The world of marketing is dynamic with ever-changing trends and technology. Marketing is what you say and how you say it when you want to promote your products and services or why people should buy your product. If the goal of your company is to sell more products or services then well-planned marketing is what helps you to achieve that goal.
There are so many marketing facts which you should know when you want to enter the market and want to promote your products and services.
Today in the blog, you will be going to see 10 facts about marketing. Here we go:
1. The 3Ms of Marketing:
The very first M of marketing is “Market”. For the success of any business, it is very important to read the market or to have the proper research. Because it is very important to know your target market.
Now the next M is the “Message”. If there are different markets for the product then it is important to craft the message according to the requirement of the market as each message should emphasize the benefits of the customer.
The last M is “Medium”. This last M is used as a vehicle to deliver each message to the market. And it is very important to choose the appropriate medium in order to get the customer’s attention.
Apart from this, it is also very important to use this 3Ms in the right order. It should always be Market, Message, and Medium. Some of the biggest mistakes that many brands do in marketing communication are using these 3Ms in the wrong order.
2. Appropriate Message:
It is very important to have a different message for different customers, in a nutshell, for efficient customer engagement it is important to give personalized messages according to customer’s needs and preferences.
You can also have a different message for the same product as the different customers have different aspects or perspectives of the product.
3. Best Medium:
If we talk about the customer's point of view, it is very important how he/she is receiving the message or information and through which medium. So, the medium of communication should be something that can be easily understood by your target audience.
4. Social Media:
The very well-known fact that how social media can impact a brand or business when it comes to growth and development. Facebook, Instagram, Twitter, and other social media platforms can be highly effective for marketing communications and brand identification.
Over the past years, social media is something that is in trend for getting your brand known by the public or for selling any product or services. And this is also a fact that there are no signs for digital marketing slowing down.
5. Marketing- A Responsibility:
Marketing in an enterprise is everyone’s responsibility; it is more than what a marketing department does.
It is what creates customers, generates income and in the end benefits the enterprise with the profit.
The whole business aligns according to the changing needs of the market and that is how everyone plays some part in the marketing. Whether it is a sales department, customer care department, content team or development team. Marketing is everyone’s responsibility.
6. Customer Satisfaction:
A well-satisfied customer is important for both business and customer. Every customer wants to be treated well and that has been proved by plenty of research where we have found out that the majority of customers will choose the company or a brand that made them satisfied even with the higher price over low-quality service options.
It is the era of competition and everyone wants to win the race right? Because your customer won’t love you for the bad product or service but your competitor will do.
So, if you know how to successfully satisfy your customer then you have the advantage over your competitor, as long as they stay satisfied, the more they will return you in the future.
You can also define this marketing fact as listening to customers and the best part is you don’t need to go complex or expensive with this. There are so many simple and inexpensive ways to understand the perspective of the target audience.
This is the very first step you do when you want to enter the market and it is very important to have a belief that we don’t know everything, but we can get ideas and opinions from the customers we are targeting. “Research is all about the right attitude over the technique”.
8. Strategic or Operational Marketing:
Companies with strategic marketing deals with a wider picture, their major focus is on strength to provide better services and values to the customer.
Strategic marketing is best when it comes to evaluating the current environment as it helps in assessing the position and performance of the company.
Not only this, but it also helps in establishing clear marketing objectives.
You can say operational marketing is a road map for the planning of all the marketing activities for the following year.
Mainly, it deals with crafting specific messages for specific markets as what information you are providing to the customer is the driving force behind decision making. And it is very important to remain consistent in providing valuable information to the potential customer in order to complete the sale.
9. A Strategic Objective:
Doing something without an objective or vision is like manufacturing a product that nobody wants. Before starting a business it is very important to create a structure that involves setting up different marketing goals, objectives and vision for your business.
You may be an emerging start-up that aspires to prepare the world for the future or an organization which is well-established with its root already clung tight to the earth. But, without a set of goals and vision, your business will become vulnerable.
“A Strategic objective is the dream of the future, a picture painted in words”.
10. Competitive Advantage:
Now firstly, let’s define what is a competitive advantage? It is an attribute that allows an organization to outperform its competitors. In short, superior performance related to other competitors in the same industry.
There is no one way to measure the competitive advantage, nearly everything can be considered as a competitive edge just like higher profit margin, great return, brand reputation and more.
Every company or organization must have at least one competitive advantage to compete in the market and it is very important for a company to identify that. Otherwise, the competitors will soon outperform it and you will be forced to leave the market.
The word marketing is used to mean different things to different people. Basically, it is used to mean the promotional and selling method. It is a process of targeting potential customers and makes them interested in your products and services.
And, these are the 10 marketing facts which you should be well aware of before starting any business.