Understanding the essential and key steps of the marketing process is vital for anyone trying to develop, manage, or strengthen a successful brand or advertising campaign. The marketing process can therefore be defined as the process in which an organization attempts to create and develop a relatively profitable relationship with their consumers whilst ensuring that their goods or services are also sold at a profit. It therefore makes a lot of sense for businesses to strive to automate or use technology in their marketing process. It is also worth noting that apart from generating new clients, the marketing process must also focus greatly on retaining clients.
The very first step of the marketing process is to analyze and fully understand the current market space. Using technology to help the marketing team to understand what clients need and want is critical, the team must then move ahead to conduct credible and thorough market research about similar products and competitor activity. Once this has been done, the marketing team must then develop an overall plan which is then used to launch the service or product; taking into consideration the franchising, sales methods and partnerships which can be utilized or forged during the product launch.
After identifying a niche that is profitable, a unique strategy must then be developed to market the product to the intended market segment. A well structured market segment analysis must be undertaken so as to break down the population into smaller groups where the target market is located; the main aim of the strategy is normally to find a way of satisfying a customer need in a manner that’s profitable and beneficial for both the company and the client. There are several automated business tools which can be used in this process.
Getting a way to create or develop a product or service that creates consumer value is the next step in the marketing process. A happy consumer is one who feels or knows that he or she is getting value for his money. This usually involves the 4 Ps, the Product must be filling a void and so should be a product that people want, the Price must be right and consumers must be willing or ready to pay that stated price, this usually calls for some serious market surveys, the Place is the next P’ and basically means availing the product where customers are promptly and affordably, the Promotion methods adopted must also truly reflect or represent that particular service or item.
Another key step in the marketing process involves coming up with ways and means of maintaining and improving the levels of customer satisfaction. It is important for the marketing team to be constantly on the lookout so as find, acquire and convince clients to make a purchase. It is also important for to ensure that the reputation of the company is properly maintained.
Finally, the main reason why a good marketing process is key is essential for your business growth is because the bottom line of the entire process should be an increase in profitability of the company either through enhancing market share by introducing new products and services or by expanding the already existing market. If the product or service is well marketed, sold profitably and high client retention rate is maintained the company is bound to grow in leaps and bounds.