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Marketing Management

Marketing Management

Marketing Management

Every business aims to meet the needs of the customers in a specific market. It has to ensure that consumers know its products and understand why they should purchase them. The success of the business depends on the marketing strategy implemented by the managers. The process involves creating a product or service concept, identifying the target clients, and promoting it through the proper selling channels. An effective marketing strategy focuses on creating value, increasing sales, and generating a deep connection with constituent stakeholders.

Understanding the target market

Every marketing strategy targets a specific audience. A company should focus on understanding its target market to identify its needs. Figuring out the demographics of the audience will help determine the customers’ traits and craft a buyer’s persona, which successful companies use as the main secret weapon. A manufacturer can gather information such as the age, gender, and income of the targeted market and use it to its advantage. A deeper analysis will reveal what they enjoy eating, their spending habits, how many kids they have, or even the qualities they love in the existing products and services. Such information is useful when determining the features of the products or services. Understanding the buyer persona will help in identifying where to target the customers, how they behave, and their interests (Hodgson and David). Besides, a company can have a great product but it takes more than that to convince clients to purchase it. Rpay understands the importance, which is the reason it utilized a buyer’s persona to craft a successful marketing strategy. The company had a great product that simplifies the payment process but worked hard to personalize them for the intended buyer.

 Creating awareness

The ultimate goal of every business is to maintain existing clients and concur into new markets to increase the revenue generated. Companies work hard to ensure they achieve better brand awareness among the target audience. The strategy can convince new clients to try out the new products or services thereby promoting sales. Firms advertise their products and services through TV, newspapers, magazines, or posters. Today, most are utilizing online platforms through which they can reach millions of users instantly.  A business can also have a website and a blog to posts well-crafted articles that describe the products and services it offers. Online platforms also assist the company to keep in touch with the clients and get direct feedback about their products and services. Furthermore, posting an advert on Facebook or YouTube attracts genuine reactions from the customers. Businesses can use the feedback to make changes according to the suggestions made by the clients. Some firms use video and audio content to create a lasting impression on clients. For example, the Dove Company launched a Masterbrand company using the title for real beauty (Deighton). The advert was popular in major platforms such as YouTube in which consumers expressed their opinions and thoughts about the product.

Relationship building

 It is important for companies to keep a close relationship with all stakeholders that take part in the business indirectly or directly. The stakeholders include bankers, vendors, attorneys and other people who make up the company’s business team. The relationships help in creating value for the business. Moreover, these entities can give valuable perspectives to the business than what other people can provide as they interact directly with the clients or market to understand the true nature of the market. The company can develop key relationships by using simple acts such as paying invoices on time, providing crucial information to the banks, or even providing reports to the lenders as promised. Such actions can help them maintain a valuable relationship with the stakeholders. Vendors can provide important information on how the customers responded to the product and suggest how to improve them to suit their needs. A company can decide to sell products directly to consumers to eliminate intermediaries. The strategy gives the firm an upper hand in controlling prices and providing quality personalized services to clients. For example, the Tesla car model used the factory-direct approach to sell its automobiles to the eco-friendly and mid-to upper–class consumers. The company deployed trained product specialists to educate the consumers on the benefits of purchasing an electric car (Pirouz and Putrous). Product technology announcements and positive word of mouth helped Tesla to make more pre-sales than expected.

Important metrics in measuring and forecasting marketing performance

Monitoring performance provides information that can assist in planned marketing activities that can produce the desired results. Brand awareness is an important metric that can expand a firm’s market reach. A company can check on the organic traffic for branded terms, social media following, the number of inbound links, and the number of online brand mentions. The strategy allows companies to determine whether the marketing approaches are working or not. If not, the company can change its marketing strategies to get the desired results.

The revenue generated can predict how the company is performing in the market and whether the existing market strategy is successful. A company that records higher sales since the commencement of marketing activities indicates that the strategy is working accordingly (Grønholdt and Anne). On the other hand, if sales remain constant or decrease, it would mean that the marketing strategies are ineffective and they need reevaluation. A firm can try new strategies that focus on convincing clients to purchase their product. However, the firm should ensure that its products are superior compared to others in the market.

Customer loyalty is another important metric that can determine the effectiveness of the marketing strategy used. Loyalty metrics measure the number of return customers for a certain product or others provided by the firm. Companies can also use the Net Promoter Score that measures repetitive transactions. An increase in the number of transactions from the same customers indicates that the existing marketing strategy is working as expected. On the other hand, fewer repetitive transactions indicate that the marketing strategy utilized is not convincing enough to make the clients make a consecutive purchases.

A company that targets unique clients has to use the inbound marketing strategy to succeed. The strategy requires an in-depth analysis and study of the consumers to identify their values and behaviors. Consequently, the company can redesign the product to identify with the needs of the target market. In addition, it can align its adverts with the norms and beliefs of the target market. The bold marketing strategy is likely to disrupt competitors’ YouTube video Ads. The company can create the most watchable True View Ads that run whenever someone searches for products related to it. The strategy will ensure that the firm creates brand awareness and reaches a majority of the target consumers. Personalization of the Ad according to the clients’ values ensures that a firm has a competitive advantage over others.

Works Cited

Deighton, John A. “Dove: Evolution of a brand.” (2007).

Grønholdt, Lars, and Anne Martensen. “Key marketing performance measures.” The Marketing Review vol. 6, no. 3, 2006, pp. 243-252.

Hodgson, Adèle, and David Willows. Effective Marketing, Communications and Development. John Catt Educational, 2010.

Pirouz, D., and K. Putrous. “Tesla Motors: Burning Up the Road to Market Domination or Doom.” 4 February 2014.

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