How Marketing Can Increase Your Profit

Marketing is the pillar between the product & sales. Efficiency & efficacy to conceptualize, implement & consistently improvise marketing strategy, not only plays an important role for the project’s success, but also creates value, enhances the brand image of the Organization and maximize profits for long term organizational goal.

Let’s discuss further:

·  What is Marketing?

·  Is marketing worth it?

·  How is it different from sale?

·  How to design a marketing plan?

·  How a marketing plan can be crafted?

With competition & implementation of RERA, knowing to do business the right way is the only MANTRA. When we decide to start a business, Marketing plan plays a very important role in the success of the organization

What is Marketing?

Marketing is the process of planning & executing the concept, price, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy specified goal.

Marketing starts with an Organization’s mission. And a mission can be defined with a marketing orientation, understanding and strategizing the consumer market.

Marketing a product or services is done through the four P’s- product, price, place & promotion.

Physical distinctions include Form, features, performance quality, conformance quality, durability, reliability, reparability, style, design and service distinctions include ordering ease, delivery, consumer training, consumer consulting, maintenance & repairs are few product differentiation, which is the act of distributing companies’ offering in a way that are meaningful to the consumers.

Key implementation of Marketing is positioning and branding of the product / services.

Positioning means determining and communicating the central benefit of the product/ services and Brands identifies the offering that takes different forms, not just limited to attributes, benefits, values, culture, personality, users. Companies strive to build a clear, favourable brand image for themselves and their products.

How is it different from sale?

Both are dependent on each other. Marketing involves designing a product/ service which drives sales & life support for sales, which is designed according to the needs of the market & customers, promoting the product through advertisement etc.

Marketing sets up direct interaction with client either in person meeting or cold calls or by network clubbed with competitive price for the product/ service.

Sales process is what you do to successfully sell a product/ services and fetch a contract. Sales & marketing together is a part of selling and cannot do without the other. They are otherwise called as activities. The success of a business is critical to the success of these two important activities.

Marketing is the backbone of a company’s future and launch pad for the sales. A successful marketing strategy & campaign makes sales easy. The most important role of marketing department is to create opportunities for the sales department.

When there is a consistency in integrating sales & marketing, the business goals are met with sustainable growth and fulfilling the mission that an organization sets for itself.

How to design a marketing plan?

A process of market sensing is the first step to design a good market plan.

·  Defining a market involves market segmentation, market assessment and the target market.

·  Monitoring competition is done through competitor analysis and competitor’s intelligence systems.

·  Gaining customer feedback can be done through customer index satisfaction model.

·  Assessing values includes thinking about values, building value models, putting values to work.

The mantra of many businesses today has become “Show me the money!” which leads to Forces of Change

Fundamental Value equation:

VA – PA  >  VB – PB

where, V = the benefits minus costs associated with the acquisition, use, and disposal or recycling of a supplier’s market offering and

P = the net price a customer firm pays for a supplier’s market offering

Create a value element checklist:

Understanding Purchasing Orientation:

And

While drafting a proposal and marketing plan, firstly answer the following questions:

·  What price suites the customer’s? 

·  What value could you promise the customer in return? 

·  What benefits will the customer gain? 

·  What additional costs can the customer expect to incur once it takes possession of the product or services?

How a marketing plan can be strategized?

Crafting market strategy is the process of studying how to exploit a firm’s resources to achieve short-term and long-term marketplace success, deciding on a course of action to pursue, and flexibly updating it as learning occurs during implementation.

The conclusion from the article is that Marketing is worth the effort and very essential for survival, success and growth on a short as well as long term goal & value creation.