Business is manufacturing the product and trading it. And it is said to be profitable if it hits the psyche of the target market. For this mere reason, a marketing team is required. Marketers develop and execute plans for reaching the profitable state of product sale. Some companies think, surfing money on marketing is nothing but a waste of money. But that’s not true, consider yourself in place of a buyer. Would you buy any eatable that is not even advertised on your TV screen and you don’t even know from where the company started and how it ended up creating the particular product? But if you have seen a fancy ad. on your TV screen or a jazzy poster on a transport machine, you will buy it. Because it was advertised.
1. Listen To The Customer Needs
Marketers are trained to devise strategies that are close to the psyche of their target customer. A survey must be conducted to analyze the mindset of the target audience and according to that psyche successful marketing plans can be developed. Marketing teams can utilize public relations and their own social networks to develop more and more customers for the company.
2. Conduct Market Research
When a marketing team conducts a survey to observe the competitors statistics, it can be of two types: qualitative and quantitative.
- Qualitative Marketing Research
Qualitative marketing research is to compare the quality of products you are producing with the quality of products of your competitors.
- Quantitative Marketing Research
Quantitative marketing research is about comparing the production graph of your competitor with you.
Marketing research reveals your direct and indirect competitors. It shows every tiny and giant industry with their sales. By processing the marketing trends and customer data, a company comes to know about their customer behavior. Territorial marketing research will show where the customer saturation resides.
3. Business Development
Marketers have the strategy to communicate in an effective and convincing way. This can help in developing long term business relations with customers and investors. Innovative business developers are also an essential part of the business development team so that a new strategic direction can be given in business growth.
4. Track Trends And Monitor Customers
A conscious marketing team tracks the marketing fashion. They always know what the market behavior is now and how it would change in future. The team should know whether their customers are sticking with them or are leaving them. If the customer is leaving the team should have the capability to change their traditional ways of marketing for the positioning of the product.
5. Devise Marketing Plans
It is highly imperative to devise marketing plans within the budget. Creative marketing techniques can be applied to attract a high market of customers. A marketing team also knows what sort of media domain will be good enough for the companies. This team is experienced in managing the marketing budget of the company and within the limits, they can do miracles.
6. Calculation Of ROI
ROI is return on investment. If ROI is equal to the investment it is necessary to keep business functional. But after the successful business growth it should increase. Profit producing marketing strategy must be organized to develop the firm’s business and this responsibility is fulfilled by marketers.
Sometimes businessmen don’t pay attention to marketing. nut remember one thing it is an essential as production. Because, “If you don’t have a story to tell, you cannot sell.”