It’s about designing logos and sending out expensive mailshots. Well, not really. In fact, companies that really understand and appreciate the true value of marketing are often those managing to ride the recession while others fall by the wayside.
The fundamental principles of marketing have been around for years and still maintain their place in business, the good old 4 Ps: Product: What do they want? Price: How much are they willing to pay for it? Place: Where can they find it? Promotion: How will you position your brand? Simply by questioning your ‘P’s in the correct way, you can discover whether your business is essentially heading in the right direction.
Now, more than never, it’s the customers who are in control and have the power to demand exactly what and how from an array of vendors, vying for their attention and business. Now is the time for all things personalised. Marketing becomes critical in researching these specific demands from customers, to give you a valuable competitive edge.
Time should be taken in building and analysing intelligence about your customers. Ignore them at your peril! Chances are your competitors will be closer to your market than you think. Your customers will give you the insight you need, if you know how to communicate and listen. The language you use, the media channel you use to deliver the message, the option to allow responses; these are all vital in developing ‘conversational marketing’ which in turn allows you to get closer to your market.
So, at a glance, it’s fair to say that marketing goes a bit deeper than pretty designs. The question now is, who wants to raise their hand and say ‘I need a P please Bob?’!
*For those too young to remember, this is a catchphrase from cult 80s TV quiz show Blockbusters!