Positioning Your Brand for Success: Essential Marketing Insights

Positioning Your Brand for Success: Essential Marketing Insights

Marketing is the process of moving all goods from the concept stage to the consumer. It usually involves working with the 4 P’s of marketing, including product, price, promotion, and place, or distribution, according to Net MBA online. Some companies offer services instead of products for which companies must also set prices, advertise, and determine the best distribution channels. You must take several key steps when marketing your wares or services.

Target Your Customers

Small companies must target the right customers to maximize sales and profits. The best way to target customers is by determining which ones are most likely to use your products. Match your products or services to key demographic characteristics of your customers, including age, income, and education. For example, your products may be more geared toward people over 35. The best market for premium or high-priced products may be customers with relatively high incomes. Your target market should be large enough to earn a profit. Therefore, make sure you a targeting a large enough segment of the population.

Use Marketing Research

You should also use marketing research before selling your products and services. Marketing research allows you to gather input from customers on what they need and want. Your sales and profits will be greater if you can offer the product features your customers want at acceptable prices. Marketing research can include phone, mail and Internet surveys. You can also conduct personal interviews with customers in restaurants, malls or stores, for example.

Track Your Advertising

It is imperative as a marketer to track your advertising. This allows you to determine which ads are the most effective and attract the greatest number of sales. Contrarily, you should drop ads that are unprofitable. There are several ways to track your advertising. One way is to under-price one of your top-selling products, according to “Entrepreneur” online. That way you can determine how much extra business you generate just from the price discount. The downside to this strategy is that you may gain new customers due to price alone. The price-reduction strategy works best when you can use the price to attract business, and convince some customers to upgrade or purchase more expensive or additional products. Another way to track advertising is by using a word-flag in your advertisement, according to “Entrepreneur.”

Manage the Product Life Cycle

All products have life spans. New technology or changes in consumer tastes will eventually render products obsolete. That is why you must manage your products through the various stages of the product life cycle. These stages include the introduction, growth, maturity and decline stages, according to Net MBA online. Successful products will usually sell exceptionally well through the growth stage. Consumers are less sensitive to price changes during these first two stages. The challenge comes when sales start to slow during the maturity stage. This is the time the savvy marketer must differentiate his product or service offerings from other competitors. You can also become the “service leader” in your industry by offering the best customer service.

Source: https://smallbusiness.chron.com/marketing-strategies-firms-3406.html

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