We function in dynamic environments where competition is strong. Once a product has been brought to market successfully, others will want to copy it, sell it at a lesser price or improve upon it, making our businesses vulnerable to reduced market share. Marketing is essential to keep our product the one of choice. You can be successful at marketing, just follow my Top 10 Tips:
| 1 | Put simply, marketing is matching your product with customers' needs/wants. Without marketing, there would be many unsold products on the shelf! |
| 2 |
Know what makes your product the one that people choose i.e. what its Unique Selling Point (USP) is - a combination of the product features and the benefits to the customer. |
| 3 |
Make marketing decisions based on fact, not assumption, by doing SWOT analyses (strength, weakness, opportunities, threats) on a regular basis. |
| 4 |
To be one-step ahead of the competition you need to know where they are and what they are doing; so do some research - are they selling the same products, at the same price? Have they updated their product range? Are they more, or less, successful than you are? |
| 5 |
Remember the 4 Ps - a. The right Product b. In the right Place c. At the right Price d. Supported by the right Promotion |
| 6 |
External influences will affect your product - a good example of this is how the advertising of alcohol has changed in recent years. Don't be caught out, do a PESTLE analysis and assess the impact of: a. Political factors b. Economic factors c. Social factors d. Technological factors e. Legal factors f. Environmental factors |
| 7 |
Nobody buys a product they do not know about! Make them aware of yours by remembering AIDA! a. Awareness b. Interest c. Desire d. Action |
| 8 |
Fact - you cannot market to everyone at once; you need to break down your target markets into manageable segments e.g. geographic, cultural, economic. |
| 9 |
Allow sufficient time for your marketing activities; assess how long it will take to move customers from an awareness that your product exists to taking action i.e. purchasing your product. |
| 10 |
Make everyone in your organisation aware that they have a role in marketing; whomever I meet in your company will influence my decision to do business with you. |
Give kFA a call today - 05600 729908 - to run a marketing course for your people.