HOW TO IMPLEMENT MARKETING STRATEGIES ON BUSINESS PRACTICES IN CURRENT ECONOMY.
Answers from Elena Ornig
Marketing is of interest to everyone as competition among companies or suppliers have been tough, and the behaviour of customers towards products, services, organizations, ideas, and properties is of utmost consideration. Now that technology and innovation caters the new economy, most decision makers and market players need to incorporate new ideas and concepts or remodel marketing strategies to adapt marketing to the new economy. Customers will be happier if they will be delighted of your product and service offerings more than just giving what they need.
Marketing helps bring out corporate objectives into implementation and measures of profitability. Private firms aim for long-term profitability while non profit and public organizations aim enough profits to continue operations and survive the economy. In short, marketing aims for profitability of the business. Do you know what to consider in Marketing?
Latest innovation and technology, such as Internet, credit cards and mobile phone, brought businesses today more challenges and opportunities. With relevant impact of the Internet, market space was build providing global trading and making transactions easier. You will notice that most companies adapt changes to their business practices. Competition is rapidly increasing as they reach the wide market through the Internet. It also builds linkages and use public relations through news, blogs and articles.
If you are a major decision maker, business owner, marketer, management officials and employees, then do not be left behind. Effective marketing comes in different forms. Below are tips on marketing in coping up with the new economy and changes on business practices. However, before you read further I would like to share “A simple guide to marketing” is my own system based on personal experience.
Organize by consumer segments
Companies can exist with their products, but its operation will not last if they only focus on presenting their products to the market. Some companies failed due to their wrong positioning, which is a significant part of marketing. They spend a lot for the cost of launching a product without intensive research and marketing plan. It is essential to know the needs of customers and target the right segment. For example, everyone surely loves to acquire a luxury car, but not all can afford to buy it. It is necessary to distinguish the age of car users, capacity to pay, class in the society and others.
Focus on customer lifetime value
Companies should analyse the opportunities lied with an organization or client. Sometimes, companies need to be generous in giving its pricing and services to existing clients with an eye towards a long run business relationship. Traditional marketing is still undeniably useful together with new applications of modern marketing. Face to face conversation and know your client policies build trust between two parties and open more business opportunities.
Everyone does the marketing
Effective, modern marketing organizations are marked by a strong cooperation towards the objective, profitability of the organization. Every employee of each department: marketing, R&D, operations, engineering, purchasing, finance and manufacturing must be trained on being customer oriented. Such training includes sales orientation, customer orientation, cross selling, handling telephone sales and complaints management. Some companies conduct total quality project or case analysis, wherein every department or branches present the major problem that they encounter, and then present a marketing proposal.
Increase customer share
In modern marketing, it is not enough to gain a market share for a product. It is better if all products gain profits. You may feature a product for 1 month or so to increase market awareness and gain profitability, but cross selling of other products especially for potential clients will maximize your business profitability.
Bank operation usually includes deposits and new accounts. Yes, it can increase the total number of account bookings and income, but employees nowadays are obliged to cross sell other bank products such as credit cards, investments, trade, and auto and housing loans. There are given bonus points or incentives that drive them to do their task.
Monitor and control marketing activities continuously
A strategic marketing plan will not be effective if it is not properly implemented. Most companies have been aggressive in generating sales as they do data mining and lead generation. You can measure the profitability through the number of closed deals, loyalty of existing clients and boost in revenue. Profitability control seeks to measure and control profitability of various products, channels, orders, and customer groups. Efficiency control focuses on finding ways related to sales and branding such as advertising, sales promotion, licensing and sales promotion.
Now that you know what it takes for your business to succeed even when the competition is tough, and the market is growing and changing, you can now formulate and implement strategies to attract vast potential customers and retain existing clients. Remember to focus on your customers, leverage your products and services and implement appropriate marketing strategies.
My warmest regards,
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