We’ve all had to adapt to changed economic conditions and face up to the fact that the new-look market is here to stay.
We now understand that we must be aware of the market, adapt with it and ensure our strengths match the opportunities it holds – but we should also have learnt that we can’t control it.
And we’d better wise up to this fact fast because essentially, the market doesn’t matter. Of more importance are things we can control so our focus should be on marketing and great service.
An increased focus on marketing can help you survive and thrive. Of course, marketing is often misunderstood, even by those who do it for a living.
A good definition of marketing is ’identifying and satisfying customers’ needs at a profit’.
But now we need to go beyond simply satisfying clients – they must be delighted and become advocates.
Many businesses believe that marketing is not essential to them because they generate sales via referrals. Well, they should realise that good marketing will see even more referred business.
Marketing is often seen only in terms of promotion but in fact it covers many facets of a business.
I don’t have the space to elaborate on these here but I can say is that there are officially seven parts to the marketing mix – price, promotion, place, product, process, people and physical evidence.
I’d like to add an eighth – perception. Whichever way you look at it marketing is vital, but it need not be expensive or complex.