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Modern Marketing Helps Companies Respond to Change
Many
companies founded a generation or two ago began operations in a period of
such strong demand for new products and services that strategic marketing
wasn’t necessary. But in today’s saturated marketplace, consumers are
barraged with so many choices that marketing is a must.
Making the transition to modern marketing methods can be especially difficult
for business owners who see marketing and selling as the same thing. In fact,
though they focus on the same goal — the profitable movement of goods or services
— selling and marketing approach that goal from opposite sides.
Selling focuses on finding customers for company products and services.
Marketing focuses on offering products and services that meet customers’
demands. Though selling will always be a key element in successful operation,
the best sales staff cannot find customers for products or services that no
one wants.
Recognizing Change
Successful companies recognize that markets change, and they adapt to new
customer demands. Although they acknowledge the importance of establishing
and maintaining personal relationships with customers and of pursuing an
aggressive sales program, they back these efforts with market analysis that
allows them to deliver what customers want.
Good marketing is not an isolated function performed by a single person or a
stand-alone department in your company. It is a culture, established from the
top, which guides decisions about everything the company does related to
product, service, promotion, pricing, and distribution.
To introduce this culture into your company, you need a thorough
understanding of what your company does and who can most benefit from what
you do. A clear definition of your company’s products and services requires a
detailed understanding of customers who want and value what you offer.
Defining Your Base
First, you need to define the size of your potential customer base, its
geographic location, demographic characteristics, and other distinguishing
features.
Now analyze your customers’ needs. Are they demanding products or services
related to your business that you don’t currently offer? If, for example, you
sell home improvement products, do your customers need installation help? Or
say you run a landscaping service. Do your customers need a supplier of sod
and shrubs?
After you have analyzed customer needs, you can begin to develop a marketing
plan. It should begin with an assessment of where the company stands now — in
relation to its competitors and in relation to the demands of its target customers.
Formulating Your Plan
The marketing plan can be formulated in a series of statements, beginning
with an expression of a broad goal. For example, "We want to become the
leading producer of office accessories in the eastern part of the
state."
Next, you need to state steps necessary to achieve that goal, such as,
"We need to increase sales of filing cabinets 20 percent in the Hilltop
region to achieve our goal."
Finally, specify the measures you will take in following those steps:
"We will reorganize the responsibilities of our sales staff to focus
more attention on filing cabinets."
The precise measures you choose will be determined by the details of your
market analysis. Possibilities include realigning staff, hiring new people,
changing advertising strategy, introducing new products or services, or
modifying existing offerings.
Or, you may decide you need to offer new customer incentives, such as special
pricing or promotions. Other changes might include finding new distribution
channels or designing new packaging.
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