Some of the most relaxing times in a student’s life are when they are done with their exam. After our exams, putting in so much effort and hard work, we could now find some time for ourselves to enjoy. So, few years back during my MBA days my friends and I were making plans to visit a new mall that had opened recently and explored different brands. It was on my mind since I had seen the advertisements on television.
I intended not to buy anything, but as I was glancing through all the stores, one store caught my eye, and I was starstruck when I saw the name of the store “Under 99.” They had almost all the products under the price of Rs 99, from stationery to groceries. To my surprise, I ended up buying plenty of stuff and couldn’t wait to tell my parents.
Once I got home and started arranging all the things that I had purchased, the scenario was completely different; I realized that I did not need many items and had fallen under their spell and smart strategy.
Which then led to a thought !!
What is Marketing?
After the mall incident, I did some research and got to know what marketing is. It is one of the essential tools for brand promotion and forms the backbone of businesses that takes you on the road to success.
I am sure everyone knows about the brand Apple and how they maintain their strong relationship with customers and retain brand loyalty. But what if Apple came up with innovative product lines but was unable to present them to the customers? I am confident that they wouldn’t have become such a gigantic brand like they are now.
Marketing has been one of the essential tools for brand promotion. From push and pull strategy, the marketing tactics have now evolved to pull promotion methods. The modern concept of marketing suggests attracting customers towards your brand instead of pushing your brand towards them.
For decades now, marketing has been the backbone of businesses. Marketing is what takes you on the road to success. Imagine having a restaurant that serves the tastiest food in all of the city, but the customers have no clue about it. This is where you need marketing that helps you connect with potential customers and tell them about your brand.
Importance of Marketing
I wondered why this magic trick, called Marketing, is so important. Later, when I asked my elder brother about it, he made me understand that the importance of marketing can be proved with endless points, including the following.
- Marketing helps in interacting with customers.
- Marketing helps in creating demands.
- Marketing helps in brand positioning.
- Marketing helps in beating the competition.
- Marketing helps in attracting potential customers.
- Marketing helps in retaining existing customers. And so on.
But how is this all achievable? Of course, you need well-thought strategies that can help you draw out maximum profit.
Marketing as an Opportunity!
My brother also gave me some insightful learning. Marketing is a massive opportunity for all businesses, and it has worked wonders for businesses until now.
The new age of the corporate world is very different from what it used to be. According to recent surveys, it is proved that marketing has declined to a maximum of 11% of the companies’ average revenue. Businesses have been cutting off marketing staff to save funds. This has led to an enormous change in the brand strategies, which further led to the decline of brands.
Most businesses now believe that innovation is the key focus of the brand, and marketing is just the fees to be paid to compensate for the inferiority of the product. They treat marketing as an entitlement, which is why companies have been slacking in the marketing department.
In today’s world, customers have numerous options to choose from. They have the power to choose what they like and what caters to their needs the best. Therefore, with almost a million products out there, your brand must stand out from the rest. This is only possible through effective marketing.
With rising competition, brands must seize every opportunity they face. For example, a few years back, a business owner saw an opportunity for his company in the form of small, middle-class family cars. He seized the opportunity and managed to market the vehicle as an affordable product necessary for the transportation of middle-class families, which made the product a popular choice among the middle-class families of India.
Marketing can help you fulfil a customer’s need as well as create a non-existing one. The only thing you require here is the proper positioning of the brand.
Marketing has become more critical now than ever. With so many platforms available, the customers are scattered everywhere. The digital world has made consumers more intellectual and packed with information. For your brand message to reach the customers, you need actual marketing tactics.
What is the sign of Successful Marketing?
Nowadays, we all see various marketing campaigns running on all platforms. Have you ever wondered why we only remember a few of the movements and not all? Why don’t all marketing tactics get successful, and what is needed for excellent successful marketing. The answer is here!
The marketing campaign of a company varies based on the brand’s goals. The marketing strategies depend on the marketer. Whichever way you want your brand to stand out, THAT is your marketing strategy. Also, for a successful campaign, we need a very well done research of the market.
Market research is the most potent weapon of businesses. Thorough and detailed research can reveal beneficial information. So the first thing that is required is to answer the following questions.
- What are the customer’s needs?
- What do the customers require?
- What is the customer’s buying behaviour?
- What are the competitor’s strategies?
- What is the external environment suggesting?
These research questions will provide you with enough intel to start creating your marketing strategy.
This marketing world amused me so much that I decided to attend a workshop regarding it, and the important thing I learned in that workshop was about ‘market analysis’.
Market analysis is a follow-up step after market research: “KNOW YOUR CUSTOMER”. Once all the essential information is accumulated, the marketers need to analyse what is best for the brand in the current scenario. This includes analysing the internal as well as the external environment of the business. The internal environment is the company’s finances, products, and the external environment consists of legal policies, customer behaviours, etc.
This portrays the current market and what strategies are required to pull your customers toward the brand. For example, nowadays, businesses targeting millennials have adapted to digital marketing strategies, proving beneficial for the companies. Since their target audience is online, they target their audience online.
Every business should be flexible enough to transform itself with the changing times.
After years of research and hands-on learning in marketing, I can conclude that Marketing is about chasing new challenges and new opportunities to bring prosperity to the brand. Whether you decide to create a demand or cater to an existing one, be sure to go about it with preparation and a plan in mind.
Brands that treat marketing as an entitlement have pushed themselves to failure, as marketing is the new trend. To save the demise of marketing and your brand, it is best to grab the opportunity by its wrist as quickly as you can.