Marketing 101 - the basic fundamentals you need to know
The wonderful world of marketing is a complex one. That’s why it’s so important to understand the basic fundamentals before undertaking a marketing strategy of your own. Marketing involves many different disciplines, strategies and tactics to help promote business. However, every strategy has a few underlying concepts that is essential to know.
Here’s our Marketing 101 guide to help you understand the basic fundamentals of marketing.
First off, what is marketing?
Before you dive into marketing, you’ll need to know what the purpose of it is.
Marketing is basically the action of promoting and selling products and/or services. This includes everything from market research and the planning of methods and tactics, all the way down to specific advertising strategies. The goal of your marketing strategy is to motivate target audiences to engage with your business, and ultimately make a purchase.
The Marketing Process
Every business - no matter which industry - will have the same marketing process. It’s the cycle in which you acquire and retain customers to continue engaging and buying from you.
1. Thorough examination of customer, product, and competitive research.
To begin your marketing process, you’ll need to undertake thorough research to help you understand your customers and your market environment. The focus of this step is to determine who your target audience is, what the best ways to target them is, and how you can place your product as a ‘first choice’ compared to your competitors.
2. Development of marketing strategies
After conducting thorough market research, you’ll be able to create product, pricing, and packaging strategies that are developed with your target audience in mind. This will also include developing distribution and marketing strategies that are designed to meet with the interests of your customers and the realities of your market environment.
To grab the attention of your audience, develop promotional strategies through advertising, public relations, web presence, and online customer interactions to prompt product purchases.
4. Sales programs
To help you convert consumer interest into end-purchases, implement a strong sales program that is backed by effective delivery systems.
5. Customer Service
The final stage of the cycle is to uphold good customer service. It’ll help build customer satisfaction, encourage repeat purchases, and help you develop customer loyalty, inspire positive reviews, recommendations and word of mouth.
Once you understand the concept of the marketing process, it’s time to start digging deeper into your own marketing plan.
The fundamentals of a marketing plan
To create your own marketing plan, you’ll need these key components.
- An overview of your current market situation, including your customer profile, and variables that can affect your customers, competitors, and business environment.
- Define your marketing goals, objectives, and metrics
- Define your company’s positioning and branding statements
- Develop marketing strategies - which include your plans for product, distribution, pricing and promotions. Additionally, this will include your strategy for retaining customers, encouraging repeat purchases, and building loyalty within your customer base
- Define your marketing budget
- Describe what your tactical and actionable plans are
- Define your short-term and long-term objectives
- Monitor your results - test and analyse your strategies to see if they are effective
The most effective types of marketing strategies in today’s digital age
When thinking about modern day marketing, our focus tends to shift towards digital. The most effective types of marketing strategies for businesses today is centred around digital marketing. Not only is digital marketing cost-effective (compared to traditional strategies) but it’s also capable of reaching wider audiences that weren’t as easy to target 10 years ago. It has opened up a range of possibilities for small businesses to grow and and thrive not just locally, but globally too.
Here’s some of the main strategies included in Digital Marketing.
- Social Media Marketing
- Search Engine Optimisation
- PPC Marketing
- Email Marketing
- Content Marketing
Although digital marketing has become a force of nature, traditional strategies can still be effective marketing methods for business. Here are a few traditional marketing strategies:
- Direct Mail
- Radio, TV, Newspapers
- Print advertisements
Head to our blog post to learn more about our take on digital vs traditional marketing.
If you’re looking to grow your business, get in touch with us to guide you through these effective digital marketing strategies!