Four Marketing Principles That Will Improve Your Business
Marketing is one of the most important components of a successful business. As such, companies spend millions of dollars each year marketing their business, yet very few people truly understand how marketing affects their business. This article will focus on four main marketing principles, and how they can help you improve your company’s marketing strategies.
Marketers believe that advertising is a cost-effective way to increase sales. The first marketing principle to remember is that marketing is not simply about buying a lot of advertising space; it is about creating the best quality advertising for the right place at the right time. For instance, marketers may decide to advertise their new product in a magazine geared toward car owners, when the average car owner isn’t likely to purchase a new car. Marketers also need to determine which types of advertising are most likely to attract their customer base. While many marketing professionals believe that face-to-face meetings with clients are effective, those meetings can actually alienate some potential customers, and marketers should instead look to online mediums such as blogs or podcasts to increase customer conversions.
A second marketing principle that many marketers follow is the idea of selling while selling, or at least advertising and promoting, selling as well as advertising and promoting. The problem with this philosophy is that it doesn’t align with the goal of selling the product: selling customers to owners and developers of the product. This can lead to wasted marketing resources and, ultimately, to diminished profits. Instead, marketers need to focus on providing value to potential buyers as they learn more about the product. There are many different forms of providing value, and marketing research professionals can help you identify the specific ways to do this.