure we all have heard the dome marketing. And I'm also assure that you may understand that marketing is an essential part of any business. But why is marketing so important? The way marketing works and is defined has changed over the years. As business environment has changed drastically. Now, marketing is one of the most important things a business can do. Not only does marketing build brand awareness, but it can also increase sales, grew business and engage customers. There are so many core business function that stem from good marketing plan that any company would be silly not to give it a shot. Every business in the world needs to successfully market their products and services. Marketing is a critical tool for establishing awareness, attracting new customers, and building lasting relationships. When Dan, effectively, marketing can help you increases an established your competitive advantage. Now, marketing is definitely complex. It income passes tens of different disciplines, strategies and tactics. As it is at developing a basic understanding of how it works can really be difficult. Learning the trade can actually take years of dedication and honing your craft. Oftentimes in a handful of specific areas, such as strategy, copywriting, and analytics. Like a lot of things though, future success starts with solid foundation and solid fundamentals. And if you're looking to learn the basics of marketing, Then you have come to the right. Please. Welcome to Marketing Basics for non marketing professionals. Now for all its complexity at its core, marketing revolves around for things, product, price, promotion and place. Tactics and channels can change. But these are the concepts everything else revolves around. And they are the principles that never change. So in this particular course, along with the core concepts of four P's of marketing, you will also learn topics like market analysis, competitor analysis, customer centric marketing technique, obstacles of marketing, identifying market potential, and importance of digital marketing to the current marketing scenario. All in all, my objective of the course is to lay down for strong foundation for your marketing knowledge. Whether it is your code area of work or not. With a good understanding of marketing basics, you're done better prepared than ever to continue your marketing education and level up your career. What are we waiting for? I'm super excited to see you inside the course. Let's get started. 2. 1 What is Marketing: Any business has two functions, marketing and innovation. Let's start off by understanding what exactly is marketing. Do you know what your customers want? Do you think your customers trust your products? When was the last time you saw customer tweeting about your product or service wasn't a complaint or a compliment. What if you had the finest product line or the tastiest menu items? And no one really bought them. If your customer service was Soy Excellent, It could put five-star hotel to a shame, but no one had the chance to experience in the answer to all these questions lie in marketing, how you market your business data winds if the enterprise will be successful or not. Now one needs to understand that establishing an amazing business is merely the first step. Attracting customers require marketing. While many small businesses believed marketing is similar to advertising, it's actually much, much broader concept as compared to advertising. Marketing spends the entire process of delivering the product or service to a customer from choosing which products to sell and where to sell them, to, how to price them, and how to promote them. The term marketing is derived from the word market, which refers to a group of sellers and buyers that cooperate to exchange goods and services. The modern concept of marketing evolved during and after the industrial revolution in the 19th and 20th centuries. The American Marketing Association domes marketing in the following manner. It is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. Marketing is the management process which identifies, anticipate, and supplies customer requirements efficiently and profitably. And last but not the least. In other words, it is a process of understanding, creating, and delivering profitable value to targeted customers, which is better than the competition. 3. 2 Importance of Marketing: Now that we understand what marketing is all about, let's understand the importance of marketing. Why the brain of the business is the finance department body, the product offered. The heart is the marketing department of the business, which actually pumps the oxygen and the necessary nutrients to every other body part. Marketing is a tool used to create and maintain demand, relevance, reputation, competition, and more. Without it, your business is likely to close down due to lack of, It's what really makes marketing so important. Let's check out some of the reasons why you really, really need marketing. Product awareness. Now, marketing promote product awareness to the public. Marketing actually creates a win-win situation for both the customers and the company. Now, with the help of marketing, product or service awareness is generated among the people and thus making them capable of identifying their needs and then satisfying them. To attract consumers in a crowded marketplace, your target audience needs to know why they should choose your business or somebody is. Now this is where marketing comes in to educate current and potential customers about your business, your products, your services, and how it serves a need that they have. Customer Engagement. Customer Engagement is an emotional connection between customer and the brand. Highly engaged customers will buy more, promote more, and demonstrate more loyalty towards your product. Marketing will actually keep your business in people's mind after the transaction is over and before they need to come back to you again. To turn first-time customers into lifelong fans will sustain your business. You have to establish and build relationships with people who have interacted with your business. Sending post-purchase follow-up e-mails in replying to customers on Twitter and Facebook, and mailing out postcards with special offers or information on new products and services are just a few ways. Marketing can help you stay in touch with your target audience. Brand-building. The brand is the company's most valuable asset and the sole responsibility to create a brand lies on the shoulder of the marketing department of the organization. The market is full of similar products and only thing which makes the companies stand out is the brand. Today, brand is not just a combination of names, symbols, and design. It is a business consumer relationship. The consumer's perception and the consumers opinion about the company and its products. Along with the symbolic value of black, also carries an awareness value, which eventually leads to brand loyalty and more sales if taken care of properly. Product development. Product development is a foundation by which organizations set and reach measurable objectives related to return on investment, which is the primary responsibility of any profit-making company. It is therefore of paramount importance that the organizational leaders understand contemporary marketing, which is crucial in product development process. One of the most important aspect of product development is to search for the perfect market for the product, get consumers insight, and then develop a buffet proposition to make it stand out from the rest. The four P's of marketing play a huge role in product development, and we will study them later in the course. However, the four P's of marketing are product, price, place, and promotion, improves sales. It's a simple logic. You can't make a sale if no one knows about your product or services. Marketing utilizes different ways to promote your product or services to the customer. Once a product has been advertised, it is, I'm already on the radar and this actually increases your chances of selling it. Now customers may want to try your product or services, and this will trigger their purchase decision now and even in future, when consumers are happy about the product or services, they become your brand and messages without your knowledge, they will just spread the word and you'll see as we just start to increase, remember, setting up shop in your neighborhood, maybe bring in some walk-in business. But marketing can extend your reach and draw our attention to what you're selling to so many people who can actually come and buy your product. But you have to ensure that you offer high-quality products and services to complement your marketing efforts, managing competition. A market can be defined as a place where two or more parties come together to exchange goods or services or any other information. And market competition is the rivalry between companies who are selling similar products and services with the goal of achieving revenue, profit, and market share growth. Market competition motivates companies to increase sales volume by utilizing the four components of marketing mix, which are also referred to as the four Ps. Now, these P's actually Stanford product, place, promotion and price. Knowing and understanding your competition is the most critical step in designing a successful marketing strategy. In today's competitive world, the competition has actually reached an all-time high to a point where the only difference in most of the cases is not the product feature, but how it is communicated to the user. Now new communication avenues are being explored around the new markets. Now marketing therefore plays a very vital role in tackling the competition by not only deciding which feature will sell, but also planning the different strategies on how to portray it better as compared to the other players in the market. Decision-making. Complex and tedious business process determines your business survivor. As a result, businesses heavily rely on marketing mechanisms to make these decisions. Why should you rely on marketing mechanisms? Because these mechanisms actually serve as a reliable link between your business and society. They cultivate people's mind and educate the public and then convince them to buy your product and growing the business. The growth and lifespan of your business is positively correlated to your business reputation. Hence, it's very fair to say that your reputation determines your brand equity. Market does use effective communication, branding, PR, and CSR strategies to ensure that the business reputation is actually maintained in the market. The strategic marketing often results in growth of your business. If you successfully educate your customer and keep them engaged, that we create a strong reputation in their mind and will help you to smartly sell to them. This will ensure that your business will do better in future as well. Now, on top of that, most of the businesses thrive on the acquisition of new customers. Marketing is how you attract those customers input, please. 4. 3 Customer Centric Marketing Philosophy: Customer centric marketing philosophy. Not every business owner wants the accompany to be recognized. They would do everything that they can to reach out to more and more people and wind them, has their loyal customers. The question is, how do you make people love? What your company does? Dancer isn't only about the product or services that you provide. It's also about how you treat the customers, how you market your product, how much importance you pay to your research and the customer's feedback while innovating your existing product and launching new products in the market. All these things have to be taken into consideration. And ultimately how you hit the sweet spot of the customers to make them like you and buy your products is the key to your growth. Customer first, the term is pretty self-explanatory. You put your customers post about everything else. This means that you are doing the business around them and only doing what is important for them. There are a lot of ways in which you can actually go ahead and drive this philosophy. And some of the most common ways in which you can actually put your customer four-star focused on providing value, not just making the seal. Educate the customer, help them make the best decisions for themselves. Don't be intrusive, be informative. Put your brand in front of prospects when they need answers, are looking for information. For example, your organic search results are paid search ad, good pop-up window, searching online for the information. Listen to audio. Customers are saying whether online or offline or on social media or even in person. Get the insights from what they seek importance to those conversations. And try your level best for going beyond providing the convenience experience you an enjoyable experience. Marketing is not selling. Marketing is not selling. However, some companies may still get confused between the two. They may have salespeople with the job titles of marketing executive or sales and marketing and business development executive. Because they think that marketing and sales is one and the same. Now there's a massive difference between marketing and selling. Being a good salesperson doesn't mean that you're a great marketer. Being a great marketer at the same time does not also mean that you are a great salesperson. Selling is only a part of marketing. Selling just mixed a deal with the customer or creating the customer. Marketing actually raises the awareness and builds your brand. Marketing will help you make the sale and selling is the result of effective marketing. If your goal is to get customer to exchange money for your product or service, Then you're selling. But if your goal is to generate interests, to make people want to buy your product, then that is marketing. The goal of marketing is to make the selling environment better. While the goal of selling is to make the scene for the customer. Marketing is about making consumers buy because of the brand first and then the product, and then the person while selling is all about making the consumers buy it because of the person first, then the product, and then finally the grand experiment and innovate. Experimenting and innovation is a top priority for almost every organization. But to achieve success through innovation, companies, it must put as much energy and investment into marketing new offering as they do in generating them. Now it's very clear that innovation is an incredibly valuable commodity for digital era brands. All the successful brands in today's age may be Apple or ikea, Netflix, Amazon. They display a clear focus on customer-centric experiences. And then they innovate their marketing practices, enabling them to design and provide for customers in a way that enhance their experience further innovator consumers may not even have expected it. I ultimately, innovation is very crucial for great marketing because there will always be room to improve brand relationship and experience with the consumers. Ensuring that innovative practices are able to exert their influence in the brand marketing effort allows the brand to be consumer-centric and prepares it for the challenges of the future. Hit the sweet spot. In the business dome. The sweet spot is where your target customer needs to fit with what special about your product or service. Now every marketer dreams of hitting the elusive sweet spot, delivering the right message to the right audience at the right time. Now hitting the sweet spot on a consistent basis, less the marketing established a strong, consistent and a profit. They will conversation with that target audience and then help them align their marketing messages and tactics with the company's overall strategic goal. Now, this can be achieved by knowing what your customer is actually looking out for. What kind of equality is expecting. The customer purchase history, the satisfaction level, the customer's behavior, the demographic information, and so on and so forth. A good marketer also needs to understand that how much price is the customer ready to pay for the product, then what value we need to add to his life. Remember, customer centered marketing is a marketing approach designed around the customer needs and interests. It is about prioritizing the customers or any other factor. Using the blend of intuition goldman sits, and solid data about the customer behavior in terms of demographic, geography. Geography, and even behavior. 5. 4 Ps of Marketing: The four P's of marketing. The concept of marketing mix was introduced over 60 years ago. In 1953, Neil Borden mentioned it in his presidential address to the American Marketing Association. In gender terms, marketing mix is a variety of different factors that can influence a consumer's decision to purchase a product or uses service. It most commonly refers to the four Ps of marketing, product, price, promotion, and place. These are the key elements that must be united to effectively foster and promote a brand's unique value and help it stand out from the competition product. This variable describes all the factors relating to the actual product, is visibility to the consumer. These may include things such as quality, beaches, options, style, packaging, brand sizes, labels, variety, and warranties. Now a product can be either a tangible good or an intangible service that fulfills a need or want of a consumer. Marketers must always have a clear concept of body or products stands for. And what differentiates them from the competition before they can be marketed successfully. Today, the internet can be considered either the medium for purchase via e-commerce or the product itself, such as the social media service. And now because of this, it's whiter that marketers fully understand the product that they're selling, how it meets the needs of the targeted customer, and what makes your product stand above the competition. Price. The price variable includes not only the list price, but all other pricing factors associated with the product. Now, these may include Discount, allowances. They meant options and videos and credit terms. All of these are related to define the whole price of the product. It is critical to choose the right price for your product or service. If your product is enterprise, consumers make questions its effectiveness and think that it's too good to be true. On the other hand, if your price is too high, consumers may see it as overpriced and unnecessary. Unless you had an established luxury brand like BMW or app will, you'll find it hard to make a seed. Not only refers to the monetary value of the product, but also the time or the effort the consumer is willing to expand to acquire data-mining, this will be a critical factor in revenue for the brand as it will impact his profit, supply, demand, and how much marketers should spend on the promotion or marketing strategy. The strategy that you choose should be based on the value of your product, the production and distribution costs, consumer demands, and competitive landscape. Price is also heavily influenced by your consumers. Of course, you need to price to make a profit. However, if your target market is a middle-income bracket, then charging $1000 for a handbag would really be unrealistic. Place. Now place deals with all the distribution and location aspects of the product. How, and what are the products that are available to the consumers. These may include assortments, channels, coverage areas, locations, and inventories. Often you really feel marketers saying that marketing is about putting the right product at the right price, at the right place and at the right time. It's critical then to evaluate what are the ideal locations that will convert the potential clients into actual flags. Place it efforts to the distribution of your product. How will consumers find and purchase what you're trying to set? Will it be stored in retail stores are exclusively online. Bed that in store or online, you are the primary contact managing and shaping the customer experience. Do I have the most common distribution channels are that exceeds and wholesalers. If you sell to Walmart or Amazon, you would fit into intermediary category. The advantage of working with the wholesaler, retailer or intermediary is that they tend to have a wider distribution network and a large customer base. Some key questions that the marketers need to answer are, where are the target customers shopping? Are they using desktop or mobile devices? Are they shopping for similar products online or in brick and mortar stores? And where are they engaging on social media promotion? Promotion is any and all efforts by a company to make publicized a product and make the consumer aware of it. Efforts might include advertising, personal selling, sales, public relations, or internet services. Now, we've got a product and price. Now it's time to promote it. Promotion looks at the many ways marketing agencies disseminate relevant product information to consumers and differentiate the particular product or a service. Promotion lets people know that product solves a specific need. In the promotion stage, your message should be clear and geared towards your target audience. Tell them by the New Deal product and how it will benefit them. What makes your business services different from the competitors? Is it lower price, higher quality, faster service, more reliability, or more flexibility? Use channels such as public relations, advertising, direct marketing, e-mail marketing, social media marketing, or even seeds promotion. Think of it as any way marketers disseminate relevant product information to their target consumers. Always identify and emphasize on what sets you apart from everyone else. And it is a key to include those differentiators into your promotional messages and campaigns. Now, I'll do this marketing environment has changed significantly since the four Ps were established in the 1960s. The foundation of marketing has not changed at all. By continuing to focus on the four P's and how to use them within the framework of the digital age, the marketers can still be successful no matter what the circumstances that may be. New methods made available with these types of technological advancement. But old concepts still hold good. 6. 5 Identify Your Market: Stages of marketing. Now that I have various stages of marketing, the first stage is I didn't define your market. Now, marketing consists of all the activities of individuals and organizations designed to identify and dissipate and mutually satisfying the need of all the parties involved in the exchange. Now, marketing cannot take place unless some sort of exchanges opcode. One-party must exchange a product or a service with another party for some sort of payment. This is the exchange process and it's the central focus of all marketing activities. Now let's take a step back and define what are the basics of marketing and break them into three different categories. The first one be identifying your market. Now marketing isn't just a matter of placing an ad. It's a metalloid of attracting new business. Before you can hope to achieve this, you have to know exactly who you want to target with your marketing. And defining your target market is one of the marketers most important tasks. It's the foundation of all elements of your marketing strategy, from how you develop a name, your products or services, right through to the marketing channels you use to promote them. The first ground rule of marketing is never making the mistake of marketing your product or services before you have defined your customer or client. And if you do that, you're just throwing your marketing money of it. Let us understand how you're defining your target customers and your target market. The factors that one needs to take into consideration to 0 down on your targeting market are, is there a need? Now customers need analysis is the process of identifying what requirements the consumer has bought the product or service. It's used in variety of product and brand management context, including concept development, product development, value analysis, service delivery analysis, or customer value analysis. In other words, a customer need is a motive that prompts a customer to buy a product or service. The need is the driver of the customers purchase decision. Companies often perform need analysis to identify opportunity to resolve or contribute surplus value back to the origin and motive. And one can sell and make profit only if there is a need. What is your product that do from a customer's perspective? The starting point in defining the target market for your proposition is to understand the problem that you're going to solve. Once you have a good idea, what are these? You can start to work out who is the most likely to suffer from these problems. Having a deep understanding of the challenge that it's solving and who it is pod is very crucial. It's surprising how often this is not totally thought about. Always stay focused on your hook and y and test it with your persona's. Talk to them about it and know it is something that will fulfill an unmet need. First, write down a list of each feature of your product or service. Next to each feature, list the benefits it provides. Once you have your benefits listed, make a list of people who have a need that your benefit will fulfill. Always answer the following questions. What does your product do for your ideal customers? What problems does your product solve for your customers? What needs of your customers? Does your product satisfying? How does your product improve your customer's life or work? Who is your customer? Now, you have a good idea of what problem you're solving. You can start to work out on who is most likely to suffer from these problems. Lists all the different types of customers that suffer from the problems that you are trying to solve. Once done, you can start to build up a picture of these customers. One should also look at who are your current customers and why do they buy from you? Look for most common characteristics and interests, which one brings in the most business. Now it is very likely that other people like them could also benefit from your product or service. Ask yourself these questions. To whom will these problems be most troublesome? Who will have the most to lose by not dealing with these issues? What is his or her age, education, an occupation, or business? What is his or her income or financial situation? And last but not the least, what is his or her situation today in life or work? Where is your customer? Once you are done identifying your customers, you can start to build up a picture of these customers. Now group them by location and dig deeper into the insight based upon the location. Demographics are extremely important for targeted marketing. Obviously, you do not want to be marketing skateboards to seniors or expensive furnitures in a low-income housing community. Based on location research mode on the subjects like how much money you do your current customers have to spend? How do they approach the budgets in that particular price category? Do they have specific financial concerns or preferences you need to address? Also know the language that they speak. Don't assume your customers speak the same language that you don't assume they speak the dominant language of their current physical location. The questions when need to answer are, that is your customer located geographically? What kinds of lifestyles do people in this geography live? Where does your customer live or work? What language do they speak? Where do these customers usually by last but not the least, what geography called parameters affect the buying behavior. 7. 6 Competitor Analysis and Value Proposition: Competition analysis. Now if your targeted audiences currently buying a similar product or service from one or more competitors, find out why the competitor offering lower price service. Is there no competition for the product or service at present? Competition analysis is a vital part of marketing, whether it's organic or inorganic. Digital marketing channels play a key role in boosting conversations and Ottaway. Without competitor analysis, a business might not understand which channels it should target and watch strategy it might plan in order to generate the maximum conversation. Before you accurately compare your competition, you need to establish a baseline. This also helps when it comes to perform a SWOT analysis. They can objective look at your business sales and marketing efforts through the same metrics you use to evaluate your competition. Record this information just like you would with a competitor. And use this as your baseline to compare it across the board. The questions that one can ask are, what specific needs will your product or service fulfilled? What are the alternatives are available currently? What are your competitors offering? What benefits your product provides, which others don't? Why am I uniquely placed to solve this particular problem? Why will they buy from you and not from your competitor? Analyze the level of engagement on your competitor's content. How they promote the marketing content via social media presence, strategies and go-to platforms. And last but not the least, perform a SWOT analysis to learn the strengths, weaknesses, opportunities, and threats. What does the customer's buying strategy? The customers buying process, which is also part as the decision process, describes the journey your customer goes through before they even buy your particular product. Now understanding your customers buying process is not only very important for salespeople, it will also enable you to align your marketing strategies accordingly. The objective of this stage is to identify the different buyer persona that buy your product. Identify the triggers are triggers that typically get them into a specific binding modes. Create messaging and content for each persona, and then trigger that combination. And look to see if you can create a trigger even on head and recognize that one has actually occurred, your ability to clearly define and determine the very best customer for your product or service will determine your success in business. How could you find more perfect customers for your product? How could you create customers for your product? Define your unique selling proposition and communicate this key benefit in every customer contact. Most entrepreneurs, I didn't even clear about their ideal customers. For this reason, the waste a lot of time and money trying to sell the product to people weren't even good potential customers. The questions one need to ask while I didn't define the buying strategy of your customers, are, how does your customer buy your product or service? How has your customer bought similar products or services in the past? What is your customer's buying strategy? How does your customer go about making a buying decision for the product? What are the factors that affect the buying decision the most and last but not the least. What time of the year, season, month, or week does your customer, usually by the value proposition. A value proposition is a statement that answers the why someone should do business with you. It should convince a potential customer why you also be sub-product will be of most value to them than similar offerings from your competitors. You know that your company is great, but as your potential customer also know what sets your brand apart. It is this statement that explains the benefit you offer, who will benefit, and why you are the best choice to deliver that benefit. A great value proposition is always concise and easy to understand. It defines what you do. It makes it easy for someone to find out in an online store and it explains how your product results pinpoint for your potential customers. We displayed prominently on your website or you up and do my touch points. Let us talk about an example of Uber Ola services. Now, Uber expertly highlights everything that sucks about taking a traditional taxi and points out how their services are superior as compared to them. One tap and a car comes directly to you. Your driver knows exactly where you want to go. Payments are completely free. Another good example is Shopify. Shopify is value proposition. Let's you know, it can handle all of your e-commerce needs no matter where you sell it from. Whenever you put forward a value proposition, one needs to answer the following questions. What customer problem are you trying to solve? Who will be benefited? Why you are the best choice? Last but not the least? What additional unique benefits they get from working with you. 8. 7 Possible Obstacles and Market Potential: Possible obstacles. Now, every marketer faces different types of challenges. Although we typically share similar goods, some teams are stuck on hiring top talent, while others have trouble finding the right technology for their needs. Marketing obstacles are a reality. While the vary from industry to industry, some pinpoints exist across the board. Now some of the common marketing obstacles are generating traffic and leads localization of products in the global market. Localized content development, hiring, training, and retraining new tablet, using the right marketing channel. Staying up to date with technology, overwhelming data analysis. And last but not the least, brand-building in a saturated market. They will always be new herders to address as companies strive to achieve their goals. But knowing what to expect is half the battle. With the little foresight and understanding, you can harness the tools and tactics required to welcome the marketing obstacle. Understanding the overall market potential. Market potential helps businesses blend better and launch your product and services with better preparation. Depending upon the overall marketing potential, companies can identify the sales potential or the amount of sales they would be doing in that identified market. Market potential, quite simply, is the total demand for the product in a given business environment. Factors that define market potential art. The market size. Market size is a key component of strategic marketing planning. Knowledge of the size of your target market allows you to fully assess the opportunities and accurately plan your approach and your investments. Yz. For example, you may discover that the market size is to niche to be even worth pursuing. Realizing this early on before any resources are exhausted, save a lot of time and money that can be contributed towards other wrenches. Market size is a total market sales potential of all companies put together. If I planned on launching a new software in the market, then all the different companies such as Pepsi or Coca-Cola are my competitors. And the combine seal of the soft drinks, including the branded and non-branded products, is Mike complete market size? The growth prospects. Now the market growth rate is a key factor to be considered when calculating the development of specific product in a particular market. Now commonly marketers create a marketing campaign founded primarily on maximizing a specific market growth rate. Market growth can indicate your businesses long-term sustainability. While a high growth rate means low saturation and high demand, a negative growth rate could suggest that consumers are losing interest in your product or services. Market growth rate can be determined by checking the facts and figures. The last five years of the industry that you are in. Many top websites will actually give you that data. Profitability, be successful and remain in business. Both profitability and growth are important and necessary for the company to survive and remain attractive to investors and analysts. Just as growth is important for the company's long-term survival, profitability is the fuel needed to keep the business and ginger running. Data mining and forecasting your profitability is important to understand the market potential. The business is going to give low profitability than the volumes need to be high. Or if the business is going to give lower volumes than the profit needs to be high. Competitor analysis, as I explained earlier in this lecture series, the purpose of competitive analysis is to determine the strength and weaknesses of the competitors within your market. Strategies that will provide you with a distinct advantage. And the barriers that can be developed in order to prevent competition from entering your market. And last but not least, any weaknesses that can be exploited within the product development cycle or product and customer type. Not only do repeat customers convert more often, they have a higher average order value than the first-time buyers. This means that you are repeat customers are buying more from your store and more often. However, whether the customer buys your product again or just a onetime also depends on the type of the product. For example, a customer may buy a band of TV and may not buy a new brand of TV for the next five to ten years. But in a year, you are likely to buy ten to 12 soaps, audit toothpaste individually. That's 400 to 500 toothpaste, but individual in their livelihood. And if you multiply that by a billion or a million, you can understand the market potential of the soap and the toothpaste industry. Let us understand the concept of market potential with an example. Let's say I wanted to launch a grocery supermarket in my locality. I determine the market potential as follows. The market size. I have file-like people living in my locality, data of different demographics. But with some market research, I find out that the majority of them are married or living in joint families. Market growth. Now as my region is a developing place with a lot of new residential projects coming up. This place has a potential to double in population in the next two years. Profitability. I have an idea of the prices being kept by competitors at those prices, I will definitely earn a good margin and make good profits. Competition. Now, strong competition from a local grocery store. But my supermarket being bigger in size, I can offer more variety and higher rate of availability of stocks and customer type. It is going to be a repeat customer business because customers are buying FMCG from my store and I'm going to train my teams on excellent customer service. 9. 8 Promotional Mix: Step two, using the promotional marketing plan is focused on the target market, made up of four key elements. These four key elements are known as the four P's. One of the P's is a promotional mix. It contains advertising, public relations, personal selling, and sales promotion. They are used as a tool to communicate to the target market and produce the organizational sales goals and profit. The proposition makes an EPA as to the blend of several promotional tools used by the business to create, maintain, and increase the demand for goods and services. The marketer's task is to find the right promotion mix for a particular brand. Now let us have a close look at the various elements of a good promotion mix. Use your budget wisely. When you promote your business, you are engaging in persuasive communication. You want to convince others to buy from you. You must select the right promotional strategy to capture the attention of the right group of potential customers in a credible yet CATV. Educate them about your products and services and influence them to buy from you. Marketing budget outlines all the money of business intent on spending for marketing related purpose. Now marketing budgets can include expenses such as beta advertising, sponsored web content, new marketing stuff. But I just don't blog domain and a marketing automation software. In a way, marketing budget takes into account all the resources that you would need to run a successful marketing campaign. In allocating and using budget for your promotional mix, makes sure the allocation is proper. Entire marketing mix, that is advertising, public relations, sales promotion, direct marketing, and personal selling. Always make an outline structure to understand how much money you will need to spend to achieve your goals. The basic marketing tools that you'll need to get started, and an understanding of how your customers want to be marketing to advertising. Now, advertising is any type of promotion or presentation of services, ideas, and goods by a particular sponsor. Now this is a great way to communicate with the large number of people at once. And it's one of the most common ways to promote a product. Advertising is any paid form of media communication. This includes print ads in magazines, trade journals, newspapers, radios, and even TV announcements. Advertising is a non-personal promotional activity because the seller has no direct contact with the potential customer during the communication process. Through advertising, the marketer tries to build a pull strategy wherein the customer is instigated to try the product at least once. The complete information along with the attractive graphics on the product or services, can be shown to the customers that grab their attention and influences the approaches, decision, public relations or publicity. Now, this type of promotional method determines the way people treat the brand. Companies using PR tried to build a form and attractive brand image by planting interesting new stories about their activities in the media. These activities promote a positive image, degenerate a publicity, and posted goodwill with the intent of increasing the sales. Now generating favorable media coverage, hosting special events and sponsoring charitable campaigns are examples of public relations. The market is tried to build a favorable image in the market by creating relationships with the general public. The company carries out various public relation campaigns with the objective to have the support of all the people who are associated with it, either directly or indirectly. The public comprises of customers, employees, suppliers, distributors, shareholders, government, and the society as a whole. Sales promotion. Now the sales promotion is a short-term incentive given to the customers to have an increased sales for a given period. While much of the promotion mix centers on long-term communication, sales promotion as specific strategy used when you want to generate immediate traffic, revenue or cashflow. Now this is common for new companies or companies in highly competitive industries who are trying to load their customers. Now, what do you use of sales promotion can restrict profit that you may on by being patient with higher prices. You can also install a strong price orientation in customers might install demonstrations, displays, contest, and price incentives are some of those sales promotion techniques. Many companies make this a good component of the marketing effort. Sometimes it's most annoying type of communication for the people. Direct marketing. This is a one-to-one communication between the sales representative and a potential customer. Not direct selling influences people to decide to buy certain products or services. A form of advertising aimed directly at target customers that asked the receiver to take an action, such as ordering a product, clipping the coupon, voting, a toll-free number, or visiting the stores. Catalogs, coupon mailers, and letters are common forms of direct marketing. With the intent of technology, companies reach customers directly without any intermediaries or any paid media. The e-mails, text messages, effects, are some of the tools of direct marketing. The companies can send emails and messages to the customers if they need to be informed about the new offering or a sales promotion scheme, where personal selling. Now personal selling involves face-to-face communication between the buyer and the seller. Must not selling involves the use of salesperson to grow outreach and c itself, the product in the market by reaching out directly to the customers, to the company's sales force. When the company sells for us personally reaches out to the audience to sell or promote a product or idea to build a strong customer relationship, then it is called as personal selling. Face-to-face interaction with target audiences, still considered highly effective at growing relationship with customers and hacking into the new target markets. Guardiola ships and banks frequently utilize this method to inform their customers and build relationships. However, apart from banking and the automobile industry, personal selling is considered an effective method of promotion in many other industries as well. 10. 9 Using Technology: Step three and our last step in the stages of marketing is using technology. Now as you look for new ways to market your business, you may have people tell you about the importance of digital marketing. At 1, online marketing was just a new and different way to market. It opened up a new form of media on which to peddle goods and services. But within just a decade, the importance of digital marketing has become something else. Today, more and more people are consuming all kinds of information online, and hence, digital marketing is the best way to reach out to your targeted customers. Let us understand why digital marketing is so important in today's world, the importance of digital marketing works not only in favor of marketers, but it provides something innovative to the consumers as width. By investing in digital, you will help your business grow. Let's look into some of the techniques and how to shape your future business prospects. Create your visibility. With the growth of internet mode, people are spending their time online. In 2019, the average Internet user has at least seven social media outcomes. That's up from three just five years ago. Not 22% of the world's population is on Facebook. 62% of the people in US art there. 76% of the Facebook users and 51% of the Instagram users are on it every day. Your customers are online throughout the day. That emphasizes more on the importance of digital marketing. They're browsing the web looking for your products and services. And if they can't find them because you don't have an online presence, then you risk losing those leads to your competitors. To drive the best results for your business, you need to build your online presence. You will reach more leads that once your product or services creating your digital footprint, it helps your brand reach the masses and create your visibility. If your business doesn't have a plan to go digital, then you will lose out to competitors who are more digital savvy, having a company that site and landing pages. Now according to e-commerce foundation, 88% of the consumers will research product information before they make a purchase online or in the store. Now this buying behavior trend emphasizes the importance of website for today's business. Your website will be the center of companies online presence. You can advertise your business around the web, on social networking sites, forums, and through pay-per-click advertisement programs. Having a website and online presence strategy allows you to market your business online. A website is also important because it helps you to establish credibility as a business. Websites usually provide a map and direction to the company's shops or offices for visitors to find your location easily as the backbone of your online presence. Every type of communication and a piece of content or advertising that you put online will drive the consumer back to your website. As such, it's important that your website gives consumer a clear idea of what your brand is all about and what type of products or services do you offer? Social media updates. Now for any business to Silverlight, the one thing that they really need to work upon is establishing a reputation that is impeccable. In the past few years, it has become evident that customers will always prefer a company that does not have any scandals associated with them. The importance of digital marketing today lies in offering you multiple ways to establish a personal rapport video customer base. So regular social media updates help your brand to reach far and wide and also keeps your audience of it about your new products and services. Gun sustained with other areas of online marketing. Content reign supreme when it comes to social media marketing. Make sure you post regularly and offered truly valuable information that your ideal customers will find helpful and interesting. The content that you share on social media can include social media images, videos, infographics, how-to guides, and lots more. New social media network comes out every week, most of which will never gain any sort of fraction. In my opinion, it's best to start with the most popular platforms. Then once you have a profitable system running, you can look at allocating a percentage of your budget towards more experimental campaigns, emails and newsletters. The power of email marketing has been put to side when various digital marketing tools entered the game, such as social media marketing and SU. But email is still widely used and many edges go online to check the emails rather than visits social media sites or shop online. More than 34% of the people worldwide using means, and that's about 2.5 billion people. It's predicted to increase to 2.8 billion e-mail users in the next few years. E-mail marketing is a wiping and a powerful way to connect with people. Email marketing is also a very personal way of reaching your targeted customers. Emails can be tailored to customers action. That every communication is irrelevant to the interest. You can cover topics like changes in your accompany. Victories, request a feedback from your customer. And this list can virtually be endless. With 2.5 billion users be made isn't going anywhere. Today. A connection is what the customer wants with the brand and the businesses that they like. They can follow you on social media. But the link to them personally is a matter of being professionally and personally using blogs. Now a blog is a compilation of thoughts, fact, and expert opinions related to the business, industry audits audience. It is a written piece of information that lives online and can be accessed by anyone who visits that company's website. This is blogging is a marketing tactic that uses blogging to get your businesses more online visibility of business blog is a marketing channel just like social media, direct mail, or email marketing that helps support the business growth. Statistics show that businesses that publish regular content receive eight times more traffic. Blogging actually helps reduce overall marketing spend by around 60%. Blogging also helps in achieving d times more leads. And it positions your brand as an industry leader and develops beta customer relationship network with digital influencers. Using social media influencers in your marketing is a practice of building relationships with people who can build relationships for you. Whether it influences audiences, smaller, large, and influencer can reach consumers by their blogs and social media that your brand may not be able to add a fundamental 11 influencer marketing is a type of social media marketing that uses endorsements and product mentions from influences. What individuals who have a dedicated social following and are viewed as experts within the Aneesh. Influencer marketing works best because of the high amount of trust that influences have build up the deer following recommendations from them serve as a form of social proof. We are branch potential consumers every day of the year about widened marketing. A new wider video and content that spreads at the speed of light. But what exactly is it and how did it get to be widened? Is it due to widen product or widened advertising campaigns, or just simply build up randomly make something such a big hit. Why do marketing can be defined as the spreading or transport of information about a brand or product in a short period of time among the mass media. It has worked very well for thousands of marketers and help them to improve the growth of the business. And in gutting digital age, as people are highly immune to social media, that makes it achieving white easy. Widening marketing is exactly what it sounds like. Marketing that spreads like a wireless. This simple approach can help in creating lots of positive impact during the promotional product launches of campaigns. It helps to get tremendous visibility exploited and better traffic which it resides in increases revenue. In theory, a wider marketing campaign is a very simple to carry out. Create a video on another type of content which is attractive to your target, put it on the internet, and then promoted from dead-on, only wanted to do is wait for the fuse to light and for users to start sharing it like crazy. While in some cases, vitality happens by accident or even maybe by a stroke of luck. Why didn't marketing is usually lower cost with fast growth and lead to rapid traffic generation. The combination of different marketing strategies whose objectives are focused on achieving engagement with your audience, had the most convincing proof of ability in increasing the traffic. Why didn't marketing is one of the most important strategies to attract customers and raise awareness for your brand. And last but not the least, affiliate marketing. Affiliate marketing is a key strategy for every business industry to prosper. Other people might question its value, but a great number of e-commerce stores can attest to its efficiency. What is affiliate marketing from a marketer's point of view? It is simply an online advertising and promotion done by an affiliate or the publisher with a tracking link in an affiliate site directed to the Traders website. The main advantage of having an affiliate program is that it is entirely performance base, not because the affiliates are only paid a commission once the desired action has taken place. More motivated to design the conversation that you're looking out for them. This mitigates any efforts that drive traffic with little to no value to your company, while also ensuring that you get what you pay for. Affiliate programs, L2, build your sales force, which is also called as affiliates. They are empowered to promote products mode widely, especially because they are the ones who will direct the customers towards your product, then you must take care of these customers in the future. If you wanted to start with affiliate marketing successfully, focus on affiliating network is imperative. Remember, social media platforms are always evolving. Men Facebook first started. People can only share text updates. Now there are so many content formats such as images, video, live videos, and stories. That is no denying that social media marketing has many advantages for startups and established brands. By regularly updating the right social media marketing strategy, it will lead to an increased traffic and better SEO, improved brand loyalty, LDL, customer satisfaction, and much more. Your competition is already increasing on the social media day-by-day. So don't let your competitors take your probable customers. The earlier you start, the faster you'll see the growth in your business.