Marketing is a framework of a business that holds its bottom line firmly and tries to pushing it up all the time. It creates the opportunities to get firm foot in the market and allows the enterprise to develop competitive edge over other players.
However excellent might be a product or service but it goes bust if there is no effective marketing done.
Owing to its importance, marketing activity must be fine tuned every now and then by deploying newer techniques that can boost the morale of entrepreneurs to do more and dream big.
Many institutes offer a variety of careers in marketing for students and future entrepreneurs. Sanford Brown is a network of private schools which offers flexible learning schedules and focused programs in Business Administration and Management.
Typically any marketing technique is aimed to achieve four basic results (i) opportunity creation; (ii) effective campaigning; (iii) process acceleration and (iv) improving profits.
To achieve all the four intended results, marketing team must embrace newer techniques along with the traditional strategies. Here, let us how to mix the new and old techniques:
- Communication is the basic ingredient of marketing techniques. A marketing campaign typically conveys the customers about product/service, features, price, unique selling preposition, advantages over competitor products etc. Traditional way of communication is through ‘advertising’. Digital advertising is the new technique. Spreading viral marketing programs on social network media is the latest technique. Explore all of these forums to maximize the communication.
- Branding is partly ingredient and partly outcome of marketing communication. Maintaining the reputation of a product/service is called as branding. This needs lot of internal coordination with cross-functional departments like production/processing/logistics/finance etc.
- Selling is the next ingredient of marketing. Whether the product/service is ‘look good’ or ‘feel good’ category it must be sold in excess through effective marketing. Inviting customers to a brick-and-mortar retail outlet is the traditional way of selling whereas going closer to the customers with online, virtual stores is new technique. Allowing the customers to buy through android/smart phones apps is novel marketing idea worth exploring.
- Customer loyalty is the spiciest part of marketing. Customer retention is a daunting task and not easy. Offering discount vouchers, buy-one-get-one –free offers etc. are part of traditional sales promotion activity. Extending exclusive credit/debit cards is newly invented technique. Encouraging the customers to design customized gift cards that can be give away to their loved ones is the most effective modern technique of building customer loyalty. Another effective new technique is to invite everyone (i.e. non-customers as well) to earn bonus points by referring their friends and relatives to buy your product.
- Customer relationship management goes hand-in-glove with loyalty program but stands tall and distinctive as this does not involve any bonus points, gift cards, buy-one-get-one attractions but is a pure communication method (both oral and written). Traditional practice of marketing teams is to go out and meet the customers at their place and at their convenience. Connecting with valuable customers via social networking forums is the new technique. Saying hello or conveying best wishes on anniversaries, birthdays or on special occasions keep the relationship going strong. Supporting the customers even in their lowest peaks speaks volumes about your CRM abilities.
Top marketing technique that any entrepreneur must love is to believe in self, be loyal to the customer, be transparent in transactions, be available to customers and finally be the best in your service offerings. When these things are ensured rest of the marketing strategies would just fall in groove.