The Fundamentals of Marketing (Six Important Elements)
What is the definition of marketing? Many people define it as advertising an item or service. We all know that the term “marketing” actually comes from the word “market”, which actually has six essential components.
1. Market (M)
Have you identified a potential market for your service or product? In order to discover the demographics of your clients in the first place, you need to segment your market, for instance, by income levels, age groups, or gender, or social status, among others. However, good products or services but it’s impossible to meet the diverse requirements of a nation or across the globe. Do you know the size of your market? Are you able to establish your market? Knowing your customer base is not enough. You need to determine the value of your call. It is essential to know your competitors as well. Just adding the revenues for the most popular 20 to 30 businesses will provide you with an idea of the size of the market you are in, if your need is established and how many competitions you have to contend with.
2. Activities (A)
There must be some sort of activity or action to advertise your service or product. That is, if there are no activities, then there’s no marketing being undertaken and no effort made. Certain companies have created unique items and wish for the products they start to be able to speak for themselves. Businesses rarely rely on word-of-mouth. What activities do you are thinking of doing? That includes cold-calling customers conducting events such as trade shows, exhibitions, and more. Also, track all your actions, including the number of new customers you are able to acquire through cold-calling, the number of trade shows, events, and fairs you attended over the past year, and how many leads you brought in.
3. Resources (R)
The sources include time, money, and manpower. Do you have enough money to launch an advertising campaign? Do you have the time to achieve the desired outcome of a marketing campaign? Are you able to execute the marketing campaign efficiently? It is essential to create a comprehensive list of the resources you require in comparison to what you already have. These resources are crucial since they function as fuel to ensure that your campaigns run smoothly. If you don’t have enough resources, then it is best not to begin any campaign until you’re ready. It’s like the war: you shouldn’t take on a battle if you believe the likelihood of winning is very low. Also, consider the resources you have, including the amount you are able to spend, the amount of time you have, and how many employees are prepared to go to work.
4. Knowledge (K)
The ability to learn is essential to success. There may be enough people or employees; however, are they trained proficient, skilled, and knowledgeable? Do they have the correct information about the product or service? Marketing and sales teams are crucial as they are the first line of staff and the ones who are the first to speak with the clients. They must know exactly what the customer wants or require and know by heart what product or feature will solve their problem. It is possible to conduct surveys to determine customer feedback. For instance, you can evaluate your creation using a scale of 1-5. But, you shouldn’t ignore the support team since they serve as you’re “defense”. Customers make calls and complain daily, and your support staff has to face daily with them. Therefore, whether or not the customers will be pleased again will depend on how efficient your support staff is. You must ensure that you keep your customers the duration of time that you can. Otherwise, your marketing investment or effort will be ineffective. Therefore, it is crucial to determine and evaluate the extent to which your team is doing. For instance, what percentage of customers have been being successfully kept against the number of customers lost? What is the overall score of your overall satisfaction with customers?
5. Effectiveness (E)
Everyone would like to know how effective the marketing strategy they are running is. They’ll evaluate the outcome at the end of the campaign to determine whether the desired result is attained. Wrong! We must evaluate the efficacy of any campaign prior to when it’s officially launched. It is recommended to select a test (or random) sample in order to evaluate the effectiveness of every movement to its fullest. For instance, you could contact 50 potential customers to see if you can convert 20 percent of them into the new clients you want to acquire (conversion rates of around 20 percent). If the results aren’t as you expected, it is time to revise or modify the marketing plan. It is necessary to repeat the process for each campaign you are planning to conduct, prioritizing your advertising efforts or campaigns in accordance with the efficiency results. Naturally, the most efficient campaigns and actions will give you the most profit and at the least expense.
6. Tools (T)
What tools for marketing are you in need of? Tools are similar to weapons that you would use in a conflict, for instance, the business card, newsletters vouchers, coupons, and brochures. Agencies do not have to be tangible, however, since they may also be intangible. A good illustration is a website. Different tools function differently, and their performance can be different. For instance, specific customers prefer catalogs that are online, whereas others prefer reading an actual brochure or brochure. Also, evaluate the efficacy of the various tools you employ. Every device has a distinct amount of impact on different customers. If you’re ready to take your business to the highest level, you can implement a commission plan as well as an intangible instrument. This will encourage anyone looking to market and market your product or service to be paid.
In the end, you must be aware of the six essential components in the word “MARKET” before planning any advertising or marketing strategies.