There is no denying the importance of marketing. After all, marketing is about gaining knowledge about the targeted audience so as to understand their needs and then satisfying them. Therefore, a successful marketing strategy is a combination of smart thinking, creative marketing ideas and effective execution. Marketing is a critical part of any business’s growth. It helps businesses gain the trust and loyalty of customers by helping to grow their revenues. Thus, marketing is an important concept that has to be understood, implemented and leveraged for businesses to excel.
Influencer Marketing is a core component of any marketing strategy. Influencer marketing refers to the act by which an individual, group or a company uses its unique position to attract customers. The concept of influencer marketing revolves around three key elements. First, an individual or a company that is already in the industry or market place may become an influencer. Second, the individual may not necessarily need to start his/her own business but can simply leverage his current position in order to acquire new customers.
Social marketing is one of the three core marketing concepts. Social marketing involves the exchange of product and service information and recommendations through social channels. The goal of social marketing is to build customer relationships based on trust and credibility. In addition, it seeks to promote product awareness by creating visibility for products on popular social media sites such as Facebook and Twitter. Such platforms are a great place to attract new customers and also provide opportunities for service improvement.
Another key component is selling concepts. Selling concepts refer to both the ability of a business to sell its products and services and the ways in which they do it. In essence, selling concepts are the rules that govern the process of acquiring and maintaining a customer base. This marketing concept is often referred to as the sales process. This marketing management philosophy recognizes that a business needs to identify and capture its customer base in order to maximize profits and minimize losses.
Lastly, marketing myopia refers to a failure to properly align marketing goals and strategies with identified consumer needs or desires. Simply put, marketing myopia is the belief that marketing is about the product concept alone and that consumers do not care about customer satisfaction or the environment while making purchasing decisions. A prime example of this concept is when consumers purchase a product based only on the perceived benefits. If these benefits do not align with the consumer’s core values, then marketing myopia prevents them from buying. For example, if a physician prescribes an antibiotic because it makes him feel good, without taking into consideration the repercussions of using antibiotics on the environment or on human health, then he is committing marketing myopia.
Marketing management is essential for any business seeking to realize its financial potential. However, a lack of effective marketing research or insufficient knowledge of the core principles of marketing can result in a company’s failure to realize its true profit potential. The above marketing concepts are just three of the many that can be derived from a solid marketing education. Therefore, if a company wants to market successfully and generate superior results, it is important to pay attention to every aspect of marketing and implementing a holistic marketing strategy to ensure its success.