Marketing is the process of promoting a company’s product aggressively among the public. The process of converting a paper idea to the real-time possibility is called marketing, says business strategist and Business Astrologer Hirav Shah.
Marketing process may look easy for outsiders but it is the most complicated thing and the struggle is best known to the people, who are in the related field, says Hirav Shah.
Below are some of the key steps to follow by a person, who is in the marketing field.
1. Target appropriate customers
To improve the scale value, a company/firm should target the customers, who are really in use or keening on trying your products.
By segregation, the demographic characteristics like age, income and education one can achieve fruitful results, says Hirav Shah.
2. Marketing research
Before venturing into the market with a particular product one must do extensive research regarding the demand and sell value of other similar kinds of items existing in the field.
After launching your own product, your marketing agents should collect feedback from the customers which indeed helps to improve the quality and quantity of the product.
By conducting a survey on the price and providing them for a reasonable price will also help to raise the scale of your product.
3. Maintaining the Brand value
It is important for every company/firm to maintain s brand value for their products. To do so, you have to create branding elements as a communication platform between the firm and the customers.
Quality assurance and trust are two main pillars to increase the brand value for your product. Once the brand value is created it eventually leads to earning sustainable profits.
To maintain a common connection and immediately a healthy bond with the customers one should create a catchy phrase as a marketing technique. Brand values are even helpful to fix a share value for your product.
4. Manage the life cycle of the product
Marketers are well aware that each product has its own life span. With the widespread use of technology new and upgraded items are being launched in the market which will have a substantial effect on your product.
To overcome the above issues, you must manage your products during their varying stage itself in the product life cycle.
Due to the new competitors in the market, there will be fluctuations in the sale percent which is called a saturation stage in the business terms.
This is the time where all the existing firms should play the game wisely, says Hirav Shah.
5. 7Ps and 4Cs in the marketing industry
Being a product-oriented approach, any company relies on mandatory 7Ps like Process, People, Physical Space, Promotions, Price, Placement and Product.
To sustain in the market, one should must follower the classic 7Ps formula, says Hirav Shah
Adding to 7Ps, four other factors also influence the business of your firm to shift a product to the customer. They are 4Cs, Cost, Communication, Customer and Convenience.
If anyone follows the iconic 7Ps and 4Cs formula, it will help to gain trust and earn profits in the marketing field.
6. Track Advertising status
Tracking gives an idea on which advertising is being attracted by the people and helps to differentiate between profitable and non-profitable ads.
For example, in the price sector, we can track how much extra business and revenue is being generated by giving discounts on it.
This strategy helps to track the customers’ mindset and their needful items and take necessary steps accordingly.
Sticking to the hard work will only not yield better results in the vast field like marketing but a smart and clever move by monitoring and estimating the scenario in the field on daily basis will surely make the marketer’ work easy and improves company/firm’s productivity and sells, says Astro and business strategist Hirav Shah