Following my recent posts about sales and marketing, I think most business owners would agree that one of the main goals of marketing is to add value to your company.
Marketing promotes your brand, lets consumers know what benefit your company’s service or product will give them and also aims to present the value these products or services can add to a consumer’s life or client’s business.
- The science of choosing target markets through market analysis and market segmentation,
- Understanding consumer/client buying behavior and providing superior customer value
- Understanding the value of customer’s perception of relative price (the cost to own and use) and performance (quality) of a product
- Creating a “total market offering” including an company’s reputation, staff representation, product/service benefits, and technological characteristics as compared to competitors.
- Understanding the relationship of a company’s market offerings to those of its competitors and identifying the unique value offering
- Adaptable to consumers/clients changing perceptions and beliefs in order to have optimal value creation
Although strategic marketing can include some short-term results that could have an impact on your bottom line, generally marketing is directed at gaining market strength and recognition over the long haul. The idea behind marketing is staying power!
Build a brand, build a reputation for its benefit and offerings, promote the value to a targeted audience and repeat and keep repeating. Strong brands like Coke or Nike do not change and it is this consistent messaging that has helped consumers define who they are, their unique value offering and making them a household name.
So what does all this mean to a business looking for short-term gains? It means when creating your strategic marketing plan ensure you are clear about your wants, needs and expectations. Make sure your plan includes short-term sales-type strategies as well as long term branding strategies whose goal is not to increase revenue, but increase your value.
Are you willing to invest in marketing even without immediate results? Do you expect immediate results from your marketing?