Key Marketing Factors affect the missions, strategies, and tactics that set by the business. Marketing is the design, development, and promotion of products and services. So, the nature of your industry, company attributes and preferred promotional tools all go into decisions on marketing strategy development. And here are the marketing factors that you need to know.
Key Marketing Factors
Any good marketing effort is useless unless it reaches the audience. For example, if your target market uses Facebook heavily and you don’t use Facebook for your marketing, your marketing efforts are largely a waste of time.
One of the most important factors in marketing is the target of your business activities. When you have a marketing orientation, the customers you select as your primary audience for business and marketing dictate the design of your product and the way you promote it. Identifying the right customers who need your product’s benefits the most gives you the best opportunity to generate loyalty and profits.
Marketing is about boosting your strengths and advantages relative to the industry and competitors. Conducting market research helps you assess what customers really want from a solution and how your brand is perceived in its ability to meet those expectations.
Design and development to cater to those needs and effective promotional strategies to present them are critical. For smaller companies, customer service, and local involvement are possible advantages to promote against larger chains or organizations.
One reason many companies fire their marketing agencies is a lack of strategy, according to Marketing Charts. A company’s marketing strategy has to be fresh, creative and on target, with the audience, it’s trying to reach.
It has to get attention for doing something new or innovative. Without that, the company’s marketing efforts will get lost in a sea of other voices competing for the same customers.
The amount of money you have to invest in marketing also greatly affects your strategies. Smaller businesses are normally more confined by money than corporations with larger wallets. so, being efficient and strategic in research, design, supply chain management, inventory control, and promotions is important.
Newspapers, radio, and direct mail are common promotional tools used in local markets by companies looking for an efficient, affordable way to promote to a small geographic market.
Conversion is what happens between someone seeing your marketing campaign and deciding to buy. Having a snappy, exciting marketing campaign that people like to watch but doesn’t influence buying decisions is pointless.
Marketing materials need to make such a compelling argument for the value of the product that people feel they really need to purchase it. This includes convincing people that the product will solve their problems, meet their needs or fulfill their desires.
Pricing strategy is one of the central influences in the marketing mix or 4 Ps of marketing. Choosing the right price point and aligning it with your overall product or service value is key to attracting customers and creating profits. Few low-cost providers last, but those that do have extremely efficient production, distribution and service solutions. Most companies must operate at mid-level or high-end price points.
If you have a high price, customers expect high product and service value. If you promote luxury, status or top quality and deliver, you can establish a strong marketing position. Smaller businesses often land in the value position, promoting the best mix of affordable prices, specialty products, and service.
By the end of discussing marketing factors and their benefits. you can enhance your business or your online store and increase your sales by Muzawed’s marketing services.