Learn and apply the basics of how to design the perfect marketing strategy that works best for your type of business.
Definition
Marketing is defined as the management process which helps in identifying and satisfying customers’ needs — profitably and efficiently. It encompasses market research, pricing, promotion, distribution, selling, customer care, and much more.
This page will show you how to plan and implement your marketing strategy. It covers:
- Objectives of all marketing.
- Reviewing your market.
- Creating a marketing strategy.
Marketing objectives
Every marketing activity you undertake should help you to achieve at least one of the four results below.
You retain your existing customers, provided they contribute to your profitability.
- A poor retention rate means you have to spend heavily on promotion and sales, to replace the customers you have lost.
Your customers make larger purchases.
- Replacing two $2,000 orders with a single order for $4,000 improves your profitability, as you halve the cost of selling and admin.
Your customers purchase more products from your range.
- It is generally much easier, and therefore more profitable, to make an additional sale to an existing customer than to make a first sale to a new customer.
You win new customers.
- Identify your best customers and target new customers with similar profiles.
Every business process in every organization can be made better, more efficient, more flexible and more adaptable to changing needs. Business process improvement (BPI) can drive substantial bottom-line increases, ultimately accelerating the revenue cycle.
