Growing Enterprises (SURGE)
Indian Institute of Management, CalcuttaOpen For Admission
Marketing has been viewed traditionally as a business activity. Business organizations exist to satisfy human needs , especially material needs. Consequently, one way to define marketing is from the business perspective. Marketing can be defined as an exchange process which involves at least two parties known as the buyer and the seller. Each party gives up something of value and receives something of value. We can also say that it is a process of exchanging products and services of value within individuals and groups. Marketing is an exciting, dynamic discipline, marketing effects our daily lives in many ways. We are all consumers and many people are part of the marketing process as salesperson, advertising executives, retailers, product mangers etc. Because marketing activities bring about exchanges, marketing is an essential function in an economic system. In a free-enterprise economy resources are allocated by the interaction of supply and demand in the marketplace. Marketing activities and institutions provide the framework and mechanisms for this interaction and the exchange taking place. Many critics observe that marketing involves a wide range of activities and organizations and should be viewed from a broader perspective. It is also observed that marketing takes place in non-profit organizations such as some hospitals, universities, and social and government agencies. New applications of marketing are further evidence of its growing importance in our society.
There are mainly three basic propositions of the marketing approach:
Customer Focus: Managers must shift their focus from an internal company perspective to the customer’s viewpoint. Successful marketing requires a complete understanding of buyers and their needs. Leading management authority Peter Drucker suggests that the aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself.
Coordination: All elements of the marketing program known as the marketing mix constitute an interrelated system, and therefore the program must be viewed and planned as a whole. Also, marketing itself must be closely interrelated with other business activities.
Profit Orientation: Profit, not just increased sales, is the goal of a firm. Because customer satisfaction is the path to profitability, customer focus is the logical focal point for profit planning.
After understanding the basic propositions of modern marketing we have to find out how to work successfully on these propositions in our modern environment. As we know the main goal of a firm is profit but to make profit first we need to attract customers and creating Customer Love. Here are some solutions on how to attract customers to your business.
Marketing is not Advertising: Advertising still is important but marketing today is much more about conversations, not shouting out messages “ it’s bringing the customer with us. Building customer love is about engagement and relationships. Connect to an emotion, give customers a reason to believe or care about you. Learn about your customers and how they want to interact with you.
Participation: Participation is not about letting go of your brand, but instead it’s a willingness to let others in. Give customers the means to play with your brand and make it their own.
Listen to customers: Online communities, ratings and reviews, Twitter, Facebook etc all provide opportunities to learn and innovate. There are more opportunities now than ever before for channels to listen to your customers, you will be amazed at what people will tell you if they think you are listening.
The mobile platform: 88% of adults carry a mobile phone, 50% of which are smartphones, 19% have tablets. Mobile devices account for 30% of email opens. Thinking mobile first means understanding how the consumer is experiencing your brand on the go, when it’s convenient for them. The rise of mobile should encourage you to rethink the role of Location.
Content Strategy: Be relevant, meaningful and helpful and people will come to you. What are you expert in? What do you know about better than anyone else? Share all the facets of this. Think about how your product fits into people’s lives “ business, personal whatever – and build a content strategy around it.
Spread the Word: Empower your customers to talk to their friends about your products, their influence is far greater. Provide ways for them to spread the word, enlist in your cause, share what they learned.
Measurement of performance through technology: Think about user experience through the entire purchase path and how technology can make it better, it can help us learn what our customers want and give it to them. Technology can also help track how we are doing. There are so many options and channels, links and levers “ you need to be sure you know what is working well and what is not.
Don’t be over optimistic in something new: It is quite natural to try something new which is currently doing well in the market. It is better not to do it without proper knowledge of your customer’s preferences. Ask yourself how this would fit your customer and if the answer isn’t obvious right away, it is probably a bad fit. For most products, you can’t and shouldn’t be everywhere online.
Be ready for anything: Nobody knows when business disruptions might occur, but we do know they happen. Rather than be caught off guard and unprepared, you can develop a business continuity plan that can help guide you if disaster occurs. From relatively contained technology disruptions to full-fledged economic disasters and natural disasters a business continuity plan can provide you peace of mind and, more important, a plan of action to keep your business running in case events take a turn for the worse.
Keep yourself updated.