Marketing Principles – Back to Basics

Now that we’ve discussed the importance of marketing in my last post, What Does Marketing Mean to You? , let’s review some of basic, timeless marketing principles and pull back the curtains on this confusing and often misinterpreted subject.

  1. Market Research – before creating your product or service, make sure you know exactly who is going to buy from you. Do assessments, surveys, and get to know your customer. Nothing feels worse than creating a self-proclaimed “wonder product” and being pumped up to bring it to the masses – only to find out that people aren’t interested.
  2. Establish Long-Term Relationships – This is an ongoing process. As you engage your customers with your product/service, build long-term relationships with them and really find out what issues keep them up at night. How can your product/service help? Besides the obvious benefit of helping out their business, you’ll establish yourself as an industry expert who just so happens to be a close friend! Can you say the words “repeat business”? How about “lifelong customer”?
  3. Be Different – Make sure you can back up your marketing hype with substance. There’s nothing wrong with presenting 101 reasons why your market needs your product, but if you can’t show why people should choose you and not the other 101 companies in your industry, people will simply write you and your product off. Spend quality time on research upfront, get to know your customer, and solve their problems in a new way. When presenting your product/service, make sure to always accentuate what makes you stand out.   This is referred to as your USP – unique selling proposition (or position/point, depending on where you live).  Whatever you call it, this is what makes you different from all the rest. Your USP can make or break your business so spend some time on this before you start to sell.
  4. Help Them Buy – On the backend of your marketing pitch you should always have a “too-good-to-pass-up” sales offer prepared for your customers. Make them feel like this deal is tailored for their specific situation and now is the only time it’s valid. Amp up the buying temperature by using scarcity, if it’s appropriate.  Of course, make sure that you demonstrate the value of the product first.

There’s a reason why marketing is not only a course offered in every business school, but it’s a standalone major by itself – the practices and strategies within marketing go far beyond what an article or blog post can cover. The above basic principles of marketing are exactly what they say – a solid, baseline reference for you to review whenever you launch a product/service.

Marketing is a powerful tool that can make or break a business – but don’t forget that having an in-demand, valuable product/service goes a long way to ensure success in marketing, sales, and ultimately your business.

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