The process of marketing is that of bringing a product or service to the market, and this work will be more easier if our strategy approach are perfect. These are the 4 approaches to Successful Marketing.
The first and beginning approach is by creating utility, usefulness and by satisfying the needs of your customers to achieve a specific result.
This approach requires that you offer customers something they need and can use to accomplish their other goals.
An example of a new telecom industry in India, was built on utility value or needs is Reliance Jio. By analyzing the smartphone user, their requirements Jio created a data and call rates packages with absolutely reasonable price, that never existed before.
Look at your market today. What will your customer and potential customer wants, need and be willing to pay for in the months and years ahead.
If you can answer this question accurately, you can often leapfrog over your competition and dominate a new market even before it emerges.
A second approach to marketing is by changing your pricing. By bringing your goods and services into the price range of your customers, you can open up entirely new markets that do not today exists.
Many companies have been able to achieve market leadership by focusing on bringing their prices into the affordability range of more customers.
What we have found is that the greater your market share, and lower your cost of production, the lower the price that you can charge.
The Japanese use this strategy brilliantly year after year. First of all, they price their products and services as low as possible to gain market share. As they gain market share, they begin to enjoy economies of scale, manufacturing their products at ever lower prices.
Then they pass the savings on to their customers with even lower prices and increase their market share once more. Eventually, they end up dominating many of the markets they have entered.
Reality of your customers:
It is adapting to the customer’s reality, both social and economic.
The customer’s reality up until that time was that if they bought something that didn’t work or didn’t fit, they were stuck with it.
Every product offers a Key benefits, that is primary reason the customer would buy that product. Each product or service in the first place.
It’s like customers are afraid of paying too much, getting the wrong product, losing their money, and getting stuck with something that is inappropriate for their purpose.
Whatever their fear is, it is the main reason that qualified prospects hold back from buying any product or service, at any price.
When you can emphasize the key benefit, the unique added value that a customer will receive by buying your product or service, and at the same time take away his or her major fear, you can open up an enormous market for what you sell.
Delivering True Value:
This fourth is for you to deliver what represents ‘true value’ to your customer. It can only be identified by working closely with your customer.
IBM is the perfect example. The company controlled 80 percent of the world computer market in its heyday, and for good reason.
IBM discovered that in the field of high-tech and high-end equipment that sells for hundreds of thousands or millions of dollars, it was not the functionality of the computer that attracted buyers as much as it was the assurance the computer would be serviced and repaired quickly if something went wrong.
IBM provides not only world-class computer products, but also the security that once you bought from IBM, you were protected with perhaps the best service support in the world if the equipment broke down for any reason. This is ‘true value’
Marketing is one of the primary components of Business Management, it is the business process, which creates satisfied relationships with the customers. We can say Marketing is the study and management of relationships between business and the customers.