The Ultimate steps to marketing guide. Successful Marketing has two major elements you should go with: STRATEGY AND TACTICS. Here are the 6 key steps to marketing success.
Strategy includes deciding who your target customer is, choosing the right product and distribution channel, creating a reason why people should buy from you, and developing a consistent marketing focus.
If you’re going to be action-oriented, you can’t get bogged down in theoretical marketing concepts. Instead, you need to look at marketing in a straightforward way that’s easy to understand.
The most profitable way to look at marketing is to consider it as just these steps written down here:
The six steps to marketing success:
1. Find a profitable niche
2. Become an expert in your niche
3. Finding customers
4. Motivating customers to take action
5. Communicating with customers.
You can use these six steps to marketing to improve your business and increase profitability. They offer you an easy-to-follow format for developing an effective marketing strategy and plan.
Finding a Profitable Niche
There are always profits to be made when you find underserved customers and provide them with products that they want or need.
Wal-Mart, the nation’ biggest retailer, started out with mid-size discount stores in small-to-medium-size cities that had been overlooked by Kmart and other major retailers.
Philtec Instrument Co. learned that automotive manufacturers were having trouble measuring the depth of nitriding on parts. (Nitriding is a hardening technique used for critical metal applications, such as transmission rods.) Manufacturers couldn’t be sure if parts were hardened as deep as specified, and they were afraid to use the parts because of the product liability risk.
Philtec designed special equipment for this application and was able to pick up a new and very profitable customer group.
Kodak took a different approach with its disposable cameras. It knew from its film business that people who went on short trips were a lucrative target. But tourists could buy all the film they needed at tourist locations: they were hardly underserved.
Kodak asked the question, “What group of tourists isn’t getting the products it needs?” The answer was people who forgot their cameras. Kodak met this need with a disposable camera that sold for $12, which was cheap enough for people to buy, yet still allowed Kodak a profit.
Another Steps To Marketing Is To Become An Expert In Your Niche
You don’t have to be an expert in everything, or in every market. you just have to be better in one aspect of your business and in one market. If you are running a small business you don’t need a large market for you to succeed To become an expert in your business all you need is a sustainable advantage from your competitors. For example,
Toyota had a quality advantage over GM and Ford in the 1970s and 1980s. It took the American companies more than ten years to match Toyota’s quality, and that delay gave Toyota a sustainable edge that it was able to turn into a significant market share.
Rubbermaid has a sustainable advantage because of its broad product line and its extensive retailer network.
Park Tool Company is a small manufacturer that uses the same tactic. Park makes tools for repairing bicycles. It has a broad product line that covers most bicycle repair problems.
Its large product catalogue gives Park Tool an edge on any potential competitor. What’s the difference between Park Tool and Rubbermaid? Just the size of the market they’ve chosen to attack. Rubbermaid’s market is large, and Park Tool’s is small.
Survey your competitors or companies who have succeeded and you will find out that they have one or more strong competitive edges. The edge might be quality, status, innovative image, a combination of product features, a unique sales strategy, or in-depth technical support.
Another Steps To Marketing Is Finding Customers
Big companies that sell to broad markets don’t usually have to bother about finding customers.
Their only problem is getting their products in enough locations so that customers can find them. But a small company serving a niche market may have trouble finding potential customers in a cost-effective manner.
Landcover Design is a landscaping design firm. It acquires some customers through contractors, but it depends on individual customers for much of its business. Finding those customers makes the difference between success and failure.
Many small industrial suppliers of equipment such as machine shops or production equipment suppliers, have the same problem: The constant need to locate customers in the market at any given time.
You’ll find businesses in every town that have this same problem. An upscale jewellery store may generate a certain number of customers from walk-by mall traffic, but it still may need to find another group of customers to survive.
A new restaurant may be able to attract diners from a one-mile radius, but it may need customers from a five-mile radius to survive. The second part of finding customers is that customers have to be able to find you. This means that you need to have your product in good distribution channels. A great housewares product isn’t going anywhere until a store or catalogue stocks it. Examples: Procter & Gamble, Coke, Pepsi, e.t.c
There are different tactics for every business to get customers.
Another Steps To Marketing Is To Motivate Customers To Buy
You may think you’ll have an easy time selling your product, because you are in the right market and you have the right product to sell But that’s not the case.
Customers are bombarded with thousands of messages. There are hundreds of products that they could buy. You still need to find one or two things you can do that will actually motivate customers to buy your product. Every type of business has motivation problems.
How does a car repair company convince people to trust their cars to it? How does a manufacturer convince another company to place its equipment in a new production line? Or how does a day-care centre or preschool motivate people to entrust their children to it? These products need emotional and logical motivation. People have to feel the business will “do right” by them.
Small industrial suppliers often have the hardest time motivating customers. A tool and die maker might find plenty of prospects, but not be able to motivate them to actually buy.
Prospects are reluctant to change suppliers, in part because of the paperwork involved and in part because they have an entrenched relationship with their current supplier. But there are ways for companies to break through, and when they do, they will have a steady supply of business.
Every business has its way to motivate customers
Another Steps To Marketing Is Communicating With Customers
Once you know how to motivate your target customers, you have to communicate with them often enough to get them to take action.
Most people think that communicating means advertising. But that’s not true. You have dozens of other ways to get your message across to customers. Most effective communication programs employ a mix of different tactics.
Finding, motivating, and communicating with customers are three distinct tasks, but all of them have to be done well if you are to succeed.
As an example, look at the marketing strategy of Media Exposure, a service business that helps people get on radio and TV talk shows. Its target customers are authors, marketers, company spokespersons, and anyone else who wants a chance to sell or promote a product or service on either local or national talk shows.
Media Exposure first has to find people who have a product or service to promote that would interest a radio or talk show host. To do this, it can run ads in local business newspapers, give speeches, attend trade shows, follow up on newspaper and magazine stories, or do direct mailings.
Next, Media Exposure needs to know what will motivate people to spend $100 to $1,000 to get a radio or TV appearance. People’s expectations and desires the type of sales a company can generate from an appearance, and how to use an appearance to generate future publicity are just a few of the factors the company should look at in order to create motivation.
What you should understand is that people start to look around for possible products or services well before they actually need them. A new author may check out publicity angles six to twelve months before his or her book is actually published.
Media Exposure needs to keep in contact with prospects during those six to twelve months so that they will call when they are ready to buy. It can do this with newsletters, seminars, speeches, and direct mailings
The first five steps are all designed to get customers predisposed to buy your product or service.
All that work is worthless if you can’t make the final sale. Knowing how to trigger that final sales decision is a critical marketing tactic. What does Wal-Mart really do? It puts people into a buying mood. Every business has a few final details it needs to deliver in order to get the sale.
But there is more than that involved in getting the final sale. People are typically apprehensive just before they make a purchase. A salesperson is usually needed to get the customer to make the final decision to buy. Knowing how to handle that personal contact can make the difference between success and failure.