The current world has come a long way. We’ve gone from selling products with high sales aggression and supplier-centric methods. If you didn’t know about it, there are technically various theories of marketing that were traditionally put up. The first one was the Production theory which focused on mass-producing a type of good.
This left customers with little to no choice in the product market and hence had to buy the available ones. The next one was the product concept that focused a little more on the product itself and made manufacturers introspect what they could do to increase the utility achieved from the product.
This seemed to make sales increase by a lot and hence arrived at the key that the success to more sales was the betterment of the product’s quality. With that going on, they got on a more aggressive front and focused on increasing the sales of their product called the sales concept. This then increased and evolved into the marketing concept.
This naturally was more consumer-centric and chose to understand their needs first before trying to supply a demand instead of forcing a demand. All over this process, manufacturers clearly understood that marketing was the key to the success of a firm or a company.
Proper marketing will lead to better satisfaction of the customers and will define the company’s future. Visit this article to know more about marketing concepts and channels. In this article, we’ll talk about what marketing is, the various channels of marketing and how they are beneficial for a company. With that being said, without any further ado, let’s get in!
What Is Marketing?
Marketing covers many areas. It includes identifying a product, determining demand, deciding on a price and selecting distribution channels. It also includes developing and implementing a promotional strategy. The core of marketing is understanding what customers need and value. Marketing executives learn what customers’ needs are, and they try to satisfy those needs.
They then seek ways to add value through different approaches. An essential part of marketing is market research. Market research is a study of the market, specifically how something is sold, who buys it and why. It also studies how competitors behave.
It is important to note that marketing and sales are not the same. Marketing focuses on the market, while sales focus on the product. A marketing manager tries to get the company to make what consumers want, while a sales manager tries to get consumers to want what the company makes. Marketing is a broader concept than sales.
Various Channels Of Marketing
Marketing your goods after manufacturing them is vital to ensure that your sale is on its way to be initiated. The way you choose to market your goods is also essential because taking unnecessary channels can be very inefficient and time-consuming. With that being said, there are various channels of marketing that a company can go for and here are some of them.
E-marketing is the number one choice for e-commerce marketing. With the simple integration, marketing uploads your products and stores information so that you can advertise on Google Shopping, Amazon advertising, Facebook and Instagram.
With easy-to-use campaign creations, you can create Smart Shopping campaigns or advanced campaigns for your products. With the Amazon platform, you can also create campaigns that advertise your products just the way you like, from top performers or low performers to choosing which products you want to advertise yourself.
You can do it all with e-marketing. Made just for e-commerce merchants like you, marketing also has the tools that merchants need to sell more. See which products could sell better on a different platform. Check your competition and stay updated with alerts. Research which countries your store would perform best in to go genuinely international.
What Is Social Media And Marketing?
What is social media? All websites applications that allow users to register, create profiles, interact, engage and communicate with each other and share content is called social media. Social media is enormous.
Social media is the best thing that has happened to the internet for a long time. Social media helps users resist offers, create their profiles, interact, engage, and communicate with each other and share content. Billions of people from all around the world are on one social media platform or the other.
Now how does social media work? Social media is an online platform. It is a website where the website is being used and leveraged by individuals or companies to create profiles and post shareable content. This can be disseminated across to promote themselves or the businesses.
Websites and applications are allowed to have social media to create a network of users for communication.
Benefits Of Multichannel Marketing Strategy
- Returns on investment are very important for a company and it is very important to also know that a high rate of returns on investment is very prosperous for the company. With that being said, statistically, it is known that Multi-channel marketing strategies have boosted the ROI of companies by over 25% in a year.
- Those that have a multi channel marketing strategy have reported to have increased revenue by over 9% year in and year out. There is something known as Cost-Per-Lead which is reduced by over 6.7% with the usage of a multi channel strategy.
- Another benefit that people highly underestimate is the fact that the potential customer comes to you way before you even know it. The mind is capable of registering only a few channels to monitor. Before you even know it, you will have a prospect in your hands. The conversion rate jettisons by a lot and is largely underestimated.
- Combining marketing channels to ensure your brand is available on a vast number of online and offline touchpoints helps you reach potential buyers of whichever mediums are most convenient to them. This approach is efficient if you have a broad audience from many different industries and business sizes.