Wednesday, June 23, 2010

Marketing Basics Result in Good Practices

By Kathy J Baka

It may seem obvious but the principles of marketing basics result in good practices. The aim of your marketing efforts is to capture new customers for your business, or retain the customers you already have.

You cannot expect that the population at large will become your customer. You need to identify the exact type of person who could become your customer and this will help you to market directly to that group. You may become confused if you keep all your ideas in your head. Writing out a marketing plan will ensure you do not forget something important. Ideally, your marketing calendar will show your plans for several months, just like your business plan does.

Although all marketing will not cost you money, you may have a marketing budget, and if so, make sure you spend it in line with your marketing plan. Avoid depleting your budget on sporadic advertisements without an overall plan. When you have planned properly, you will be spending money exactly where it will yield the best marketing result.

Customers will know what alternative products or services they could buy, and so should you. Keep an eye on your competitors marketing, so that you know what you have to beat. Your own product or service will have to provide a better value proposition to the customer, and your marketing will need to get this message across.

The value proposition you offer is not just about the price you charge - everybody cannot be the lowest price producer. The value proposition will incorporate the aspects of the purchase that customers value. This could be longer opening hours or some other element of value.

Customers may not care about the technical features of your product. They are buying the product because they believe it will give them something they value. This could be a feeling or some other positive factor.

At all times, keep your target customer in mind and remember their lives and tastes are changing all the time.